Gambling license is a document which allows operators to launch and operate virtual casinos legally. License acquisition is a crucial, but sometimes complicated and expensive step on the way to running an iGaming business. Fortunately, there are several jurisdictions, where you can apply for the permit on convenient and favorable terms. One of them is Belize, where you shouldn’t pay a lot and wait for months. Application fees in this location are quite affordable even for newcomers and the time for consideration of the application in Belize is only 24 hours.
How to get a gambling license in Belize?
Belize is a country located in the North of Central America, and it was called British Honduras until 1973. Belize was the last British colony on the American mainland. This jurisdiction is rapidly developing the online gaming industry, in particular, internet casinos. In order to improve the conditions for conducting gambling business in Belize, government authorities made a number of amendments to the Gaming Control Act in 2000. At the same time, it was decided to legalize the activities of virtual casinos. These changes came into force in October 2004. Since then, every operator who wants to start a Belize online gambling business can obtain a gambling license.
Another important legal document is the Computer Wagering Licensing Act of 1995. According to it, virtual betting under the gaming control online was allowed. The law mandates the licensing of online bookmakers in the jurisdiction.
The Belizean online casino license issued by the Belize Gambling Control Committee covers all types of iGaming and sports betting. This fact is an advantage for operators, as it greatly simplifies the procedure of applying for a gambling license. Important to know that although the permit is issued for 12 months, it expires on the last day of March regardless of when it was issued.
Requirements for obtaining a gambling license in Belize
The Belize casino license is in high demand and is issued to entrepreneurs with an impeccable reputation. In order to obtain a gambling license, operators need to make a lot of effort and fulfill all requirements of a country.
The main requirements for licensees:
- The company must have international status and registration in Belize;
- Applicants should provide personal data of key employees to the Gaming Control Board;
- Certificates of no criminal record of directors and managers are also needed;
- The business founders must have a Belize citizenship. If the operator doesn’t live on the territory of Belize and doesn’t have citizenship of this country, he must submit an application to obtain citizenship and provide the commission a copy of it;
- All beneficiaries of the business must provide proof of identity and 2 photos;
- Statements of profit or loss for the last three years are needed;
- Operator should collect all required documents and attach them to the application;
- Fingerprints of all directors, founders, shareholders, and beneficiaries of the company should be provided to the body.
In addition to the basic requirements for obtaining a license for a casino in Belize, there are also requirements for deposits of a company that is engaged in gambling activities:
- Operators should provide the availability of guarantee deposits and reserves at the Central Bank of Belize to avoid the company’s bankruptcy.
- If the operator decides to withdraw the funds from the reserve account, he is obliged to notify the Gambling Commission about this.
- Operators must pay all winnings to players on time.
Preparing a business plan is not obliged but recommended.
Belize gaming license cost
Operators are obliged to pay the following Belize gambling license fees:
|Submission of an application||$18,000|
|Registration and trade association fees||$5,000|
Disadvantages and advantages of obtaining a Belize online gambling license
- Fast process of issuing a gambling license (if operators follow all jurisdictional requirements, they receive a license within 24 hours after submitting an application);
- Reasonable gaming license cost in Belize;
- Strong business relations with other Latin American economies thanks to Belize’s membership in the Caribbean community CARICOM;
- Ensuring the protection of personal data;
- An all-in-one license for all provided activities;
- Belize is an English speaking nation, which facilitates communication and hiring employees;
- Ability to use popular payment systems and buy official software for the website.
- The procedure for preparing all the necessary documents takes a lot of time;
- It doesn’t matter in which month your license is issued, it will expire on March 31 in any case.