According to Webster’s Dictionary, the word ‘gamble’ means to play a game for money or property and such a game has uncertain outcomes that often fall into the binaries of loss or gain. Large industries are built on top of this foundation, from the high-rolling casinos in Las Vegas to the ever-present desire for online gambling with the likes of BET99 and Betmotion! Powered by forward-thinking sportsbook software providers like Altenar.
Whether the game is a thrilling round of roulette or the Sunday afternoon, drink-in-hand, steady game of Bingo, the world has fallen irrevocably in love with the ability to gamble.
Though it isn’t just the black-jack loving, dice-holding gambling enthusiasts who are drawn to the world of gambling, it seems, that the thrill of gambling is also an entrepreneur’s dream come true.
These dreams can be achieved through using sportsbook software, sports betting software and sportsbook software providers like Altenar.
The question remains, how would a budding entrepreneur like yourself find your sea-legs in a world of fast past betting and potentially lucrative windfalls?
Frequently Asked Questions (FAQ)
Usually, the FAQ section is reserved for the final moments of a nail-biting article, it always seems like the last thought of any writer, the ‘P.S’ of a well-written letter … though that’s not entirely helpful, so, here are the questions on the minds of those starting their journey in the gambling market.
Can I open a gambling business without a license and how much will I pay?
- No, to be considered a legal entity you will need a license … this might appear, at first glance, an exhale of every breath in your body or a roll of your eyes … however, holding a license in the country you wish to open your company will only prove to players that your a company is worth the money they might lose on a game of roulette.
- Licensing can be expensive and hard to come by … most gambling companies will spend millions to attain the legal right to open their business and begin the process of accepting bets.
- Most companies will outsource this part of the project to professionals in the gambling industry who can acquire these licenses (legally) for them … for instance, Altenar, the sportsbook software provider, offers this help and has successfully attained licensing in the toughest of countries to build gambling companies, like Colombia.
What must a game consist of to be considered ‘gambling’?
- The probability that a player will win or lose a game at the penalty or prize of something that holds monetary value.
- The above possibility must depend entirely on chance.
- Availability of rate.
- A game, without these three key components will not be considered gambling and therefore doesn’t require a license.
The exception to the rule: poker tournaments can be played without a licence, though all cash games require one.
These rules are somewhat industry standard, however, gambling licenses can and will differ per region/ country and territory so it’s always advisable to consult a lawyer or professional. Fines can be issued for lack of compliance and so, making sure to follow the Law to the letter is always best practice.
What are the requirements for gaining a gambling license?
- The company must be a legal entity with a capital of $1 million or more.
- The source or origin of these funds must be forwarded and confirmed.
- The company would need to issue a guarantee of $1.6 million.
- The owner or managing persons of a company must have an impeccable business reputation, though this requirement does not have specific criteria, it appears to be at the discretion of the licensing body.
- The owner and person planning to create the online gambling company must be the owner of the web domain in the country they are applying. You must trademark this name in advance, as that’s the only way to secure the domain name … this process can take 10 months.
- Any and all software equipment must be certified.
What should I know about getting started In the gambling industry?
- Be sure to check whether or not the desired country of your company is considered high-risk for financial institutions due to money laundering worries … these countries may have tighter regulations on gambling, though not entirely impossible to attain licensing for. There’s nothing wrong with due diligence checks, it keeps the gambling world in check for owners and players.
- Check the status of regulations for the country you have chosen … some operators are willing to risk the volatility of grey and black markets, however, white markets offer operators and budding gambling entrepreneurs the opportunity to work in a healthy and secure environment.
- Attaining licensing ahead of your company launch will ensure that your online casino is targeting your desired audience.
-Marketing matters, despite what some people might tell you … a good product, operating system, even a good word is nothing without the marketing power behind it … if your product never reaches your target audience, there is no one to buy or participate… some companies will use traditional marketing methods like contextual online advertising … if this isn’t for you organic SEO traffic is efficient as well.
Creating the gambling business of your dreams isn’t as hard as you might think, especially when there are companies like Altenar, the sportsbook software provider, who have your best interests in mind when helping you to achieve the desired platform for your target market.
