Betting has become a widely embraced hobby in the Kingdom, with many individuals regularly placing bets on the upcoming sporting events. One man, in particular, has put his hobby to good use. Having made a fortune in the financial services sector, he now uses his wealth to indulge his passion for sports and gaming, sponsoring many elite teams and purchasing luxurious paraphernalia.
The cost of setting up a Counter Strike betting business could set you back as little as £10,000, according to industry insiders. The currency conversion for this amount is taken into account, so you will need to add an additional £8976 to be able to replicate this scenario in real life.
Register Your Company
Pro-activity in registering your company is essential if you want to ensure that you start seeing dividends from your investment as soon as possible. The legalities surrounding the setting up of a Counter Strike betting company are reasonably straightforward, so you will not encounter many roadblocks in this regard. All you need to do is to submit an online form to the Gibraltar regulatory body, the Gambling Regulatory Authority (GRA). You will need to provide some personal details and, ideally, a business plan for approval. Once this is done, the GRA will issue you with a business registration number (BRO) that you can use.
Get The Legal And Financial Aspects Resolved
Although the legalities involved in setting up a corporate body are fairly straightforward, the financial aspects are a bit more complex. Firstly, you will need to obtain a gaming license from the GRA, which authorizes you to run a bookmaking business. The cost of this license is £208 per year, with renewal costing £208 per year as well. In addition to this annual fee, you will need to pay a levy of £25 per week to the GRA. The license needs to be paid for in advance, so it is essential that you have the necessary funds available when you apply.
Get Expert Help From Lawyers And Accountants
No one is an expert in every subject, and certainly not lawyers or accountants. Hiring experts to help with the legal and financial aspects of setting up a business can prove to be extremely beneficial, especially since you will not have known what these people are like beforehand. Once again, using lawyers and accountants to assist you with the formation of a company can prove to be extremely cost-effective, and prevent you from making costly mistakes. It is a good idea to engage the services of a few top-notch professionals to take care of the legal and financial aspects of your business, as it will undoubtedly make a world of difference.
Secure A Suitable Location For Your Headquarters
The only essential requirement for the registration of a company is a place to operate from. You will of course need to have a room or area where you can conduct business, but where also has the necessary security to protect your servers and hold regular meetings with your employees. The more discreet the location of your headquarters, the more discreet your business will appear to be, attracting more customers and gaining more respect from friends, family and colleagues.
Set Up Shops In The UK, Ireland And Gibraltar
The three kingdoms of Great Britain, Northern Ireland and the Crown Dependencies of the Channel Islands are all considered to be part of United Kingdom legislation, and the laws governing gambling in these locations are very much aligned with each other. In particular, all gambling-related contracts and transactions are fully regulated by the government in London, and all operators must comply with the requirements of this regulating arm. If you are registered in any of these locations, you will be able to provide your services to UK customers, without having to worry about any legal obligations or restrictions regarding licensing, etc.
Get The Gaming Equipment You Need To Operate Your Business
To be able to provide your services to customers, you will need to have the necessary gaming equipment in place, such as mobile devices and laptops. Most bookmakers require you to operate from a laptop or desktop computer, so you will need to ensure that you have this equipment available at all times. To this end, you will need to purchase a suitable laptop or desktop computer for the purpose of conducting business, as well as the necessary mobile devices such as smartphones and tablets. The hardware of these devices will determine how you access and display your betting information, so it is essential that you invest in high-quality devices.
Create Your Business Plan
A business plan is a blueprint for the future of a company. It serves as a guide for investors, guiding them through the various stages of the business’s lifecycle, while also acting as a useful tool for the company itself, providing an insight into how it intends to operate and the challenges that it faces. Many businesses fail due to poor business planning; the forethought involved in the creation of a good business plan is very often undervalued.
The creation of a business plan is a vital step in the process of establishing a company. The business plan should include the following information:
- A concise, well-written business description
- An overview of the company’s objectives and strategies
- The competitive analysis of the industry
- SWOT analysis (Strengths, Weaknesses, Opportunities &Threats)
- Risks and Mitigations; (How will you deal with the risks?)
- A financial analysis (How will you fund your business?)
- A marketing plan
- A detailed operation plan
- Legal documentation (Registering your company, Licensing & Contracts)
Make Sure You Follow All The Legal And Financial Regulations
You will have to adhere to all legal and financial regulations relating to the operation of your business. The Gambling Regulatory Authority (GRA) has jurisdiction over all casinos, bookmakers and sportsbooks in the UK. The Gibraltar Gaming Regulator has a similar remit in Gibraltar, with the Isle Of Man also having an independent regulatory body that is responsible for gambling on the island. All casinos, bookies and sportsbooks should be registered with these bodies, and you must follow their rules and regulations, as well as those set out by the UK Gambling Commission. If you do not have an in-house lawyer, it is advised by the Legal Services Commission that you engage the services of an independent legal adviser to provide specialist advice in relation to the formation of your company and operation of your business, as well as any other legal or financial matters that you may need assistance with. This is a crucial step, as even small errors in the formation of your company can have serious ramifications for both your and your business’s legal standing.
Secure And Maintain A Robust Data Security And Information Management System
The protection of all personal information is of a high priority in the world of data security and information management. You will need to put in place adequate security measures, taking into consideration the type of information you will be handling. The more sensitive the information, the more stringent the security measures needed.
The protection of financial information is also a key consideration, and you must ensure that your systems are configured to protect these records from being accessed by any unauthorized person or software. You should also be aware that any unencrypted data stored on a computer system that is connected to the internet or a network can be accessed by any individual with the correct credentials, including your financial information. To boost the security of your financial records, you can use specialist software to encrypt all data imported from outside sources, such as online banking applications. This encryption process will make all your financial information unreadable to everyone, including you. Naturally, this also entails that the information must be decrypted each time it is accessed, so be sure to have the decryption key available whenever you need to use the information.
Be Careful With What You Promote
Even though betting is a fun and exciting pastime, you must be careful not to overexpose yourself or your business to avoid attracting the attention of the authorities. You should be aware that there are different sets of rules, regulations and guidelines that apply to marketing and promoting activities that are linked to gambling. For example, you cannot simply pay for online ads or sponsored posts, as this may be considered to constitute gambling promotion, even if the content is unrelated to a sporting event. There are also various social media guidelines that you must follow, so as not to breach any advertising laws or regulations. You must not use social media to promote any forms of gambling, including but not limited to, bookmaking, sports betting or casino gaming.