Gibraltar Gambling License 2020
Gambling Consulting Expert provides practical and insightful consultancy, data, and market reports for the Gibraltar gambling industry.
Gibraltar iGaming License
The jurisdiction of Gibraltar is one of the most comfortable offshore zones and is specifically high class. Gibraltar is a British Crown Dependency that is self-governing. The United Kingdom is responsible for the foreign affairs of the region, but Gibraltar itself retains independence in most legislative matters, including taxation.
Gibraltar is a full member of the European Union, and it appears on the “white-list” issued by the United Kingdom Gambling Commission. As a result, gambling sites licensed in Gibraltar are able to offer their services to residents of the UK. At least 55% of online gambling in the UK takes place on Gibraltar-based servers.
Gibraltar has a strong reputation for hosting online gaming companies, with the perfect combination of low tax, no VAT charges, and an abundance of skilled workers. The 2008 financial crisis crippled many European nations and led them to the age of austerity, but Gibraltar managed to buck the trend in spectacular style, with one of the fastest-growing economies in Europe.
Gibraltar is sometimes called “Virtual Las Vegas” because the industry of online gambling is very well developed. 12% of its 30,000 residents are employed in the industry. A great number of big gambling companies transferred their business into Gibraltar jurisdiction.
The government of Gibraltar 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. Gibraltar Gambling License is one of the most popular licenses for online casinos worldwide.
Gibraltar has been offering gambling licenses since 1998, a process which is now managed by the Gibraltar Regulatory Authority (GRA), which was appointed by the Gambling Commissioner in 2005.
The Gambling Act of 2005 was introduced to lay down the legislative framework for the regulation of online gambling license in Gibraltar.
Gibraltar’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. Gibraltar has long been recognized as one of the preferred locations for Online 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.
Gibraltar Online Gambling Regulations
All gambling operations in Gibraltar require licensing under the Gambling Act 2005 (“the Act”). It’s the Gibraltar Licensing Authority which actually issues licenses to online gambling operators, and they are responsible for investigating the eligibility and suitability of applicants. The Gibraltar Regulatory Authority only offer one license that covers all activities.
Gibraltar gambling license is a very important document and it is considered a big success for the business owners to get it, in this case, they can develop their businesses at the European gambling market and receive a good income. The Gibraltar Licensing Authority takes care to maintain its prestige and good standing, and therefore, it thoroughly monitors compliance with rules of doing business in the igaming sphere.
National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Gibraltar Gambling Companies. As part of its duties, the Gibraltar Licensing Authority monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of Gibraltar. 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 games, and pay-outs are to be made available to Gibraltar Licensing Authority for five years.
Let’s talk more about the benefits by understanding the reasons why obtaining a Gibraltar igaming license may be ideal for you.
How to Start An Online Gambling Business in Gibraltar
When starting a Gibraltar Online Gambling 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. Gibraltar Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
With regard to remote gambling, license holders are subject to tax on the bet of 0.15% in each year with an exemption up to the first £100,000. This tax is very profitable and almost zero for huge companies with higher revenues. With regard to Gibraltar’s corporate tax rate, all companies in Gibraltar are subject to a standard tax rate of 10%, no sales tax, and no VAT.
Gibraltar has political stability, first-rate telecommunications facilities, and a well-established financial services industry. In addition, it maintains an attractive environment for international online gaming companies. Gibraltar Gambling 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 Gibraltar Gambling License, the decision to approve the application is at the discretion of the Gibraltar Licensing Authority.
Gibraltar issues one Online Gambling license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers.
With this Gibraltar Gambling License, online 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 Gibraltar as an online gambling hub.
In case something does not correspond to requirements, the Gibraltar Licensing Authority will provide a checklist of necessary improvements. A Gibraltar Gambling License covers all forms of online 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. Gibraltar Gambling License enables companies to operate all over the world.
Gibraltar Gambling Requirements
- Residence in Gibraltar. Operators wishing to offer their services to Gibraltar gamblers must be residents of Gibraltar, EU, or EEA and they must obtain the relevant licenses and authorizations from the Gibraltar Gaming Commission. In case the company is a foreign entity, it must appoint a local authorized representative, whose domicile is in Gibraltar, 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 Gibraltar 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 licensor
- 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 licensor 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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