Interest in online casinos is increasing day by day. A lot of people play numerous online gambling games to make some money or to spend their time delightfully. Therefore, the most significant online casino gaming companies make millions of dollars of profit every year. This situation doesn’t change even when players from different countries continue to win massive jackpots. As a result, a lot of business owners want to start an online casino business. It may seem easy to start a casino business, although it does come with a few challenges. There are high costs and hard decisions to deal with for business owners. If they want to succeed in what they do, they have to dig deeper.
How Much Does It Cost to Start an Online Casino?
As the interest in online casino games increases day by day, a lot of people want to take advantage of this profitable business. But before making a profit, owners have to put a decent amount of investment. In other words, if your pocket is not large enough, you may it’s better not to get involved.
It is one of the business areas where the price represents the quality of the products. Therefore, trying to economize on money may end you up failing. So how much does it cost to start an online casino? The prices of starting an online casino vary based on the prices of different crucial matters such as license, online casino software for sale options, online casino software price, employees, payment options, website design, and others. If you want to start an online casino, you have to purchase all these requirements for your business.
Why do You Need to Start Online Casino?
Online casinos are among the most profitable industries in the world. By entering to this business, you will have a chance to offer your interactive products to the wide masses of casino players. With the addition of mobile gambling to the industry, it helped it to get more people involved and accessibility of online casinos lead to growth in competition. Starting online casino business is a risky decision because it involves high financial value. You need to pay for software, license, building the website, and so on. Therefore, you need to plan accordingly. However, by creating a interactive platform that meets the needs of target audience, you can achieve great results sooner or later.
Prices of Licenses in Online Casino Business
Getting a license is the first crucial step in your online casino business journey. If you want to run your online gambling business peacefully, you have to solve all legal matters successfully and obtain a proper license. The prices of licenses range from 15 thousand up to 75 thousand dollars, depending on where you want to establish your business.
License Prices for Online Gambling in Antigua and Barbuda
If the owner wants to start an online casino platform in Antigua and Barbuda, he/she should afford to spend a lot of money. Because starting up an online casino service in this isle country will cost a large amount of cash. The payout for the application is 15 thousand dollars for the gambling business. Besides, the owners have to pay 100 thousand dollars for (the yearly gambling license price) getting an interactive casino license. The application process usually holds up to two months. In addition to all these, you also need to reserve (at least) 100 thousand dollars that will be a form of safety for your website gamblers.
Licensing Costs in Montenegro
Unlike Antigua and Barbuda, you don’t need to pay different fees for each legal process in Montenegro. They offer to the owners all in one package that contains all operating costs for starting and registering their gambling business. The package also includes obtaining a proper license and payment procedure. The price of the package for the first year costs 25 thousand euros. If the casino runs its business successfully, it will pay 15 thousand euros for each year. Another advantage of Montenegro is that the country offers a quick and straightforward licensing process for business people. It takes only two days to register a new casino business. Besides, there is almost no minimum investment required to get an online gambling license. Montenegro jurisdiction has the lowest personal and corporate tax rate (9 %). All these features make this country a perfect place to start an online casino.
Prices for the Gambling Licenses in Curacao
If you want to start an online casino, Curacao may be the cheapest and fastest option for your business. In this country, it usually takes only six weeks to get a gambling license. There is also another solution called the master license. Mater license includes all types of online casino games, software providers. You can also obtain a sub-license that lets you operate your works under the master license. The application charges total costs are just about 2000 euros, and the monthly license fee costs 1500 euros. If you registered your online gambling business in another country, you could ask for a specific Ezone permit. It will let you take advantage of a lower net corporate income tax rate of 2 %, and also a zero tax rate on gross wages. Therefore, Curacao is the best solution for getting a license in the gambling business.
Licensing Prices in Malta
As a sovereign republic, Malta has a reputable gambling jurisdiction proposing purchasable rates. The taxes of online gambling depend on the class of the license obtained by the business owner. But, mostly online gambling-style games require a class one license option. Therefore, owners have to pay about 5 thousand euros as the gaming taxes for each month during the first six months of their business. This amount rises to 7 thousand euros after six months. Unlike the countries like Curacao and Montenegro, in Malta, you have to wait for a long time, because you need to go through various five stages to get the license. You also should provide your financial, personal information, and of course, your business plan. The plan you create must include detailed reviews about growth targets and marketing strategies.
Prices for the Gambling Licenses in the Isle of Man
Isle of Man- This self-governing island provides a consistent environment for online gambling businesses. There are three levels of a gambling license offered to the casino business owners: full license, sub-license, and Network services license. The full license is a single license. The price for a full gambling license costs about 53 thousand dollars. It includes the application fee ( about 7000 dollars) and the annual fee ( about 46 thousand dollars). The licensing procedures can take ten to twelve weeks in the Isle of Man. If you want to start an online casino in this country, you have to register and host your casino servers in the Isle of Man to get the gambling license. The tax rate for the business is 0%, but you will need to pay 0.1-1.5 % of your profit for the online gambling duty.
Licensing Prices in Other Countries
- Panama- While running an online casino in Panama, you can be exempt from all taxes as long as your earnings come from out of Panama. The prices for an online gambling license cost 40 thousand dollars, and the yearly fee costs 20 thousand dollars. The gambling licenses given by Panama are valid for seven years.
- Gibraltar- Gibraltar is one of the most suitable places for starting an online gambling business. The cost of the license varies between 30 thousand and 70 thousand dollars, and this price depends on the type of gambling. The license is valid for five years, and the yearly extension costs around 2800 dollars. The tax rate for the gambling business is 1% of revenues. Therefore, it is very profitable for huge companies with higher earnings to run their business in Gibraltar.
- UK, Germany, and Switzerland- To get more prestigious licenses from other countries such as the UK, Germany, and Switzerland are more expensive than most countries. For example, if you want to obtain your gambling license from the UK, you have to pay 40 thousand dollars as the preliminary payoff.
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In The End
There are a lot of options for the casino business owners depending on the size of their pockets. Therefore, if they want to start an online casino, it will be easy for them to find the best option. The legal matters are the first stage of establishing online gambling sites. The next steps include finding the best online casino software for sale, expertized work staff, and other things. If you also want to run a new casino of your own and looking for the online casino software price that suits your pocket, we advise you to check our website.