Yes they are, and those licenses aren’t cheap. So if you’re thinking you might want to get into the online casino business, well, you’d better have significant cash on hand to make it happen.
In fact, just applying for an online gambling license is a pricey ask. You’ll need to apply to whatever organization is regulating online casino gambling in the state. For instance, in New Jersey, you’ll be applying to the New Jersey Division of Gaming Enforcement. Just for the chance to put that application in front of this commission, you’ll have to ante up a $100,000 application fee.
The good news is if you’re a successful applicant, you can put that $100,000 application fee toward the $400,000 you must pay for an online casino license in the Garden State. And it must be renewed annually at a fee of $250,000.
How to Start an Online Casino: Costs, Requirements, and Steps to Get Licensed
In order to be considered for an online casino license, all applicants must meet a series of suitability requirements. You must provide documentation and assurances that you have the financial capabilities to both launch and maintain an online casino operation.
To prove this, you’ll need to provide documentation such as bank account records, tax returns, and business and personal income information. All of these documents will be thoroughly investigated to verify they are factual. You must provide written documentation permitting this investigative work and you will be on the hook for all costs relating to these investigations.
You must also prove that you have the financial wherewithal to maintain a daily casino bankroll balance to pay out winnings to customers. Regulators will also need to see evidence to show that you have the financial capabilities to cover the operating expenses required to maintain a continuous online casino presence.
Furthermore, evidence of the financial capability to cover capital expenditures related to the operation of a first-class online casino, as well as showing the ability to get necessary loans and to be able to pay, exchange, refinance or extend those debts is another non-negotiable element required to be eligible for an online casino license.
Prove that you can meet all of these requirements and congratulations. You’re in with a chance to get an online casino operators license. But remember, there’s a strict limit on how many licenses will be awarded in each state. Generally, you must also find a land-based partner, usually either a brick and mortar casino, or a racetrack, to grant you a partnership, also known as a skin.
This will permit you to operate your online casino in the state. They won’t let you go it alone.
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