Perhaps, you’ve read tons of articles and watched a bunch of YouTube videos regarding online casinos, and seen how much the industry is making money per annum. This alone may inspire you to take the path of Mega888 Malaysia and open your very own online casino. Take it easy though; before you open a business, you have to ask yourself a question, what market to penetrate?
Opening an Online Casino isn’t as Easy as You Think
There are numerous approaches to gambling regulation worldwide and all countries have their own rules to follow. Countries in which foreign online casinos operate are not blocked. However, local regulators are not applying legislative requirements in such countries. Foreign gambling sites could be licensed in pretty much any jurisdiction or even operate without it. On the other hand, it should be taken into mind that gambling isn’t always legal in such countries.
To give you an example, in the Cayman Islands, gambling is completely prohibited. Though, their locals are liable to take part in gambling. The very fact that foreign internet casinos are not blocked can be explained by the regulator’s inability to do this. If online gambling isn’t legalized, then blocking foreign websites is only a matter of time.
Check which Countries Legally allow Gambling Websites
There are different countries that still allow gambling sites to operate in their territory. Every operator whether they’re foreign or local needs to obtain a license and meet legal requirements. Of course, conditions are applied to everyone else. Operators are expected to follow and pay taxes and such. So long as these conditions or requirements are met, then the operator can operate. Otherwise, their license to operate or business permit will be revoked.
Online Gambling Laws followed by Mega888 and other Internet Casinos
These days, different countries have their own rules in regulating land-based casinos. On the other hand, things with online gambling are a bit more ambiguous. The attitude towards foreign and local operators greatly differs from one country to the other.
For instance, in the EU, operators of foreign gambling websites are always subject to meet and follow EU law requirements. On the other hand, not all countries do agree that foreign operators are exempted to pay their taxes on the local treasury.
In contrast to EU requirements, they are putting foreign operators under own regulations, which forces them to acquire local gaming license and at the same time, to pay taxes to the local budget. Just some of these countries are Germany, France, Italy, and the likes.