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What is the iGaming Montenegro License?
What is the iGaming Montenegro License?
iGaming Montenegro License is a regulatory authorization issued by the Ministry of Finance and Community Welfare of Montenegro.
This allows operators to legally offer online gaming and betting services both locally and internationally. It is highly sought after due to its simple application process, competitive costs and favorable business environment.
Who monitors online gaming in Montenegro?
Who monitors online gaming in Montenegro?
Montenegro's online gaming industry is regulated by the Authority for Gambling and Gaming under the Ministry of Finance.
This regulator assures compliance with local and international standards to promote fair and responsible gaming.
What are the benefits of obtaining an iGaming Montenegro License?
What are the benefits of obtaining an iGaming Montenegro License?
- Global Recognition: Enables international operations.
- Efficient Licensing Process: Faster application approvals compared to other regions.
- Low Tax Rates: Competitive gaming taxes ensure cost-effectiveness.
- Favorable Regulations: Business-friendly and transparent guidelines.
- Access to European Markets: Serves as a gateway to Europe’s gaming industry.
What types of gambling activities the license covers?
What types of gambling activities the license covers?
iGaming Montenegro License allows operators to offer a wide range of gaming services, including
- Online casino games (slots, table games, etc.)
- Sports betting (live and pre-match betting)
- Poker
- Virtual games
- Lotteries
What are the requirements to apply for a license?
What are the requirements to apply for a license?
Before applying for an iGaming license in Montenegro, the applicant must
- Submit a Business Plan: Details the scope and operation of the gaming platform.
- Register a Local Company: A legal entity must be established in Montenegro.
- Submit Financial Statements: Show that there are sufficient funds to operate the business.
- Technical Compliance: Platforms must meet specific IT and data security standards.
- KYC/AML Measures: Proof of having robust Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.
How long is the application process?
How long is the application process?
Generally, the licensing process takes 4-8 weeks
if all documentation is complete and meets the requirements.
Are there any annual fees or taxes to be paid for maintaining a license?
Are there any annual fees or taxes to be paid for maintaining a license?
Yes, operators are required to pay annual license fees and taxes.
The amount depends on the type and size of the gaming activity, but is usually competitive with other jurisdictions.
Can foreign investors apply for iGaming Montenegro Licenses?
Can foreign investors apply for iGaming Montenegro Licenses?
Definitely. Montenegro welcomes foreign investment in the gaming industry.
However, applicants need to be locally incorporated and comply with all regulatory requirements.