To provide your customers with bingo games legally, an operator is obliged to obtain a gambling license. No matter which jurisdiction you choose, there is a step-by-step procedure you must go through. The application can be done online, which makes the process comfortable. Nevertheless, the preparation is time-consuming and complicated, so it is highly recommended to use a professional licensing service.
Why get a bingo gaming license?
Card games are timeless and do not lose popularity among gamblers. Bingo is one of the classic card games of chance. Reasons to get a bingo gaming license:
- A possibility to operate legally in a wide range of countries. A gambling license for bingo obtained in one jurisdiction allows companies to expand their geographical presence in the market as soon as it covers multiple countries.
- Organizing bingo games with real money prizes. You cannot offer a gaming experience with financial awards without a permit.
- Remote business performance (from anywhere in the world). Gambling companies have a chance to apply for a bingo gaming license online and to operate their business remotely from any comfortable location.
- Cooperation with payment systems and software providers. The gaming developers and payment system representatives (as PayPal, etc) value their reputation a lot and deal with the licensed companies only. To integrate their products into your platform, you need to get licensed.
- Strengthening of trust and reputation. Gamblers tend to choose the licensed online casinos because security is very important when it comes to real money involved.
- Preventing the consequences of working illegally. A gambling company may get fined and be held responsible for operating without a license.
The most important benefit of getting licensed is obtaining the possibility of growth and development. The gambling company can stand out among competitors with a permit only.
How to get a bingo license?
There are a few steps which are to be taken by a gambling company to receive a bingo gaming license. Even though the requirements differ in each particular jurisdiction, there are some general actions that an operator has to follow:
- Business incorporation. An operator has to be present in the local gambling market. In some cases, you will have to hire professionals from the chosen country.
- Bank account opening. Starting a corporate bank account alongside a merchant account is a must.
- Server location. You have to make sure that your servers are placed in the jurisdiction.
- The funds’ origin proof. The gambling company needs to show that funding for the business is “clean”.
- The document preparation and submission. The most important part of the application process is gathering the necessary documents. If a company makes mistakes at this stage, the review can take longer than usual, additional checks may be required, or the application may simply be rejected.
- Filling in and downloading an application form. All the data mentioned in the application form, which can be saved from the official website of the chosen jurisdiction, must be true and clear. In case of false information detection, a bingo gaming license will not be given. Or it may be revoked in the future.
- Paying a license application fee. An operator should study the fees thoroughly. Some jurisdictions have quite affordable initial fees, but annual payments are high. The information must be checked attentively.
As soon as the procedure of preparation for a license application is complicated and long, the experts’ help may be essential. As soon as LicensingAid creates tailor-made solutions for each particular company, it can save you time and money.
Bingo license cost: How much is a bingo license these days?
The expenses concerning obtaining a license can vary depending on your business and the chosen country. The fees are divided into separate payments. Each payment is made for a definite service. There is an initial fee for an application, which you have to pay for the review process. There are also fees for license maintenance (usually annual) and renewal. Additional fees may be applied as well. Our experts will unveil more detailed information further, but it is advised to check with price at the moment of document preparation, as changes have been constantly made.
Factors for choosing a jurisdiction
The jurisdiction choice must be made taking into account the type of your company, the budget you’re ready to invest into licensing, the features of the jurisdiction itself, and your business plan. Let’s get down to what you need to pay attention to when comparing several options for licensing:
- The initial and annual costs. In some cases, the maintenance/renewal may cost you more than obtaining a license. Check all the fees you will have to pay beforehand.
- Taxation system. Some jurisdictions have zero gaming or corporate tax, while others require regular payments.
- Geographical coverage. Make sure the bingo gaming license you want to obtain includes operating business in the countries you are interested in.
- The review period. Check how long a review generally takes before applying.
- The reputation. Time is the best testing tool. The jurisdictions that have proved their responsibility and strictness over the years have gained the trust and respect of operators and gamblers all over the world. Just keep in mind that your brand will be associated with the license you choose.
