Why obtain a bingo gaming license?
Bingo is an exciting casino game. People of all ages have been playing bingo for centuries. It’s a simple game of chance with cards that have a grid of numbers, crossing off a row of which means winning. These numbers are chosen randomly, that is why this game is considered a game of chance. Today, the most popular type of bingo is the online one, which you can play at home without using physical bingo cards. What does it take to run a legal bingo site on the Internet? One of the most important steps to starting such a gambling business is obtaining a gaming license for bingo.
Currently, a lot of countries don’t issue gambling permits or even ban iGaming. Fortunately, there are plenty of jurisdictions (mainly, offshores), where everyone can get a license and launch a bingo platform. The biggest advantage of conducting bingo games with an offshore permit is that you can offer your games to players from numerous countries.
Continue reading to know how and where it’s possible to obtain a bingo license and what benefits its holders have.
License for bingo
So, why do you need a gambling license for bingo? Only after getting it, an operator can:
- Provide bingo events legally
- Use most payment systems (because providers usually don’t want to work with illegal platforms)
- Buy official games (software developers prefer to collaborate with licensed casinos)
- Avoid problems with the law
- Increase the level of audience trust (and attract new loyal players who enjoy playing bingo)
Gambling license is your status in the industry and your key to running a successful multi-year business.
How to get a bingo license
Once you decide that you need a gambling license for bingo, the next question is how to obtain it. The bingo license application procedure is not much different from the process of getting other iGaming permits. Let’s list the common requirements:
- Operators should register a company and open a bank account.
- Usually, it’s necessary to place servers in the jurisdiction.
- Before submitting an application you must collect and show all mandatory documents to the commission. Data about applicants’ non-conviction and the origin of funds is usually required. Also, it’s better to attach info about the company structure and software.
- The last step is to pay fees and apply for the license.
Choice of jurisdiction
How to choose a location for obtaining the license? There are several important factors you should pay attention to:
- Which countries are covered by the license
- Taxes and fees for operators
- Application requirements and issuing period
- License validity period
- Reputation of the jurisdiction
- Type of a license. Some countries have all-in-one gambling licenses (that cover any game of chance, sports betting, etc.), while others have separate licenses for each iGaming activity. Also, several jurisdictions have special permits for charitable games.
To simplify the application procedure, contact LicensingAid. Our experts know all about gambling legalization. They can help with choosing the jurisdiction, collecting documents, and applying. We guarantee fast and high-quality results with minimum effort.
License for bingo: where to register
The most popular jurisdictions to apply for a bingo license are Antigua and Barbuda, Malta, Curacao, Panama, and the Isle of Man. Let’s consider the pros of each location and list the expenses of holding a license there.
|Antigua and Barbuda||The cost of obtaining a license in Antigua starts from $120,000. Also, there is a mandatory annual fee ($75,000+). Despite these high numbers, the jurisdiction is still a very attractive location to apply for the permit. First of all, the gambling legislation here is very liberal and a license-obtaining process is straightforward enough. The issuing period in Antigua is short. The gambling license also allows operators to place bingo cards, and other iGaming activities (casino, slots, lotteries) on their platforms.|
|Curacao||Among the numerous advantages of holding a Curacao license, the main are its low cost and taxes policy. The specific amount of licensing fees is different in each case, but anyway, it will be cheaper than in other jurisdictions. The only tax that operators pay in Curacao is the 2% net gains tax. Also, it’s important to notice that an island offers one license for all gambling types (bingo cards, lotteries, poker, bookmaking, etc.). Application procedure in the jurisdiction is transparent and the issuing period is only six weeks.|
|Malta||Malta is one of the most prestigious jurisdictions for iGaming licensing. This guarantees not only a high level of confidence of the players but also the absence of problems with transactions through European banks. Malta offers different licenses for each gambling activity (and for playing bingo also). iGaming business in the country is subject to a 5% income tax.|
|Isle of Man||The island’s government supports gambling operators in different ways. It includes legislation or marketing consulting, issuing grants, etc. Thanks to the brilliant reputation on the international market, holders of local permits can legally engage players from the UK (and a lot of other countries). What about expenses? Obtaining a full license in the jurisdiction costs £40,000. Gambling operators are required to pay a gaming tax ranging from 0.1% to 1.5% of gross gaming profits. The good news is that there is no capital gains tax for the virtual gaming business.|
|Panama||The application procedure in Panama is simple and transparent. There is only one type of license for all games on the internet, and its validity period is 7 years. Among other pros, the most important are tax-free for online platforms, where country citizens don’t make bets, and the lack of currency regulation. The cost of a permit is $40,000.|
Why launch a licensed online bingo platform?
- Bingo is a classic game that has been around for ages. People love filling out bingo cards, so you can be sure you will have customers.
- There are a lot of countries where playing bingo is allowed. You just need to obtain a license.
- The gambling industry is quite profitable.
- A lot of jurisdictions offer preferable licensing conditions for iGaming operators. Obtaining a license is not always as expensive and difficult as one might think
- By becoming an official gambling operator, you will be able to communicate with colleagues from other countries, gradually expanding the geography of your platform.
Contact LicensingAid to get more information and answers to all questions regarding licenses for bingo cards or any other iGaming activities.