Getting a Gambling License: Isle of Man vs. Curaçao
Jurisdiction selection for a gambling project is key to launching one. In most countries, gambling projects cannot be operated without a license. Around 85% of casinos and betting undertakings work under a Curaçao or Isle of Man license which enables operations in many countries worldwide.
What are the benefits of the above jurisdictions? How does one choose the license? You will find the answers in this new article.
Advantages of offshore gambling jurisdictions
With a quick and clear process, a liberal regulator, and low tax rates, a gambling license in Curaçao or the Isle of Man is a great solution for beginner projects. Besides, reputed gambling projects like Parimatch and PokerStars chose to register their business in those jurisdictions, and here’s why:
- Quick license issue
- Friendly license-issuing regulator
- No issues with launching payment solutions
- Global gaming providers such as EvolutionGaming, NetEnt, and Microgaming eagerly work with licensed companies
- The license enables the company to operate in all countries where the legislation allows gambling
- Minimum or zero taxes
Main differences between the Curaçao and Isle of Man licenses
With the common features made clear, one should keep in mind the minute differences in the two offshore licenses:
Isle of Man
|License issue term||Around 6 months||1-2 months|
|Substance||To obtain the license, one needs to register a local company, set up an account with a local bank and appoint 2 directors||Company registration is possible in well-reputed European jurisdictions; no restrictions regarding bank jurisdiction and directors|
|State duties||£35,000 for a full license and £5,000 for a sublicense||$34,000 for a master license $6000 for a sublicense|
|Taxes||The gambling tax rate depends on the gaming company’s annual profits:
The betting pool tax rate is 15% on the bettor’s pool
|The gambling establishment owner pays a single profit tax of 2%|
|Great Britain’s treatment||Included in the whitelist of the Commonwealth||No privileges|
Thus, both countries offer a number of advantages, making the jurisdictions appealing both to beginners and more experienced projects. If you are targeting the Commonwealth market, e.g. Canada or New Zealand, it is worth considering the Isle of Man gambling license. Those focusing on the CIS or European countries would benefit more from the Curaçao gambling license since it is less expensive while providing the same functionalities.
SBSB lawyers have an extensive portfolio of successful gambling license issues in the Isle of Man, Curaçao and beyond. We will help you choose the optimum jurisdiction, taking into account your gambling project’s specifics. For a free consultation join SBSB’s Telegram chat.