- The licensing options available. You can select a jurisdiction with a one-size-fits-all kind of license or some particular type of license in jurisdictions that have this option. Make sure the bingo gaming activity is covered by the one you apply for.
You must bear in mind the specific features of your business to understand which jurisdiction will fit you best. Please, contact LicensingAid specialists for a thorough analysis and tailor-made solutions.
Bingo gaming license: popular options
Let us compare the key aspects of trending jurisdictions for obtaining an online bingo license. A lot of gambling operators apply for a permit in these countries:
| Jurisdiction | Description |
| Malta | Malta is considered to be a highly prestigious and trusted choice. The gamblers can be sure of smooth transactions through famous European banks, as the security issues are very well taken care of. There are B2B and B2C license options available for applying for. There are 4 kinds of B2C licenses in Malta. The income tax is 5%. |
| Curacao | The Curacao jurisdiction has been present in the gambling market for more than twenty years. It is a comparatively affordable option, but the price has increased after the White Label changes. It is known for its beneficial tax system. The only tax to pay is 2% of the net income. A single license covers all types of gaming activities (games of chance, bingo, sports betting, lottery, live games, poker, etc.). The review takes around 6 weeks when the process goes smoothly. |
| Antigua and Barbuda | This is one of the expensive licensing options. The initial application will cost you around $120,000. Besides, an operator must pay an annual fee ($75,000+). Nevertheless, the Antigua and Barbuda gaming license is beneficial in many ways. The application procedure is clear and straightforward. The review does not take a lot of time. The gaming license includes many types of gambling activities (like bingo, sports betting, lottery, etc). |
| Isle of Man | The Isle of Man is innovation-friendly. It has several gaming license types, depending on the gambling company’s structure. The license is valid for 5 years, and its cost is around £45,000. It covers the possibility of engaging players from the UK (alongside other countries). It has strict regulations. Gaming tax varies from 0.1% to 1.5% of gross gaming profits. |
| Panama | This permit is a one-size-fits-all kind of license as it covers many types of various gaming activities. It is quite easy to apply for an online gambling license in Panama. It is granted for 7 years. It is attractive for operators due to the tax-free system for online casinos. The bingo license cost is about $40,000. |
Kindly note that the information given above is for your general consideration only. The requirements and costs may change with time. It is recommended to check with the regulator you are interested in before starting the application process.
How can LicensingAid help?
LicensingAid is known for long-lasting cooperation with various gambling companies. We support businesses at each stage of performance – from starting a company to designing an online platform. Our most common services include assistance in:
- Choosing the most suitable jurisdiction for your business. We take into account your plans and the company’s special features.
- A gambling company incorporation. We gladly help to start a company in the chosen jurisdiction.
- Starting a corporate bank account and a merchant account. Opening such accounts is a complicated and time-consuming process; we assist you during it, making sure it goes smoothly.
- Trademark registration. Your company’s name should be protected by registration.
- A bingo license application. We will support you in preparing and submitting the documents.
- The AML policies incorporation. Together, we will create a policy for your company, which will be written in compliance with international gaming regulations.
- An online platform design consultancy. Design is very important as the visual aspect and ease of use of your platform play a crucial role in choosing you among many other competitors.
In case you have any other questions, please feel free to contact our specialists for the required information. Our professional help has led many companies to rapid growth and success in the iGaming market.
FAQ
How much is a bingo license for gambling?
The cost of a bingo gaming license depends on several factors. It varies according to your company structure and chosen country. The initial fees are just the start. You will have other expenses like license maintenance and renewal, tax payments, etc.
What is required for a bingo license application?
A company must be very well-prepared to apply for a bingo gaming license. There is a certain list of documents to be collected (it differs in each jurisdiction) alongside some other steps to be taken. Besides, you must pay fees and submit an application form, which should contain true information only. In case of false data mentioned, your request will simply be rejected, or the license may be revoked in the future.
Is it preferable to register a gaming company in the European Union to offer online bingo on the platform?
A company registration in the EU allows you to cooperate with the most reliable banks and B2B companies in the world, because the EU subsidiaries are strongly trusted. This step will definitely push your business to new heights and achievements in the gambling market around the world.
