In the 2020s, an online casino business is an excellent choice for any entrepreneur looking to make money. For one, online casinos give high returns on investment (ROI) with a lower payback period than firms in other industries. Also, online casino platforms have endured economic and political anomalies like war, recessions, and pandemics.
You must choose a favourable location if you want to engage in the online casino business. Performing research on the best places to base your real money online casino is one of the best decisions you’ll ever make. Even though online casinos attract players from all over the world, some nations give casino platforms higher flexibility and better benefits.
Nevertheless, you want to ensure that before establishing an online casino, you must map out a business plan for where you see yourself in a certain number of years. If you want to go as big as selling shares to the public, you need to outline that in your business goals.
With that out of the way, let’s get started in the best countries you can start your online casino.
Top Countries to Start Your Online Casino
The truth is, most of the Scandinavian nations are great choices to base your online casino startup. Nonetheless, Sweden beats them all because of the number of casino platforms established in the country.
The tax agency in Sweden doesn’t require players to pay tax on the amount they win from online casinos. However, online casinos have to pay a tax of 18% of their revenue. Sweden is also fixated on player security, which makes casino gamers trust platforms based in the nation.
Gibraltar is highly regarded as a favorable location for online casinos. 1 in 10 people in the Gilbertian labor force is employed directly or indirectly by the casino industry. Applying for an online casino is also smooth but thorough.
The application comes with no associated fees. However, the country necessitates a high level of cybersecurity maintained on your casino platform. Anyone who owns a piece of your online casino business must be scrutinized before Gibraltar issues a license. The key factor they’ll be looking for is your business owner’s ethical history.
Many online casino platforms sign up with Gibraltar because of its super low tax rate. The country only takes 1% of your profits with a cap of around $600,000.
The situation with Cyprus being a reputable gaming license provider is interesting because the country bans all forms of gambling in the country. However, as an online casino operator, you can gain a license if you don’t market your casinos to the Cyprian population.
A check is usually made on anyone who co-owns your casino platform. The cost of a gaming license from Cyprus for a year is around 30,000 euros.
You’re also necessitated to create a Cyprian bank account that houses the rewards for your players. You can use any bank of your choice for overhead costs. However, the bank for payouts needs to be based in Cyprus.
● Isle of Man
If you are looking to target the UK population, you need to base your business on the Isle of Man. Here, you’re presented with three choices of a gaming license. You can go with a network services license, a full license, or a sub-license.
You can make any selection depending on what your online casino platform requires. The Isle of Man isn’t associated with a high tax rate. Your casino’s profit is charged at around 1 to 1.5%.
The issue with registering an online casino in the Caribbean is the high licensing cost. However, if you can’t afford increased expenses, you can go with Curacao.
Curacao taxes online casinos at a 2% rate, with zero tax on large-scale betting. The application process typically takes around one and a half months, costing $2,300. The associated monthly cost is $1,700.
If you want to target the European population, Malta should be one of your first choices. Malta has all the benefits of being in the European Union and reduced startup costs.
Applying for an online casino license in Malta is around $2,700. Managing an online casino platform costs just under $10,000 annually. However, the application process can run for several months.
An online casino platform is one of the best investment choices in the 2020s since the industry’s value is increasing at an unprecedented rate. Nevertheless, you don’t want to experience any issues with the country you’re based in after registering your casino. Therefore, you need to study the gambling laws of your preferred location. Get a lawyer to explain it if you find the regulations challenging to understand.
The best choices for casino licensing include Sweden, Gibraltar, the Isle of Man, Malta, Curacao, and Cyprus.