Do you need licence to open up an online Bitcoin Casino?

[tibdraw]

Hi Guys,

I was researching the idea to open up an online casino way back (2-3 years ago), that time it needed all sort of licensing from the country it would operate from, how does it work with a bitcoin casino?
some casino software sites claim no licensing needed?

Thanks
pete

[Kenshin]

A lot of Bitcoin gambling site are located in Panama.

[tibdraw]

cool, thanks,
these are there to avoid licensing? or because the licensing is cheaper over there?


for example SoftSwiss claims no licence needed to operate a bitcoin casino:

http://www.softswiss.com/
((on the bitcoin banner)

[quone17]

Seems like you might draw unwelcome attention if you open a US based gambling website.  I assume they are more relaxed in countries like Panama, as long as you pay them some sort of license or tax money?

[Kenshin]

No idea, but if you do a whois search on all the bitcoin gambling sites, they are all located in Panama.

I think you can do some research into Panama gambling regulation. They must be the most relaxed that is why so many sites are hosting in Panama. Even real casino sites which accept fiat currency are located in Panama.

[TheJacob]

Seems like you might draw unwelcome attention if you open a US based gambling website.  I assume they are more relaxed in countries like Panama, as long as you pay them some sort of license or tax money?

Don't forget it is illegal to offer a casino to US players.

[aksplace]

In Nevada and New Jersey one can actually apply for a legal license and be federally protected (only for them particular state citizens however) Don't think one can't "find you" because your bitcoin based only.

[tibdraw]

Hi guys,

just exploring this idea, but If I jump in, I wanna do it legally,
I was confused re the swiss website and the fact that heaps of bitcoin gambling sites popped up recently.
thought there is an easy in licensing or something

cheers
b

[johny1976]

I don't think you'll need a license.
Depends on country but mostly it's not needed.

Btw. Check my signature, it could be useful.

[tibdraw]

hey Johny,

thanks for stopping by, can you pm me more info re those scripts?
cheers

also, what country do you suggest to set up the business from? the licensing fees in Panama are $60k per year, somehow I doubt the guys buying your script paying these fees,
in fact I would be surprised if 10% of the btc gambling sites are actually licensed.

cheers
pete

[gamybtc]

Seriously, you don't need license to operate bitcoin gambling site, because it is a virtual currency, not a real currency.

[aceking]

most bitcoin gambling sites  don't have a licence.

[b!z]

most bitcoin gambling sites  don't have a licence.

That is true. You can read the article Is Bitcoin Gambling Legal, and Why? on Bitcoin Reviewer to learn more.

[randelj520]

Hi Guys,

I was researching the idea to open up an online casino way back (2-3 years ago), that time it needed all sort of licensing from the country it would operate from, how does it work with a bitcoin casino?
some casino software sites claim no licensing needed?

Thanks
pete

yes. u need - read more here about on casexe.com

[seekoin]

Yes, you need even if most of the Bitcoin casino don't have such a licence 

The most friendly countries to get that licence are Costa Rica, Malta and Panama

[mayadin]

Why not reach out to FunFair, I think they had a business model liek a franchise. not sure though.

[Meistro]

Hi Guys,

I was researching the idea to open up an online casino way back (2-3 years ago), that time it needed all sort of licensing from the country it would operate from, how does it work with a bitcoin casino?
some casino software sites claim no licensing needed?

Thanks
pete

Not really. Technically all you need is a website and a server.  Most of them do get licensed in Curacel or w/e as a marketing gimmick.

[game-protect]

Why do you want to operate your gambling site from a country that requires a license?

The countries that require a license for gambling for money often require also a license for gambling for valuable things and bitcoin is a valuable thing. But there are several countries where you do not need a license for gambling with valuable things like bitcoin.

[audaciousbeing]

Hi Guys,

I was researching the idea to open up an online casino way back (2-3 years ago), that time it needed all sort of licensing from the country it would operate from, how does it work with a bitcoin casino?
some casino software sites claim no licensing needed?

Thanks
pete

If your plan of a gambling site is to operate below the radar and focus on just operating within section of the market then you probably won't need to get a license because the amount that would be involved won't be enough to raise an eyebrow. But if the plan is to go mega to compete with established names, there is no way to avoid obtaining a license because that is what will give credibility to the project.

Aside that, mere launching on the forum alone will open the site to a lot of scrutiny and verification in which that licence is key in that without which, the project is dead on arrival and the country of residence will determine the costs involved in obtaining such license.

[worldofcoins]

Seriously, you don't need license to operate bitcoin gambling site, because it is a virtual currency, not a real currency.

Just to let you know virtual currency and cryptocurrency is not the same thing, they are differences between the two, bitcoin is a cryptocurreny.

Virtual currency is a simulated currency. Meaning it does not have the properties of money. An example is virtual currencies in games. The supply is controlled by the game company, they decide when to issue more (or sometimes not as bugs create duplication).

Digital currency has all the properties of money, while existing on the internet.