Introduction
Many people move to the Caribbean to start a business or invest in them for many reasons including the tax atmosphere and investment opportunities. There are several types of businesses that one can start in Antigua and Barbuda but one of the most popular and successful is an iGaming or online gaming company. In this article, we will be exploring why the iGaming industry is so highly sought after and explaining bit by bit how to start your own gaming company in Antigua and Barbuda.
The iGaming Industry
Since the inception of gaming, the industry has grown immensely reaching worldwide clientele and giving them the flexibility, security, and freedom to bet and wager online. According to demographics, Igaming has made its way to being on the list of fastest-growing industries in 2021. Although casino and sports betting are the most prominent aspects in the industry, some other gaming services offered include:
- Online Casino
- eSports
- Online Poker
- Live Table Games
- Sports Betting
- Online Lotto
- Fantasy Games
- Online Bingo
- Live Betting
Competing with the film and music industry in market size and revenue, many recent statistics estimate that the iGaming industry should be worth at least 240 million US dollars by 2022 making it one of the most financially rewarding industries. Looking at these numbers, it’s no surprise that people are deciding to relocate and start these companies.
Some of the best offshore locations to obtain an iGaming license and start an iGaming company include:
- Antigua and Barbuda
- Curacoa
- Kahnawake Mohawk (Quebec, Canada)
- Malta
- Isle of Man (Europe)
- Costa Rica
iGaming in Antigua and Barbuda – A brief History
In 1994 Antigua and Barbuda became one of the world’s first online gaming jurisdictions. Since then, Antigua and Barbuda have been regulating online gaming and issuing licenses. Nowadays it is one of the most popular and pivotal gaming jurisdictions worldwide.
The island state led the way by being the earliest online gaming authority to create monetary value in the sector. The Kahnawake Gaming Commission was set up in 1996, forcing many Antigua-based companies to relocate to North America, yet Antigua and Barbuda remain a key player in the iGaming industry and offers huge advantages for gaming businesses. For illustrative purposes, international activity is tax-free, and operators automatically gain access to British players given that Antigua and Barbuda are prominent on the UK’s white-list of gambling jurisdictions.
Our unswerving commitment and in-depth knowledge of both the sector and employment trends in the industry puts us in an excellent position to provide consultancy and advisory services to anyone seeking greater insight into regulations and figures. We always recommended consulting a Relocate Antigua iGaming advisor, who can point you in the right direction should you be looking to invest in the sector.
The benefits of iGaming investment
Investing in Antigua is a smart move that comes with a suite of benefits in terms of tax residency and citizenship through investment. These advantages are explicitly beneficial in Antigua’s iGaming sector, where it is one of only a few countries where the industry is law-compliant. The goal of iGaming businesses is to furnish unequaled technological experiences for customers. Replete with stylish features, 24/7 support, and a Bitcoin-friendly perspective, there are myriad ways to benefit from iGaming in Antigua, specifically by investing in game development and new facilities.
The casino industry plays a pivotal role in Antigua’s economy, making it a sustainable sector to tap into, irrespective of whether you’re an industry professional or an investor. Relocating to Antigua is the obvious choice to allow iGaming experts to provide you with everything you need to set up your business and license. A one-stop advisory service you can bank on. You will need to apply for an Antigua and Barbuda online gambling license and settle the processing fees. Once approved, you’ll be granted a one-year license (renewable yearly on expiry).
By keeping our ear to the ground, Relocate Antigua’s expert consultants can keep you up to date on the iGaming industry’s legal developments, regulations, and requirements. As advisors with specialist knowledge of local customs and landscapes, we make sure you stay abreast of shifting politics and perspectives on the islands, too.
Whether you’re interested in taking the leap and using our relocation services to ignite your iGaming career with an iGaming license in Antigua, or seeking to invest in a booming industry in paradise, please feel free to contact our team for tailored support in becoming part of the iGaming movement in Antigua.
Benefits of iGaming compared to land-based gambling
- Fast and anonymous betting
- Greater comfort (convenience in terms of locations and times)
- More games
- Online bonuses
iGaming is popular in China, the USA, Malta, and Germany, yet it remains unlawful in many jurisdictions, such as Japan and Singapore. Fortunately, Antigua is a country where it is both popular and legal.
The iGaming industry targets huge swathes of users every year: a thriving sector fuelled by Antigua and Barbuda’s endeavors in the sector.
iGaming licenses in Antigua- Do you need them?
iGaming licenses are required for companies to legally operate. Thinking of starting your iGaming company in Antigua? Here are some of the reasons why obtaining your license should be the first on your list.
These are the main reasons why you must acquire an online gambling license:
- To operate legally in international jurisdictions
- To lessen the risk of being convicted, or fined and shut down for illegally operating an online gambling site.
- To enjoy tax benefits
- To create consistent relationships with payment providers and merchants
- To have more access to the best games and software
- To be able to open settlement accounts in various jurisdictions
- To be able to legally advertise yourself on worldwide platforms (Google Playstore App and iStore) and benefit from lucrative advertising deals.
Antigua process
Antigua is a great location to start your iGaming business. Being the first place to create monetary value in the online gaming sector the industry is one of the driving factors of the Antiguan economy.
How to Apply
When you apply for your Antigua and Barbuda online gambling license– Your application should be directed to the Division of Gaming-Financial Services Regulatory Commission and must entail detailed information about the Board of Directors of the company including their credit history and all information about financial investments they have made over the past 3 years. The process for obtaining the Antigua iGaming license is as follows:
- Submit your iGaming business license application
- Undergo the other necessary background checks.
- Submit payment of the non-refundable application fee of $15,000.00 (for document revision.)
- Submit payment of the preferred license.
Additional requirements:
- All software must be certified
- All Slot machines and programs must be audited
- The main server of your business must be based in Antigua
- The home page of your website must have a warning about the dangers of gambling addiction and ways to seek help if needed.
Once your application is approved, your license will be valid for one year and can be renewed after that.
How much does an iGaming license for Antigua cost?
There are two types of iGaming licenses available in Antigua and Barbuda- The interactive gaming license and the interactive wagering license. Here are the costs associated:
- Interactive gaming license fee- $100,000
- Interactive wagering license- $75,000
- Application processing fee- $15,000
- Annual renewal fee per license- $5,000
Takeaway
There are many advantages to starting your own iGaming business in the Caribbean. For one, the tax favorable economy will allow you to reap all the benefits of your business. There is also the possibility of obtaining citizenship if you invest in an already established company. For more business ideas for Antigua, check out this article. If you’re wondering how to start a business in Antigua, we have all the information you need. For additional guidance, feel free to give us a call today.
