So you’ve decided to start a website to make some extra cash from sports betting. Congratulations! You’re on the right track. But, before you start building your site, you should consider how legal it will be.
Although sports betting is not technically illegal, it is definitely not encouraged. The main reason behind this is that most jurisdictions prohibit gambling on sporting events, putting the onus on the business instead of the individual for ensuring they’re playing by the rules. However, that doesn’t mean that setting up a sports betting website is completely without risk. If you don’t know how to legally start such a business, here’s a quick guide to ensure you comply with the law and protect your assets.
Get A Business License
Before you start any kind of business, you’ll need to register with the local government and get a business license. This is simply because business owners are required to pay taxes regardless of their profits. In most cases, getting a business license is not a difficult process, but it does require a legal team that’s familiar with setting up sports betting websites in particular. Additionally, you’ll need to register with the state government, as well. Doing business in multiple states requires you to file for multiple licenses. However, as long as you’re in compliance with the law, you should not have a problem with the state government.
Design A Brand-New Website
When you get your business license, you’ll have the legal authority to create a brand new website. It’s a great opportunity to take your pick of any platform you like and customize it for online gambling purposes. In most cases, it’s recommended to use a Content Management System (CMS), like WordPress, to build your website. This will allow you to add, delete, and modify content as often as you like without needing to worry about code breaking. Additionally, using a CMS gives you the opportunity to take advantage of free backups and dedicated customer support. So if you prefer to operate on your own without needing any help, then a CMS is the best option for you.
Set Up A Safe And Secure Shopping Centre
In addition to getting a business license and registering your website with the government, you’ll also need to set up a safe and secure shopping center. Although this may seem like an unnecessary step, e-commerce stores that offer online betting have been targeted by scammers in the past, who have attempted to trick people into giving away their personal details. To prevent this, you must comply with all the necessary steps, including security protocols and maintaining a safe and secure payment system. Additionally, make sure that your website is not available to children, as many companies that provide parental control software have stated that adult supervision is a necessity when it comes to preventing online gambling abuse.
Use A Money-Laundering Prevention System (MLPS)
Now that you have a functional and accessible website, you should take the time to set up a money-laundering prevention system (MLPS). There are a variety of software programs that can be used to help protect your business from being exploited by money launderers, and it’s a good idea to choose one that’s specifically designed for that purpose.
Make Sure Your Software Is Up To Date
In general, software updates are something that you must do on a regular basis. It is important to note that not all software updates are created equal, so make sure that you update only the software you need. In most cases, it’s a good idea to update all the software on your system to the latest version. While this may not seem difficult, many companies that provide software for online casinos, sports betting, and other similar businesses have a habit of discontinuing support for older versions, leaving the business owner with obsolete software and a giant backlog of updates.
Consider The Location Of Your Website
If you’re planning on operating your business from home, you’ll need to consider the location of your website. Although this may seem obvious, many entrepreneurs, especially those who are new to the trade, have put up websites in places that are inappropriate, simply because they don’t know any better. In most cases, this means that the site is either hosted on a server that’s located in a country that doesn’t allow online gambling or the operators of the site are not legally licensed in the state they claim to be operating from. Neither of these are good ideas, so make sure you don’t do either of them.
To learn more about how to legally start a sports betting website, consult an attorney who specializes in online gambling law. Additionally, make sure you vet any software you’re planning to use, and read the reviews before you make a purchase decision. Doing any of these things will greatly increase your chances of operating a legitimate and profitable business.