Florida Gambling License 2020
Gambling Consulting Expert provides practical and insightful consultancy, data, and market reports for the Florida gambling industry.
Florida iGaming License
Florida, constituent state of the United States of America. It was admitted as the 27th state in 1845. Florida is the most populous of the southeastern states and the second most populous Southern state after Texas. The capital is Tallahassee, located in the northwestern panhandle.
The greater part of Florida lies on a peninsula that protrudes southeastward from the North American continent, separating the waters of the Atlantic Ocean from those of the Gulf of Mexico and pointing toward Cuba and the Caribbean Sea beyond. Florida shares a land border with only two other states, both along its northern boundary: Georgia (east) and Alabama (west). By the late 1800s, citrus farming for shipment to the national market, phosphate mining, the lumber industry, and cigar manufacturing was of growing importance in Florida’s economy.
At about the same time, tourism started to develop during the winter months. The tourism sector grew consistently over the subsequent decades, and by the early 21st century it accounted for the largest single portion of the state’s economy. A land boom in the early 20th century focused entrepreneurs on real estate and construction, though sustained prosperity from those activities came only after World War II.
Since then, Florida’s economic growth has been among the fastest of all U.S. states, driven largely by services (including retail trade), transportation, and construction—all of which reflect the expanding role of tourism and the rise in population. Tourism is the largest income-producing activity in the state.
The Atlantic and Gulf Coast beaches that form the basis of the state’s popular “vacationland” image are seldom the only destination for the Florida visitor. Other attractions include the large theme parks, professional and collegiate sporting events, golf, hunting and fishing, and an abundance of parkland, including three national parks, two national seashores, a national preserve, as well as several national monuments and memorials, and numerous state parks. Other major service activities in Florida include trade, finance, insurance, real estate, government, information technology, and transportation. A state lottery, established in 1988, offers an additional source of revenue.
The government of Florida offers casino operators, software, and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. Florida Gaming License is one of the most popular licenses for casinos worldwide.
Florida has a rich gambling history, with casinos going back to the late 1800s. In 2004, Miami-Dade and Broward get their casinos, the referendum finally passing after the games were limited to Slots. This gave the Seminole tribes implicit permission to also expand their slots offerings – which would trigger the boom in Tribal casinos which we are still witnessing 10 years later.
There are some world-class casinos in Florida, based on Seminole Tribal lands, these include the Hard Rock Casinos and many more. The Florida casinos are now home to some of the most prestigious tournament events in the world – and offer some extremely high stakes cash games. Florida’s infrastructure offers a wide array of services for online gaming operators and providers, such as high-capacity private racks, private cloud services, custom dedicated servers amidst other hosting options.
Florida has long been recognized as one of the preferred locations for Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of Florida including sports betting, casino sites, poker, bingo, and more.
Florida Online Gambling Regulations
The Florida Department of Business And Professional Regulation (FDBPR) accepts applications for Florida Gaming License. Gambling, whether it’s horse-racing or slot machines, is regulated at the state level. The amount of wagers and where casinos can be located geographically also incorporates state law.
Financial information, identification, and other requirements accompany the completion of each application. National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Florida Gaming Companies. As part of its duties, the FDBPR monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of Florida.
Compliance audits are conducted on a regular basis to ensure that the terms of the license are met. Licensees must maintain a complete audit trail for each player making a deposit with an operator, including financial transactions and individual bets.
Gaming systems, including back-end software logs, must be made available to third-party auditors. Gaming rules, results of game and pay-out to are to be made available to FDBPR for five years. Only individuals who are over 18 years of age are allowed to engage in gambling. Wagers from individuals younger than 18 years old must be refused by operators.
Let’s talk more about the benefits by understanding the reasons why obtaining an Florida igaming license may be ideal for you.
How to Start An Online Gambling Business in Florida
When starting a Florida Gaming Business, first of all, it’s important to think about one of the most essential procedures, that is company registration and acquisition of the license. Florida Gaming License gives many excellent opportunities to each licensee and makes their business profitable.
Licensed Gaming companies in Florida may qualify for tax-exempt status, meaning they do not have to pay any income tax. There is no VAT or other Sales Tax applicable to Florida, there is also no tax or other duties payable on gambling operations. Florida has political stability, first-rate telecommunications facilities, and a well-established financial services industry.
In addition, it maintains an attractive environment for international gaming companies. Florida Gaming License is recognized by many countries all over the world, so you will have a large potential customer base after getting it.
In order to obtain a Florida Gaming License, the decision to approve the application is at the discretion of the FDBPR, based on the documentation submitted by our experts. Florida issues one Gaming license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers. With this Florida Gaming License, gaming companies can operate legally.
Each applicant undergoes a thorough assessment, ensuring that licenses are only awarded to those applicants who are able to demonstrate such a financial standing and integrity as to preserve the international reputation of Florida as a gambling hub. In case something does not correspond to requirements, the FDBPR will provide a checklist of necessary improvements.
A Florida Gaming License covers all forms of gambling including Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Horseracing, Bitcoin Casino, Fantasy Sports, Games of Skill, and other gaming-related activities without being required to obtain one license for each individual product. Florida Gaming License enables companies to operate all over the world.
Florida Gambling Requirements
- Residence in Florida. Operators wishing to offer their services to Florida gamblers must be residents of Florida and they must obtain the relevant licenses and authorizations from the Florida Department of Business and Professional Regulation. In case the company is a foreign entity, it must appoint a local director, whose domicile is in Florida, to deal with the competent authorities in the country and have the power to conclude contracts on its behalf
- Opening of a bank account with one of the banks in Florida where the operator would need to deposit the players’ money. Licensed remote gaming operators will only be allowed to make payments to players through the payment processors that have been approved by the FDBPR
- Requirements regarding the minimum share capital of the company depending on the type of game it offers
- A monthly declaration giving details regarding income from games of change as well as the fees due will have to be submitted to the FDBPR on a standard form
- Compliance with the principles regarding the protection of minors as well as with the content of the promotional material used and the locations where they can be displayed
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