Montenegro Gambling License 2020
Gambling Consulting Expert provides practical and insightful consultancy, data, and market reports for the Montenegro gambling industry.
Montenegro iGaming License
A central European Nation on the shores of the Adriatic Sea, Montenegro is a must-visit destination for anyone looking for a slice of medieval charm and history. And this country also offers you many opportunities that others don’t. Its capital and largest city are in Podgorica while Cetinje is the former Royal Capital City of Montenegro.
In 2011, the government rehabilitated the Royal House and gave it limited symbolical roles within the constitutional framework of the republic. Montenegro is a melting pot, considering the diversity of languages and tribes. In fact, only 37% of the whole population announced the official language, Montenegrin, at the 2011 census while 42% declared they speak Serbian. Bosnian, Albanian, and Croatian are also widespread.
Further, the Euro is the official currency of Montenegro. Montenegro might not be the largest or most populated country in southeastern Europe, the Balkan Peninsula, or even the Mediterranean. But its fame spreads throughout the world thanks to its strategic location with beautiful beaches, ancient villages, illustrious mountains, freezing lakes, lithified sediment hills, and seaside churches.
The rapidly growing Balkan nation of Montenegro has carved a niche for itself as one of the most stable economies of the region which has made it a preferred investment destination for investors from across the globe. Montenegro encourages and fosters the development of foreign businesses and foreign investments including online gambling and land-based gambling. When it comes to sports betting, Montenegrins greatly bet on football, water polo, volleyball, basketball, and handball events.
According to statistics, almost 40% of the country’s adult population participate in gambling entertainment on a regular basis. There are betting shops spread across the regions where punters can bet on the aforementioned sports and many others. The system of running the gambling industry is so efficient that it is considered as one of the best ones in the world.
The government of Montenegro 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. Montenegro Gambling License is one of the most popular licenses for online casinos worldwide.
Gambling is completely legal in Montenegro since 2006 when the government decided to legalize it. In October of 2011, the government of Montenegro announced that online gaming was legal in the country. Montenegro began issuing and approving online gambling licenses as well as licensing for online gambling hosting and financial services in January of 2012.
The government of Montenegro has since adopted EU legislation that was designed for online gambling with the goal of protecting players. The gambling laws and regulations have been changed so that regulatory controls and licensing are more responsive to the gambling industry in Montenegro. The EU approves and commends the gambling laws in Montenegro.
The capital for the development of the gambling industry is coming from all over the world, which allows local gaming establishments to compete with the best casinos in Europe. Thanks to the unique online gambling regulations, the Montenegrin gambling market witnessed an impressive growth as foreign companies entered the market. Montenegro features several amazing casinos. The best ones are on the Montenegrin Coast. But recently there are many new, small casinos around Montenegro.
The Montenegro Casino is also famous because it was featured in the James Bond movie, Casino Royale, where Bond plays a high stakes poker game. The Queen of Montenegro (Becici) and Maestral Resort and Casino (Prznoe) are two of the most famous and popular casinos in Montenegro. Besides the luxury casino resorts, you will also find around 100 slot halls that cater to slot machine enthusiasts. Montenegro has emerged as a preferred international Online gaming destination. There are more than 180 gambling websites accessible in Montenegro.
Investors are attracted to a successful combination of the resorts and pretty lenient laws on starting a casino. Montenegro’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.
Montenegro 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. A wide range of gambling sites operates out of Montenegro including sports betting, casino sites, poker, bingo, and more.
Montenegro Online Gambling Regulations
The entire gambling industry in Montenegro is under the control of the state. The main regulating body is the Games of Chance Administration. All monitoring functions are conducted by an authorized officer in strict compliance with the gambling law. The Games of Chance Administration handles the licensing, regulations, quarterly auditing, taxation, and everything in-between.
National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Montenegro Gambling Companies. As part of its duties, the Games of Chance Administration monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of Montenegro. 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 Games of Chance Administration for five years.
Let’s talk more about the benefits by understanding the reasons why obtaining a Montenegro igaming license may be ideal for you.
How to Start An Online Gambling Business in Montenegro
When starting a Montenegro 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. Montenegro Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
Montenegro has a low corporate income tax of only 9%, has no tax on bets, no sales tax, and no VAT. Montenegro 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. Montenegro 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 Montenegro Gambling License, the decision to approve the application is at the discretion of the Games of Chance Administration, based on the documentation submitted by our experts. Permission to offer online games is available to business organizations that hold a license to operate games of chance in Montenegro, as stipulated in Article 10 in the Law of Games of Chance.
Permission for online gambling is subject to the explicit approval of the Games of Chance Administration in accordance with Article 9 of the law. Montenegro 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 Montenegro 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 Montenegro as an online gambling hub.
In case something does not correspond to requirements, the Games of Chance Administration will provide a checklist of necessary improvements. A Montenegro 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. Montenegro Gambling License enables companies to operate all over the world.
Montenegro Gambling Requirements
- Residence in Montenegro. Operators wishing to offer their services to Montenegro gamblers must be residents of Montenegro and they must obtain the relevant licenses and authorizations from the Games of Chance Administration. In case the company is a foreign entity, it must appoint a local director, whose domicile is in Montenegro, 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 Montenegro 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 Montenegro Regulatory Authority
- 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 Montenegro Regulatory Authority 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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