As online casinos attract so much interest in India and affect so many people, there is no wonder that both government and players are looking for guarantees when they decide to invest money in them. With so many different options, players will look for the best offers for them, which is only natural. That is why they will look for the highest bonuses, the most attractive games, the prettiest user interface, and the widest offer of payment methods. Of course, a special place among all these factors is reserved for licensing those establishments. With the help of a license, casinos can conduct business lawfully while remaining under the supervision of a regulatory agency in the country where they are licensed. And another important thing is the type of casino that suits the player’s preferences. So, let’s start with an explanation of the types of casinos in India.
Traditional Online Casinos in India
Online casinos are nothing new to the Indian market, as they are the most popular hobby in the world at the moment. And at a market as big as this one, regular online casinos are recording constant growth that is around 15 percent on an annual level. The main reason that this platform gets so many players and is so appealing is its accessibility. Players can unwind in the comfort of their homes, from their favorite coffee shop while drinking beverages, or even while they are traveling to work and playing fun casino games. All they need is a smartphone, or any other smart device and an internet connection. That’s it. And that is why they are so popular and visited by players. These conditions brought a revolution in online gambling and changed players’ perceptions about it.
Indian Bitcoin Casinos
Now for the people who are already introduced to the excitement of online casinos, there is a next-step option. Data show that 97.5 million Indians use cryptocurrency and that 40 percent of them indulged in the fun that is gambling at online casinos. There is a noted increase in the vast number of Bitcoin casinos in India due to a combination of the previous two factors. The research also reveals a rise in the appeal of Bitcoin casinos throughout this country due to the absence of a prohibition on Bitcoin and other cryptocurrency transactions in that nation. For those who are still unclear on the difference between these two types of online casinos, we have an answer – payment method. One significant benefit that Bitcoin casino websites possess over conventional online betting platforms is that they provide payments immediately. Specifically, crypto transactions are often handled in a matter of hours.
What Is a Casino License for Online Casinos?
A stamp of approval that enables a business owner to provide gamers with their gambling offers is an online casino license. The online casino owner must deposit a fee for requesting and getting the license, and they need to pass through a lengthy application procedure to get it. They are examined within this procedure to see whether they are qualified to acquire a license. To meet the requirements casinos have to supply games that are fair and from trustworthy vendors, utilize secure payment methods, not be deceptive with their offers, and have a healthy policy regarding gambling addiction.
Why Should Players Care About Licenses of the Online Casinos?
Well, the answer is pretty self-explanatory, but let’s cover this subject also. License is a claim that the previous prerequisites are fulfilled and there is a guarantee that the establishment you are playing at is a legitimate business. And also in that way, online casinos are operating by following laws and regulations which is important to players. They pay close attention to this information since they are reluctant to place money in an establishment that might be perceived as dangerous. And on the other hand, business owners seek gambling licenses primarily to shield their businesses from liability and to be able to conduct business properly.
The Need for Casino Owners to Collaborate With the Best in the Business
Online casinos must have a license and conduct business legally to work with the top providers, whether they are involved in payments, games, or the casino platform itself. Top software companies responsible for the creation of the most appealing games for players won’t be drawn into collaboration with casinos with bad reputations. Besides that, respectable payment methods such as Visa, Mastercard, PayPal, or even cryptocurrency such as Bitcoin with its hard cap are probably missing from the suspicious casinos. Some casinos that don’t possess licenses and are unable to work with respectable companies resort to other solutions. They use pirated software on their websites, which exposes them to further legal risk because those companies may then file lawsuits for copyright and intellectual property violations.
The Difference Between Traditional Online Casinos and Bitcoin Casinos Licensing
To guarantee that they are functioning legally, online casinos frequently undergo a strict licensing process in addition to complying with state legislation. On the opposite side, Bitcoin casinos are frequently uncontrolled. For gamers, this may be both a blessing and a curse. On one side, it implies fewer paperwork and rules to wrestle with, which may result in quicker payments and more freedom. However, it also implies that there will be less regulation, which could make it simpler for dishonest operators to exploit gamers. This means that both types of casinos have their advantages and flaws. It is up to the players to decide what is more important to them.
The Process of Application for Gaming Licenses
Every licensing authority is going to establish its application procedure. But regardless of where a potential casino operator applies, there are several elements they all share and may be anticipated as being a part of the procedure. In general, casino owners should plan to wait, handle a significant amount of documentation, and submit various fees (once or annually). Criminal histories, business plans, evidence of funding, and software and compliance inspections are examples of typical criteria. Based on the authority, it can also be essential to establish servers there as well. The government frequently imposes rules on platform providers to improve the likelihood of a successful application by working with recognized and licensed suppliers.
Licensing Requirements for Online Gambling in India
To successfully acquire the license for offering games of skill via the internet to customers, the application needs to be submitted to the Directorate, Nagaland State Lotteries, and with it the necessary documentation and paid fees. The license that is provided by this authority is highly regarded, applicable, and legitimate in all states in India, except the ones that precisely forbade any type of gambling activity, especially with real money deposits. This license is issued for a distinct period, and that period is 5 years long. With the offer of this license, its appeal to business owners is understandable. But let us look at the fees for a license.
The Fee Structure Proposed in Acquiring the Games of Skill License in India
As we stated, there is an organized structure for fees needed to be paid by the business owners that desire to create a legitimate and licensed online casino that is reputable and attractive for gamers. There is an Application fee, which is non-refundable and needed to be paid as a one-time deal. Its value is 50 thousand INR. After that, there are annual fees for games. As per one game, casino owners are required to make a payment of 1 million INR per year for the first 3 years, and 2 million INR per year for the next 2. There is however an offer that includes an annual license for 3 games, and it is very steep. 25 million INR per year for the first 3 years and 50 million INR per year for the next 2. Lastly, there is a royalty, that amounts to 0.5 percent of the gross revenue made by a licensed online casino.
Conclusion
It is very important to note that only a person with Indian nationality can apply for a gambling license issued by this government body. That means that no outsider or a foreign company can acquire this license for their business. And only a person which has a controlling stake in the company or is an executive officer in it can apply. The difference between regular online casinos and Bitcoin casinos exists, and probably for a reason. We have provided you with a suggestion list for both of those casino types, it is up to you to pick your flavor and enjoy!
