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Let's say the online casino is using some virtual currency, which you can buy with real money via credit card. The users may exchange those virtual funds for products or services, instead of cashing out real money. Is this considered gambling and therefore you would need a license like any other online casino? |
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Yes it is gambling. As for a "license" a license from who? Online casinos need to follow the laws of the country where they "exist". They may or may not need a license. Pick a country. No matter where this on line casino is located, it is illegal from people in the US to use it. |
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For an example in Costa Rica you need a data procesing license to operate an online gaming business. You would need to start a Costa Rica Corporationa and open a Costa Rica Bank account Costa Rica banks will not accept any gaming depoists. |
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Yes, it is gambling. There are some steps into making such marketplaces legal in the US, but they have yet to be fruitful. Till then, you need to incorporate it overseas, typically to a tax haven country. However, at the same time you may be under arrest in the US, so I suggest you to think about it twice before you start such a business. |
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Because of the special nature of gaming every specific method has to be analyzed individually take in consideration many aspects such as nationality of the beneficiary, types of games offered, location of servers, target market, etc. Once we have the basic information we proceed to determine if such model can be operated legally and under which jurisdiction. We normally use Costa Rican corporations and a gaming license equivalent aka data processing license which is generally accepted by banks, merchant account providers and other business partners. |
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