Launching an offshore casino requires a gaming licence, a corporate entity in the licensing jurisdiction, a platform, game content, payment processing and an ongoing compliance function. Realistic first-year cost sits somewhere between €150,000 and €500,000 depending on jurisdiction, scope and how much is built rather than licensed.
The licence is the smallest line item and the longest lead time. That inversion is the single thing most first-time applicants get wrong.
This page documents what the two main offshore regimes require, based on the regulatory material we have verified directly. Cost figures are industry estimates and are marked as such — we have not verified them against primary sources, and they should be treated as orientation rather than budget.
What the licence actually requires
The licence determines the corporate structure, not the other way round. Both main offshore regimes impose requirements on the applicant entity itself, and those requirements have changed significantly since 2024.
Curaçao
Since the National Ordinance on Games of Chance came into force on 24 December 2024, only legal entities established under Curaçao law, with their statutory seat on the island, may apply. The entity must be managed by at least one natural person resident in Curaçao — or by a corporate entity incorporated under Curaçao law that itself has a resident managing director.
From 1 January 2026, physical presence requirements apply.
The regulator conducts its own investigations into ultimate beneficial ownership rather than relying on applicant documentation. Licences are recorded in a public register.
Three categories exist: B2C gaming, B2B supplier, and non-profit.
Full detail: the Curaçao licence after the LOK.
Anjouan
One comprehensive licence covers online casino, sports betting, poker, bingo, lottery, eSports and blockchain-based gaming, for both B2C and B2B activity, across up to two web addresses.
No minimum capital. No requirement for local staff or premises — a registered legal address is sufficient. No tax on gross gaming revenue, no corporate income tax, no VAT.
Since July 2025, B2B providers serving Anjouan licensees must hold their own licence.
Full detail: the Anjouan licence.
Cost of the licence itself
| Curaçao | Anjouan | |
|---|---|---|
| Application, year one | Not verified | ~€17,828 |
| Annual renewal | Not verified | ~€13,300 |
| Per authorised key person, annually | — | ~€2,000 |
| Gaming tax | Not verified | None |
| Processing time | Months | Reported at two to eight weeks |
The Anjouan figures come from the licensing administration's own published schedule. The Curaçao figures are deliberately absent: we have not verified current fees or the gross gaming revenue rate under the LOK against the authority's own publications, and we do not publish figures we cannot source. See how we handle sources.
What else the launch requires
The licence is a permission. Everything below is what turns the permission into an operating business. All figures in this section are industry estimates.
Corporate structure
Estimate: €5,000 – €25,000 setup, €5,000 – €20,000 annually
Incorporation in the licensing jurisdiction, registered agent, statutory seat. Curaçao's resident-director requirement adds an ongoing cost that Anjouan's does not.
Where the operating company sits, where the licence sits, and where revenue is booked are three separate questions with tax consequences. This is the part of a launch where professional advice is not optional, and where the cost of getting it wrong is not measured in fees.
Platform
Estimate: €30,000 – €150,000 setup, or 8–15% of gross gaming revenue
Two models exist. A turnkey platform is licensed as a service, typically on a revenue share. A proprietary build costs more upfront and takes longer, but removes the revenue share and the dependency.
For a first launch, the revenue-share model is the usual route. The trade-off is that the platform provider holds the relationship with game suppliers and often with payment processors — which means the operator's cost base and supplier terms are set by someone else.
Note that under Anjouan's July 2025 requirement, the platform provider must itself be licensed. Verify this before signing; the obligation sits with the provider but the exposure sits with the operator.
Game content
Estimate: 10–20% of gross gaming revenue, plus integration fees
Slots, live dealer and table games are licensed from studios, usually on revenue share. Live dealer carries a higher share than slots because the operational cost is higher.
Content is where the offering is differentiated and where the margin is thinnest. A turnkey platform typically arrives with an aggregated content library, which reduces negotiation but also reduces differentiation.
Payment processing
Estimate: 3–8% of transaction volume, plus rolling reserve
This is the line item that most often determines whether a launch succeeds.
High-risk merchant accounts for gambling carry higher rates than standard e-commerce, and processors typically hold a rolling reserve — a percentage of transaction volume retained for six months or longer against chargebacks. That reserve is working capital the operator does not have access to.
Payment availability varies sharply by market. A processor that serves one target market may not serve another, and operators commonly run several in parallel. Cryptocurrency processing reduces some of these constraints and introduces others.
Compliance
Estimate: €40,000 – €120,000 annually
Both regimes impose AML and counter-terrorist-financing obligations. Curaçao's regulations took effect on 20 May 2024 with full compliance required from 1 September 2024, aligned with FATF recommendations — four months before the licensing framework itself came into force.
In practice this means KYC verification at onboarding, transaction monitoring, suspicious activity reporting, and a named compliance officer. Anjouan charges approximately €2,000 annually per authorised key person, which includes the compliance officer, and requires quarterly compliance reporting.
