Which is the best online gambling license for 2023?

Are you looking to launch an online gambling company in 2023? Then you will likely be weighing up your options for licensing jurisdictions. With so many options available, it can be hard to know which is the best for you. Fast Offshore presents our top three picks for 2023.

Kahnawake

The Kahnawake Mohawk Territory is a First Nations reserve located in Quebec, Canada. It operates autonomously and is free to make its own corporate and fiscal laws. Since 1999 the Kahnawake Gaming Commission has been licensing the global online gambling market and they currently have more than 250 gaming sites licensed within the territory.

At Fast Offshore, the Kahnawake license is one of the most popular that we work with, as well as the most cost-efficient and straightforward. There is just one license, the Client Provider Authorisation, and Key Person LIcenses for those holding certain positions within your gambling platform. A Kahnawake license provides access to a range of markets and a great reputation for you.

• Zero tax: There is zero gaming tax on all gross gaming revenue and no other taxes applicable to Kahnawake iGaming companies.

• Low fees: Application fees in Kahnawake are some of the most cost-efficient around, and should your application be refused, you get your money back. Low fees means more money to invest in your business and future success.

• Quick: You can have your Kahnawake license in hand within 12 weeks, as long as everything is in order from your side. This makes it one of the fastest jurisdictions around meaning you can get to work and start bringing in profit more quickly.

• Great reputation: The Kahanwake authorities are known for being tough on player fairness and ensuring responsible gambling standards are upheld. This gives your players assurance they are in good hands, but also offers protection for operators.

The Kahnawake gaming license offers operators a flexible, cost-efficient, and straightforward setup process with a whole host of benefits. A well-respected jurisdiction and a preferred location for startups, operators can enjoy competitive setup and maintenance costs, enticing fiscal benefits, and an agile licensing process.

Malta

Malta is a fully-fledged EU member state and it was also the first to regulate the online gambling sector. Over the years, it has nurtured a booming sector with some of the world’s largest and most popular operators being based there. It is also home to other companies in the iGaming sector including software, advertising, affiliates, gaming, and payments, meaning there is a strong local ecosystem to support operators.

Other benefits include political, social and economic stability, compliance with OECD standards and EU directives. This makes it widely considered as one of the industry Gold Standards and a prime choice for serious operators.

Benefits include:

• Great reputation: holding a license from Malta gives your platform a great reputation and places you amongst some of the biggest names in the industry.

• Tax benefits: The corporate tax rate is 35% but there is a full tax imputation system in place meaning the actual amount can be reduced to single digits. There is also a gaming tax of 5%. Furthermore, Malta is party to a number of double taxation treaties meaning those with a firm in Malta may not be required to pay tax in two locations.

• Accessibility: A Malta License means you can deliver services in multiple other countries. Of course, there are some restrictions such as FATF blacklisted territories or where there are sanctions, but other than this, Malta offers a high level of accessibility.

The application process, however, is quite long and requirements are stringent. Applicants will need to be interviewed by the Malta Gaming Authority, submit to full analysis of company description, due diligence, source of funds, and they must also have a local office with designated employees, amongst other things.

Isle of Man

The Isle of Man sits off the coast of the UK and is a self-governing British Crown Dependency with a strong iGaming sector. It is one of the most costly and complex licenses to acquire, but it enjoys a great reputation. The Isle of Man Gambling Commission was created in 1962 for the land-based sector, but after the advent of the internet, it started to issue licenses and regulation for the online sector. The first license was issued in 2009, later than some other jurisdictions, but since then it has launched various licenses including a full license, sub license, network services license, and the B2B software supplier license.

Benefits include:

• Reputable: The Isle of Man gambling license is one of the most respected globally. The regulators are known for keeping very high standards and ensuring all operators play by the rules. The Isle of Man is also on the OECD white list and is part of the World Trade Organisation.

• Stable: The Isle of Man is stable in terms of political, society and economy. The iGaming sector provides a huge chunk of the GDP and authorities are keen to keep it that way.

• Simplicity: The application process is not easy but it is simple in the fact there is just one license to apply for which covers all iGaming platform activities. It takes a maximum of 16 weeks to acquire in hand.

• Quality infrastructure: The infrastructure for the gambling industry is top notch and includes great internet, lots of local companies and providers to work with, and an English speaking, highly experienced workforce making it easy to business locally.

• Fiscally attractive: The current tax rate for gaming revenue is 0% with a gaming tax of between 0.1% and 1.5% of gross gaming yield. There is also zero capital gains tax for license holders.

To apply for the license, applicants must provide all the usual due diligence documentation, a business plan, confirmation of fairness, and have local servers, amongst other things.

To find out more about any of the licenses above, simply contact a member of our team here.