A Gaming License in Belarus: “Isle of Pristine Gambling”.
In August 2018 Belarus signed a decree on the “Improvement of Legal Regulation of the Gaming Business”. The decree provides opportunities to open a gaming institution online. Thus, online games of chance may only be offered after obtaining a license. What are the licensing requirements? Why does not the license enjoy popularity? Our new article will answer that.
What types of gambling licenses are there?
Online gambling can be done in 2 ways: via a virtual gaming institution (VGI) or in a live mode (Live).
VGI games are facilitated by a website and software while Live games – by a website, software and a regular broadcasting casino. A double license is required for Live games, for the VGI and for casino and/or arcade maintenance. This is necessary to broadcast the games taking place at the casino or arcade on the VGI’s website. Besides, the Live gaming tables or machines can be located either in Belarus or beyond.
Gaming license issue requirements
The following is required to get a gambling license for a stationary company and to provide for its substance in Belarus:
- Two years of operations; the company may be eligible for the VGI (virtual gaming institution) license only subject to this requirement;
- Technical inspection of the software by the local regulator;
- Over 3 years’ gaming business experience of the company’s managers;
- One million euro in a dedicated account to guarantee timely payouts of prizes and taxes;
- The proper business reputation of the company’s managers;
- Furthermore, for Live gambling there are extra requirements concerning the broadcasting premises (at least 100 sq. m for arcades and 250 sq. m for casinos). One also needs the local administration office to approve the arrangement of the gaming institution.
There are two taxable items:
- Gaming equipment: gambling tables, slot machines, totalizer counters, bookmaker counters;
- The positive difference between the bets and wins;
- For VGIs, the taxable base only includes the positive difference between bets taken and payouts made, plus the players’ personal income tax. The effective tax rate is 4%.
Who would benefit from a gambling license in Belarus?
A Belarus gambling license would be of interest to companies targeting the Belorussian market. SBSB Legal Firm will be happy to assist with the gambling license issue, to provide a shelf company with gambling experience, and to arrange a complete turnkey solution. We also procure gaming licenses in other jurisdictions. Join our Telegram chat to follow global Fintech news.