«Distinguishing Features of Gambling Business in the USA
Gambling business is in itself very ambiguous. Nowadays in most European countries gambling is legal and is run by private equity. Although in Finland, Sweden, Austria, Holland and Monaco organization of gambling games in casinos is monopolized by the governments of these countries. In Greece, Portugal, France and Luxembourg operating of slot machines is prohibited.
Nevertheless, if you are still interested in launching this kind of business, there is a way out. In this case it is better to establish your gambling business in Bulgaria, Romania, Poland, Slovakia, Croatia, Czech Republic, Montenegro and Macedonia. Also, it is becoming quite popular to invest into gambling business in South Korea and China, where, by the way, we can find the world’s largest casino.
Licensing of online casinos or poker-rooms in Cyprus, Curacao, Gibraltar and the Seychelles will cost less.Taxes vary and depend on the country. The highest tax rates on gambling business are in Germany (up to 80%). Another concern is the fact that many countries restrict the maximum number of slot machines that can be set. Usually it is impossible to change anything about it once the license is obtained, hence it is necessary to plan, discuss and weigh everything up beforehand.
Good old classic casinos keep vanishing. They are being transformed or replaced by multifunctional complexes that, besides gambling business, include hotels and a wide spectrum of entertainment, their main focus being demands of people from all walks of life.
Gambling business in the USA was time-tested and took its leading stand long ago. In the States gambling business is as popular among US citizens and foreign tourists as nowhere else. Actually, each of the states applies its own laws, but on the whole gambling brings good profits to its owners. Profits made on gambling facilities exceed those made on cinematography, music industry, agencies selling sporting events and cruises put together.
According to the survey carried out by North American Lottery Association, every US citizen, despite their age, spends approximately $200 on lotteries per year. The frequency and the size of bets made by Americans in casinos keep rising every year. Shares of the largest gambling facilities are in great demand and are often traded on the Stock Exchange. Among the numerous investors there are names, such as California Pension Fund and Harvard University.
No matter how attractive this business might seem, there are drawbacks, too. First, start-up bank loans are difficult to receive. Usually loans are given to the ‘front-runners’ of this sphere, and there is not much to hope for if you are not one of them.
Besides, gambling business owners follow their own unwritten law, for example, not so long ago all casino owners chose not to offer gamblers free alcoholic beverages.Also, a special license is required. Licensing is not that simple to obtain and usually takes time.
In the USA there are three types of licensing: limited, unlimited and special.
Limited licensing does not allow gambling tables. Besides, the number of slot machines must not exceed 15.
Unlimited licensing does not put the above mentioned restrictions.
Special licensing is required if the gambling business is set up in a bar, club or any other facility that does not belong to the owner of the gambling business.
Besides the equipment itself, its vendors, manufacturers as well as the staff of the casino must be licensed.