Montenegro is a state in which the licensing of online casinos began just recently. Only in 2011 the supervisory department (eGambling Montenegro), issuing licenses for gambling, did begin to license online casinos. National currency: Euro.
Casino Licensing and Other Details
Since 2014 the number of casinos in local jurisdictions has begun to increase dramatically. However, control over the work of Internet institutions still leaves much to be desired. As for today, many gambling venues with local jurisdiction are blacklisted by most reputable rating gaming portals. This is due to the fact that many operators with a local license are outright scammers who want to get local jurisdiction and not pay taxes.
Of course, not all online casinos with a local license have a bad reputation and are fraudulent. It all depends on the head of the institution.
In Montenegro, there is only one license that applies to all areas of gambling. Roughly speaking, the authorities do not care if they license an online casino, poker room or bookmaker, everyone will have to pay the same amount. By the way, for each element you have to pay separately. So if your site has both a BC and a casino, you will have to pay twice.
The application is considered within 30-40 days, not taking into account the time required to collect documents. Moreover, the process can stretch for 2 months, there have been such cases.
Keep in mind that as soon as the institution receives a license and begins to work, the first 2-3 months the supervisory authorities monitor it carefully. First of all, attention is paid to the honest policy and the speed of payments to users. If serious violations are recorded, the license may be revoked.
It is also worth understanding that only users who are in the European Union over the age of 18 can play in a casino with Montenegrin jurisdiction. It is possible to advertise your project in all EU countries; it offers the widest opportunities, not only for players, but also for investors.
Pricing policy and Taxes
The fixed price of the license is 25 thousand euros. The payment includes:
● Application for licensing.
● Opening a trading account with a bank.
● Setting up the necessary software.
License renewal will cost 15 thousand euros. Please note that payment must be made annually on the same day. If the owner of the casino forgets to pay a fee, he will be fined. The amount of the fine will be determined by the Montenegrin Gambling Commission.
The single corporate income tax and income tax rate is only 9%. Moreover, it is not levied on the cash turnover of the Internet institution. This gives an advantage to the owners of the casino, since the tax can be paid without using income from the Montenegrin institution.
What will be required to launch a project in Montenegro
Open a limited liability company or a joint stock company in the country, and then pay for the licensing process. But for the institution to start working after the license was issued, you will need to acquire:
● Professional certified software (licensing includes its configuration).
● Dedicated secure server in the country.
● Multi-currency merchant account.
● Account at the Bank of Montenegro (its creation is also included in the price of the license).
● High-quality business plan.
The bank account must have more than 300 thousand euros, so that the department considers your company solvent.
Interesting details about Montenegro as a gaming jurisdiction
● The overwhelming income (in the field of online gambling) is paid from foreign investors.
● Most operators choose fairly sophisticated platforms for their establishments.
● Servers hosted by online casinos, poker rooms, sportsbooks with a local license should be located inside Montenegro.
● Montenegro – the second state (in the first place Malta) for licensing Internet projects.
● All bank accounts held with non-Montenegrin banks must be approved by the commission.
● A substantial part of world banks and well-known payment systems do not want to work with institutions licensed in Montenegro.
● The licenses of this country are still not included in the “white list” of the UK Gambling Commission. This list contains the most reliable gambling licenses.
Montenegro, as a gaming jurisdiction, strictly prohibits!
● Use gambling platforms as a place for money laundering and other fraudulent transactions.
● Host an online gaming project on servers that are located outside the state.
● Use technically outdated software, where there are vulnerabilities and other loopholes that third parties can use to crack and steal user gains.
● Allow users who are not in the EU to register on the online casino site.
Contact details of the licensing authority in Montenegro
● Registration number: 50615951
● Address: 81000 Podgorica, Moskovska br. 65.
● Endre Kodolanyi – Head of E-Gambling Montenegro d.o
● Website: https://e-gambling.me