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Author Topic: Bitcoin gambling License | licensing with GamblingTec.com  (Read 115 times)
chateaux
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August 24, 2018, 12:58:59 PM
 #1

Hi Everyone,

I am starting the GamblingTec.com thread to go over the licensing options available to Bitcoin-based casinos who may be interested in working with us.

We started our offering about a year ago and since then have developed a variety of products with the intention of meeting the needs of prospective Bitcoin casinos wanting a gambling license.

STANDARD LICENSE
A standard license requires that you setup your own company which in turn applies for the direct/standard license. This is expensive and the prices quoted on our website are "indicative" prices charged by third parties. We update these prices from time to time and they are "mostly" accurate. To be clear, these fees are not padded and we do not take part in them.

We offer Bitcoin casinos licensing in either Curacao and Malta. In short, a Curacao gambling licensing is cheaper than a Malta gambling licensing. Please click on those links to see articles written about both jurisdictions, I am unaware of a more concise article about.

When applying for a direct license, generally the issues a new operator will face is the compliance hurdles mostly caused by banking requirements. Since Bitcoin is, in essence, its own bank, these hurdles are a non-issue. Fortunately, the trust and hosting companies all accept Bitcoin as a payment method and you will likely not need a bank account (which is a significant cost saving!).


WHITE LABEL LICENSE ( *** The best gambling licensing option for a Bitcoin casino *** )
We offer a white label license which is essentially a sub-license of our license. This is fast to set up and you know exactly what you are in for in terms of costs. The white label costs less than a direct license per annum and comes with the same benefits.

This solution has two prices, one for Bitcoin and fiat casinos, and one for pure Bitcoin casinos. The pure Bitcoin option is cheap because it does not involve the complexities of fiat currency payment systems and managing settlements.

In terms of Bitcoin, deposits are in BTC and play is in BTC.


TURNKEY SOLUTION
The turnkey solution is a platform as a service and is designed for startups wanting to take advantage of fiat as well as crypto related payments. We have agreements with third-party processors who offer payment options to the various brands licensed to use the platform. The turnkey solution works in two parts:

1. The game developer licenses their game to us for a commission (10%) which is then approved by the master license holder.
2. The game developer then applies for a platform license in order to operate a branded casino (plugged into their or any other game in the network). This brand then has available to it, Bitcoin, Fiat payment options.

Turnkey games can be played in either fiat or crypto.

If you are interested in licensing your game or getting some advice on how to go about licensing your game, feel free to visit our website: https://www.gamblingtec.com/pricing or contact me on skype: brendanjnash





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August 24, 2018, 10:13:11 PM
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Can you by any chance discuss the details/sample of this license publicly? Does this involves paying tax to the respective country's system? What is the validity of these licenses? By any chance do casinos running on this license are allowed to request personal identification documents?


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chateaux
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August 28, 2018, 06:58:48 PM
 #3

Hello,

Thank you for your question.

1. Sure, I can discuss the details of the license, there are no secrets and much of the information is available publicly.
2. Each jurisdiction that issues a license will demand certain taxes, in Curacao this is 2% profit tax.
3. The license is valid. A good acid test of the validity of a license is whether or not you can get bank accounts and credit card processing for the company and for the purposes of gambling.
4. Any company can reasonably request personal identification documents for the purposes of AML (Anti Money Laundering) and Fraud. Generally, documents are not asked when someone signs up, but rather when a customer is paid out.

Our primary goal is to work with bitcoin game developers who wish to operate licensed casino games. This can be quite affordable if the casino does not require Credit card and e-wallet styled payments...
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August 29, 2018, 07:38:44 AM
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Visiting your site shows its quite detailed. However, I have some concerns here:

1. On the price listing, there are couple of services there and which I believe does not have anything to do with licencing such as hosting fees:Server purchase, Annual hosting fee with that alone amounting to £10,000, management fees relating to appointment of directors amounting to £3,750, incorporation fee amounting to £6,500, all of these put together is relating to you setting up an entire gambling site for an individual or a new site entirely but an existing site that wants to make things right won't need any of those service. So, not to confuse those prospective clients, there should be further explanation of those fees and what it actually covers. Sincerely, all these costs are on the high side.