Compliance is not a one-time setup cost. It is a function that must exist continuously, and it is the function regulators examine when something goes wrong.
Marketing and acquisition
Estimate: highly variable — the largest line item in most launches
Gambling advertising is restricted or prohibited on most mainstream channels in most markets, which pushes acquisition toward organic search, affiliates and direct partnerships.
Affiliate deals are typically revenue share, cost per acquisition, or hybrid. Organic search requires content and links; we document what link building costs in this sector.
The acquisition budget is where launches most often prove unviable. A licence, a platform and a payment stack produce a functioning casino with no players.
Realistic first-year total
| Lower estimate | Higher estimate | |
|---|---|---|
| Licence and corporate | €25,000 | €60,000 |
| Platform | €30,000 | €150,000 |
| Compliance | €40,000 | €120,000 |
| Payments setup and reserve | €20,000 | €80,000 |
| Marketing, first year | €50,000 | €200,000+ |
| Total | €165,000 | €610,000+ |
These are industry estimates, not verified figures. They exclude revenue shares on platform and content, which are ongoing rather than setup costs, and they assume a single-market launch. A multi-market launch multiplies compliance, payments and localisation.
Which jurisdiction, and why
The choice is usually framed as cost. It is more usefully framed as market access.
An Anjouan licence does not authorise operation in Australia, Austria, France, Germany, the Netherlands, Spain, the United Kingdom, the United States, the Comoros, or any FATF-blacklisted country. Curaçao's framework carries its own restrictions.
A cheaper licence that excludes the target market is not cheaper. We set out the reasoning in market access for offshore licensees.
Beyond market reach, three factors differ materially:
Substance requirements. Curaçao requires local incorporation and a resident director; Anjouan requires a registered address. This is an ongoing cost difference, not a one-time one.
Public register. Curaçao maintains one; Anjouan does not. For an operator this cuts both ways — a verifiable licence is a commercial asset when acquiring players, and a disclosure when the operator would prefer not to be listed.
Dispute resolution. Curaçao's regulator handles disputes between players and operators. This is a cost in operator time and an asset in player confidence.
Sequence and lead times
The order matters, because several steps block others.
1 · Jurisdiction decision. Determines corporate structure, cost base and market reach. Everything else follows.
2 · Corporate formation. Weeks. Must complete before the licence application, since the applicant must be the entity.
3 · Licence application. Weeks to months. Anjouan reports two to eight weeks; Curaçao is longer, and the regulator conducts its own beneficial ownership investigation.
4 · Platform and content. Can run in parallel with the licence application, but contracts should be contingent on the licence being granted.
5 · Payment processing. Cannot complete without the licence. Processors require it as part of their own onboarding, and this step is frequently the longest.
6 · Compliance function. Must be operational before launch, not after.
7 · Marketing. Begins after everything else and never ends.
Realistic timeline from decision to launch: four to nine months. The common error is treating the licence as the long pole. Payment processing usually is.
What most often goes wrong
Payment processing was assumed. The licence arrives, the platform is ready, and no processor will onboard the operator for the target market. This is the most common launch failure and it is discovered late.
The jurisdiction was chosen on price. A cheaper licence that excludes the target market means relaunching under a different one.
Compliance was treated as paperwork. It is a continuous function with staffing costs. Regulators examine it precisely when the operator can least afford scrutiny.
Acquisition was underestimated. A functioning casino with no players is a fixed cost with no revenue. Acquisition is typically the largest line item and the one most often left until last.
The regulatory framework was read as it was, not as it is. Curaçao changed fundamentally in December 2024. Guidance written before that date describes a system that no longer exists — including a great deal of guidance still published online.
Frequently asked questions
How much does it cost to start an offshore casino?
Industry estimates put a realistic first year between €165,000 and €610,000, depending on jurisdiction, scope and market. The licence itself is a small fraction of that; acquisition is usually the largest single item.
How long does it take?
Four to nine months from decision to launch. Licence processing is reported at two to eight weeks for Anjouan and longer for Curaçao, but payment processor onboarding is frequently the longest step.
Can one licence cover multiple markets?
Within its permitted territories, yes. Every offshore licence carries an exclusion list, and a licence does not authorise operation in markets that run their own exclusive regimes.
Is a local company required?
Curaçao requires a locally incorporated entity with a statutory seat and a resident managing director. Anjouan requires a registered legal address only.
What is the cheapest route to market?
Anjouan has the lower entry cost — approximately €17,828 for the first year, with no minimum capital, no substance requirement and no gaming tax. Whether it is the cheaper route depends entirely on whether it reaches the intended market.
Do software suppliers need their own licence?
Under Anjouan's framework, yes — since July 2025 all B2B providers serving licensees must be licensed in their own right. Curaçao operates a separate B2B supplier category.
Page last reviewed: 2 August 2026