Since its appearance, iGaming can always be called one of the most gainful and rapidly growing spheres of the entertainment industry to explore. It attracts entrepreneurs from all over the globe regardless of whether they are newbies or highly experienced in this field. For now, internet gambling is in great shape and turns up a land of milk and honey where billions can be made in a short time range. The web gaming marketplace attracts me with its endless growth opportunities, but it is not as easy as it looks at first sight. Opening an Internet gaming venue necessitates a future owner to pay attention to processes in detail in a proper sequence if it is supposed to bring joy and benefit both players and casino runners.
Pursuit of a business activity related to games of chance and luck constitutes a licensing subject. So, the issue that should be solved primarily is choosing the jurisdiction for carrying on business and obtaining a license. For short, when it comes to an iGaming project licensing, a burgeoning entrepreneur has to choose from two options. The first one is licensing in countries of the European Union. The second one is all about so-called offshore countries. Both options have their advantages and disadvantages. But it is essential to recall that they differ in budget needs, time of processing and also in the reputational aspect of a matter.
The following major step forward in the business legal validation process is the registration of a legal entity that implies incorporation, an actual registration of a gaming company. Afterwards this step, it is necessary to set up a bank account and conclude contracts with payment service providers. Finishing all the aforementioned points will complete the formation of the company’s financial and legal infrastructures.
It should be mentioned that there is an alternative option to all the above-mentioned extensive official bureaucratic runaround. That less complicated method is well-known as a white-label solution. It implies the casino software leasing in one ready-for-service package with financial infrastructure and licensing coverage. Such a business concept takes a load off an entrepreneur’s mind and allows them to run a company without regard for financial and banking complexity issues. But it should be considered that the white label solution is a charge-free service so it entails some additional costs.