Episode Transcript
[00:00:00] Hey everyone. So today I decided to go through the Q and A session just to target and to tackle some of the questions that I receive from my clients when I speak to them. As you know, so many people do not understand why they need the license, whether they need the license for the blockchain. So I have a collection of these questions. So let's get through some of them really quick. Right?
[00:00:26] So the question number one is what is the advantage of Curacao license versus getting the license in another country such as Malta, right? So if you are a startup and if you want to save your money and you want to start the business on the right foot and you want to have an entrance into the business, you want to go and you want to sign software providers, you want banks, you want payment system providers, you want to have a legal foundation in order to prove to your, well, tax institutions like IRS or anyone else that you do your business in a legitimate way so you can buy yourself houses and cars and whatever you want, you need that license, right? So the Curacao gives you that opportunity to get that license as cheap as possible. There is no, you know, better price for the bang. There is no bang for the buck better than if you're getting the a Curacao license because it's not as expensive as Maltese license. And it also takes you, it doesn't take you a year to get it because with the Maltese license It's somewhere between 30 and 50 weeks, where the Curacao license, if done right, you can have one like within two months, right? So that's probably the advantage and the prices, you know, four times less as the price for the Maltese license, which is also cool. So if you are a startup, you want to spend your cash efficiently and you are looking to start, you will be thinking about things like investors and IPOs and maybe European market later on down the line, then the Curacao just gives you that opportunity in terms of the money that it costs and time that you have to spend, right? So let's go with the second one. So this may be dumb to us, but could you help to understand why do we need a license from Curacao? If you want to work with countries like for example, Brazil, Mexico, Asian countries, so the Curacao is international license. If you want to target certain countries and if you want to accept, you know, money from people, if you want to get cash, maybe you want to start and maybe you don't want to make any money, but then how long will you last? So the ultimate goal for any business is to collect cash, right? This is the basically blood flow of your business.
[00:03:04] So in order to sign all the software providers and all the service providers, you will need a license. Your SAO license is considered to be good for every service provider to sign an agreement with you. So if you have the license, you will be fine if you want to start in Latin America, you will be fine if you want to start in Asia, in Middle east, in many other countries. So the Curacao is international license that allows you to work in multiple countries, Right? Good question though. So the third question is, if we have a blockchain based lottery website, why do we need a license?
[00:03:44] Just because of the same reason blockchain doesn't, you know, serve as a good excuse for you not to have the license. Blockchain is just a technology that gives you some advantages in terms of decentralization, maybe some anonymity and so on and so forth. But when it comes down to the legitimacy of your business, all the same service providers, all the people that you're going to work with, your clients will ask you whether you have a license or not. And if you don't have a license, well, why would I swipe my credit card with your blockchain super casino, right? So there is no reason for me. You are not licensed by anyone. You didn't have an effort to get the license, you didn't pass the KYC processes, nothing, right? So blockchain is just a good name.
[00:04:30] It's not related to the fact that you are launching a gambling business.
[00:04:36] So the fourth question is, what is the price to start a live online casino? And there is no good answer to this because you can start in, well, different ways. You can have your own team that will build your platform and then you will build the games and then you will have to certify games. But before that you will have to spend like two years working on the platform, maybe two years working on a game. And you will have to, well, salaries to your employees, you'll have to sustain the team, you'll have to pay taxes and all these things.
[00:05:12] So that's the first thing, the ultimate thing that you have to know is what you need to have before starting the business. So the first thing is the license. License will cost you anywhere between, well, let's say 20,000 and 200,000. If we skip certain markets where the license costs like 10 million. Alright? So on average 20 to 200, right? Depending on the license, then the platform is essential. So this is the back end, the front end of your business. Things like KYC will happen through the platform. You need the platform, payments will go through the platform. Everything happens there. Now, when it comes down to software games, what are you going to offer to your clients? Is it the sport book? Is it a game of chance, casino, blackjack, whatever? All these games have to be certified. It's either you build them yourself or maybe you source them from the software providers, like Evolution Gaming, like Netent, like Micro Gaming and so on and so forth. There are aggregators you want to sign the agreement with and probably you want to source like 2000 games at once, right? So all these things matter because they will define how much you pay up front in order to use these solutions. Another thing that you will need is the banking account. Of course, after you have a license, you will need a banking account, you will need payment system providers, whether you accept just crypto or maybe you do also the fiat transactions.
[00:06:42] And that's basically it. This is the entire structure. So the range of your initial expenses can be somewhere between, well, let's say 25,000. If you do have the license and you have probably a gaming solution and the platform that is somehow, you know, open source or whatever, probably you, you just offer a game without the platform and you are starting as light as possible.
[00:07:13] Still you need the license. So this is your initial expense. Or it can take you 2, 5, 10 million to launch. If you have to sustain the team, you have to build everything in something in between, right? So it's between like 25 grand and between 5, 10 million. There is no, you know, ceiling to this one. You can spend as much as you have to in order to launch it in a way that you imagine that you visualize.
[00:07:39] Thank you for the question. This was the first series for the, of the Q and A. And I'm looking forward to continue with the quick questions in my future videos. And you have any questions, then go and visit the site.
[00:07:54] Leave me a message if you see that. Probably I missed something. If you have a question, then shoot me a message as well and see you in my next video. Have a good time. Goodbye.
