The iGaming market rewards operators who plan for payments and reputation as carefully as for the licence. Low-cost licences that were the default a few years ago now close more doors than they open, regulators have tightened their rules, and new frameworks — Mauritius's licence is the latest — keep appearing. This guide walks through the options as we see them in our client work.
Part 1 — What Are You Building?
- B2C online casino: games offered directly to players, usually through a game aggregator and a casino platform.
- Sportsbook: betting on sporting events, often alongside a casino.
- B2B supplier: game studios, platform providers and aggregators supplying licensed operators. Several jurisdictions license B2B separately.
- Crypto casino: accepts cryptocurrency deposits. Only some regimes accept this, and it narrows your payment and banking options.
- Prediction market: users trade on the outcome of events. Depending on the structure, this can be gambling, a financial derivative, or both — see Part 6.
- Affiliate or marketing business: usually unlicensed itself, but bound by the rules of the markets it promotes into.
Part 2 — Start With Your Players and Your Payments
Two questions decide the route before anything else. First, where are your players? A licence from one jurisdiction does not let you target countries that require their own licence, such as the United Kingdom and most EU member states. Second, how will players pay? Banks, payment service providers and card acquirers look at the licence first. A recognised licence widens your choice of payment partners; a weak one can leave you with a licence and no way to take deposits.
Part 3 — Licensing Options in 2026
Europe — Malta and Estonia
Malta (Malta Gaming Authority) is the most established EU gaming licence, issuing B2C and B2B licences and recognised by payment providers and suppliers across the industry. Estonia (Estonian Tax and Customs Board) issues an activity licence and an operating permit, and is a cost-efficient EU option. Both suit operators targeting regulated European markets and willing to support real substance. See our Malta and Estonia licence pages.
Latvia licenses online gambling for its own domestic market, and Latvian EMIs and payment institutions are an option for operators looking for EU-regulated payment partners.
United Kingdom access — Gibraltar
Gibraltar is popular with operators focused on the UK market, thanks to its close ties to the UK and long-established gaming sector. Its Gambling Act 2025 came into force on 1 April 2026, with a 0.15% gambling duty on gross gaming yield and corporate tax at 15%. Note that serving British players still requires a UK Gambling Commission licence — a Gibraltar licence alone does not cover the UK.
The new option — Mauritius
Mauritius created dedicated online gambling licences through the Finance Act 2026: a B2C licence for online casinos and sportsbooks, a B2B licence for suppliers, and a licence for ancillary service providers. The B2C licence costs €30,000 a year plus 3% of gross gambling yield, the B2B licence €20,000 a year, and every application carries a €5,000 processing fee. The applicant must be a company incorporated in Mauritius, with software certified by a recognised gaming laboratory. The Gambling Regulatory Authority is still to issue its directives, so this is the moment to prepare.
Offshore — Curaçao and Vanuatu
Curaçao remains the most widely recognised offshore gaming licence, but it has changed: on 24 December 2024 the master and sub-licence system ended, and operators now apply directly to the Curaçao Gaming Authority under the LOK framework. Vanuatu offers an interactive gaming licence for operators wanting an established offshore regime in the Asia-Pacific. See our Curaçao and Vanuatu pages.
Anjouan and similar low-cost licences
Anjouan and similar low-cost offshore licences became popular because they are fast and inexpensive. In our experience their popularity is now falling: their reputation has weakened, and many payment providers and acquirers no longer work with operators holding them. A licence that leaves you without payment options is rarely the cheap option in the end.
Company-only structures — Costa Rica
Costa Rica does not issue online gaming licences. Many operators instead set up a Costa Rica company to run gaming operations aimed at players outside Costa Rica, and the country has long been used for this purpose. The trade-off is that there is no licence to show banks, payment providers or platform suppliers. Zitadelle AG can provide a legal opinionon the company's position to support onboarding with partners.
Domestic markets — South Africa
In South Africa, online sports betting is licensed by the provincial gambling boards, while online casino games are not permitted under national law. A South African licence is a route into the domestic market, not an international licence.
Which licence fits your players and payments?
Tell us your products, target markets and how players will pay. We'll recommend the licence — or combination — that fits.
Part 4 — Payments and Banking
Payments are where most new operators struggle. Card acquirers classify gaming as high-risk, and they check the licence, the target markets and the AML framework before onboarding. Plan payment partners at the same time as the licence, not after it. For our approach to merchant accounts and banking for gaming businesses, see our guide to high-risk merchant accounts.
Where payment processing is part of your own group, a payment licence can sit alongside the gaming licence — for example, a Mauritius Payment Intermediary Services licence for payments outside Mauritius.
Part 5 — Compliance From Day One
Every credible regime expects KYC and AML controls, responsible-gambling measures such as self-exclusion, geo-blocking of markets you are not licensed for, and records that a regulator or auditor can review. Several regimes also require certified game software and real-time access for the regulator. Building this in from launch is far cheaper than retrofitting it when a payment partner or regulator asks.
Part 6 — Prediction Markets
Platforms in the style of Polymarket, where users trade on the outcome of elections, sports or other events, sit between gambling and financial regulation. In the United States, regulated event contracts trade on exchanges registered with the Commodity Futures Trading Commission. Elsewhere, a prediction market can fall under gambling rules, financial-derivatives rules, or both — and a crypto-based platform adds virtual asset licensing questions. The structure has to be designed with the target markets in mind from the start. See our guide to setting up a prediction market company.
Part 7 — Typical Timelines
| Route | Typical timeline |
|---|---|
| Costa Rica company | 1–2 weeks (incorporation) |
| Anjouan | 4–6 weeks |
| Vanuatu | 4–8 weeks |
| Curaçao | 8–16 weeks |
| Estonia | 3–6 months |
| Malta | 6–9 months |
| Gibraltar | 6–9 months |
| Mauritius | Applications expected to open in 2027 |
| South Africa | 18–24 months |
Timelines from our licence pages, from a complete application. Payment onboarding often takes longer than the licence.
Part 8 — Buying an Existing Gaming Company
An existing licensed gaming company can shorten time to market, particularly if it comes with working payment relationships. The regulator usually needs to approve a change of owner, and the company's compliance history and payment arrangements need careful due diligence. Listings are published on our group's marketplace, Financial License Market. See our M&A advisory.
Frequently asked questions
The lowest entry cost is a Costa Rica company, which needs no gaming licence, or a low-cost offshore licence such as Anjouan. But both limit your access to payment providers and suppliers, which is usually what decides whether the business can operate. Curaçao and the new Mauritius licence are more credible offshore options.
Disclaimer: This guide is for informational purposes only and does not constitute legal or regulatory advice. Gaming laws, fees and payment-provider policies change frequently. Verify current requirements with the relevant authority before making any decisions. Last updated: 13 October 2026.