2. Aside from the license renewals every year, what other regulations will need to be complied with by the management of the sites. Will they be subjected to periodic checks, because for the government to charge you tax, they have to be sure that you are declaring the right amount of income you claim to have earned in the year.
chateaux
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August 29, 2018, 10:19:47 AM
 #5

Visiting your site shows its quite detailed. However, I have some concerns here:

1. On the price listing, there are couple of services there and which I believe does not have anything to do with licencing such as hosting fees:Server purchase, Annual hosting fee with that alone amounting to £10,000, management fees relating to appointment of directors amounting to £3,750, incorporation fee amounting to £6,500, all of these put together is relating to you setting up an entire gambling site for an individual or a new site entirely but an existing site that wants to make things right won't need any of those service. So, not to confuse those prospective clients, there should be further explanation of those fees and what it actually covers. Sincerely, all these costs are on the high side.

2. Aside from the license renewals every year, what other regulations will need to be complied with by the management of the sites. Will they be subjected to periodic checks, because for the government to charge you tax, they have to be sure that you are declaring the right amount of income you claim to have earned in the year.

Thank you for your feedback, we are trying to make our site as detailed as possible in order to offer a variety of licensing options to our clients.



The best licensing option for Bitcoin casinos is the white label sublicense (the one at the bottom of the page designed for pure Bitcoin casinos).



Quote
On the price listing, there are couple of services there and which I believe does not have anything to do with licencing such as hosting fees:Server purchase, Annual hosting fee with that alone amounting to £10,000, management fees relating to appointment of directors amounting to £3,750, incorporation fee amounting to £6,500, all of these put together is relating to you setting up an entire gambling site for an individual or a new site entirely

That is right, the fees are for setting up a Curacao company and applying for a gambling license in that company name.

Quote
but an existing site that wants to make things right won't need any of those services

They will if they want a direct license if they go for a Curacao sublicense then they won't need much of it and the costs are a lot cheaper.

Quote
So, not to confuse those prospective clients, there should be further explanation of those fees and what it actually covers.

The fees you are talking about are here: https://www.gamblingtec.com/pricing

Annual hosting fee: If you license in Curacao, you have to own hardware in Curacao which is for PE (Permanent Establishment purposes). Hosting directly with the Data Center is expensive, if you host with CuracaoWebhosting.com you will pay roughly €5400 per annum (€450/month) which is a package deal.

Management fees: The price is indicative of what is charged by local trust companies, here is a more detailed post: Curacao license costs. They will fluctuate depending on who you decide to work with, but one thing is for sure, it is a lot cheaper than licensing in Malta for instance...

Quote
Sincerely, all these costs are on the high side.
They are indicative prices (as noted on the site) meant to give you an idea of what to expect from third party management companies (they are not our fees, we simply request prices from time to time to be up to date).

Quote
Aside from the license renewals every year, what other regulations will need to be complied with by the management of the sites. Will they be subjected to periodic checks, because for the government to charge you tax, they have to be sure that you are declaring the right amount of income you claim to have earned in the year.

Your Curacao company requires local directors who are responsible for your company accounts/taxes. In terms of checks, if your software uses RNG, you will need a certificate for this before your license will be issued. Generally speaking, regulators are reactionary.
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September 04, 2018, 01:07:10 AM
 #6

Are you allowed to give as many white label licenses as you like or do you need to ask Antillephone every time when you want to give a white label license to another casino?


Your Curacao company requires local directors who are responsible for your company accounts/taxes. In terms of checks, if your software uses RNG, you will need a certificate for this before your license will be issued. Generally speaking, regulators are reactionary.
How exactly can the directors in Curaçao check how much Bitcoins my casino made in one calendar year to have the correct accounting?

Are Bitcoin casinos bound to Curaçao AML laws?

chateaux
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September 04, 2018, 07:11:54 AM
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Are you allowed to give as many white label licenses as you like or do you need to ask Antillephone every time when you want to give a white label license to another casino?

We go through a review process with each license that is issued.

Your Curacao company requires local directors who are responsible for your company accounts/taxes. In terms of checks, if your software uses RNG, you will need a certificate for this before your license will be issued. Generally speaking, regulators are reactionary.
How exactly can the directors in Curaçao check how much Bitcoins my casino made in one calendar year to have the correct accounting?

If you set up a Curacao company, it is essentially your business, so you would be reporting the income to your accounts team.

Are Bitcoin casinos bound to Curaçao AML laws?

As a holder of a Curacao license (or any license for that matter), you have certain responsibilities to prevent your business from being used as a laundromat. It is not difficult to do and requires a degree of common sense.
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