According to Statista and Morgan Stanley analysts, the gaming industry including online games will grow even more in 2022. This is quite understandable – mobile technologies are becoming an integral part of society, and the number of gamers is increasing every day. Experts predict that this year will be the busiest of the past decade. Industry revenues could reach $200 billion, and the audience of players will reach 3 billion. Almost a third of the globe’s population will relax and have fun online. Such data indicate a large field for business growth and the emergence of new projects. Like any business activity in any sector of the economy, the gaming industry should be regulated at the legislative level.
Legal aspects of the gaming business
The concept of “games” in the modern world includes a wide range of concepts, including offline and online casinos, betting activities, online poker, slot machines, and lotteries. Separately, online games and eSports are singled out. Players rely on luck when it comes to bingo, roulette and slot machines, but when it comes to blackjack, poker and betting on sports, many have whole strategies and carefully plan their actions. In any case, gambling involves winning money or other material values. The three essential components of games are stakes, risk and chance to win. The legally regulated gaming industry is a legitimate business that plays an important role in the economy.
It should be noted that not all countries have the same positive attitude towards gaming and gambling. In some states, the gaming business is in the shade, in other territories, special zones have been created where you can play for money. To start doing business in this area, it is necessary to take into account the norms of international law, the peculiarities of taxation in the jurisdiction where commercial activities are carried out, as well as banking and administrative law. Given that the gambling business is a high-risk business, careful planning is necessary to avoid claims from the tax authorities, banks and the police.
How can Fintech Harbour help?
Our team has extensive experience in legal support of the gambling business. We will help you on all developments and in different states where such activity is legal. Thanks to the expertise of an international qualified team, we guarantee compliance with the regulatory requirements of the chosen jurisdiction.
Services include but are not limited to:
- Registration of a company, obtaining a legal address, preparation of constituent documents, conditions and privacy policies.
- Liquidation, reorganization, mergers and acquisitions of legal entities
- Registration of trademarks, protection of brands at the local and international level (European Union, USA and the whole world).
- Opening merchant accounts for online casinos, sports betting companies.
- Assistance in drafting contracts with contractors, teams and vendors.
- Preparation of non-disclosure agreements (NDA), compliance and GDPR policies.
- Choosing the optimal taxation model and international audit.
- Submission of tax reports and other documents to the regulatory authorities for the renewal of licenses.
- Representation in courts, including cross-border disputes.
You can find out the cost of consultations individually, depending on the characteristics of your business. You can contact us to get answers to your questions. We will sign a non-disclosure agreement and guarantee complete confidentiality, regardless of whether you decide to cooperate with us in the future or not. It is possible to meet in our office or online consultation by phone or zoom.
Fintech Harbor specialists follow legislative changes in the field of gambling, so they are well versed in current trends in the gambling market. Through a network of affiliated partners around the world, we can provide comprehensive support in any country.