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Costa Rica

Monday, 24 September 2012 08:54

costarica

About the Costa Rica Jurisdiction

Costa Rica is located in Central America, between Nicaragua and Panama. Costa Rica is considered as one of the most popular gaming jurisdictions in the world and it is home to hundreds of online casinos. There is however a very clear reason as to why this country is so popular amongst gambling companies. Unlike, territories such as Alderney or Malta, the Costa Rican Government does not have any specific criteria, licensing or regulation setup which operators have to adhere to, to be able to operate from this country. Costa Rica unfortunately is a country where many blacklisted or rogue casinos operate from, since this jurisdiction's main requirement for licensing is that companies pay for a regular business license. The companies that reside within Costa Rica can legally offer online wagers to customers all over the world, as long as they do not accept wagers from residents of Costa Rica itself. This jurisdiction's main requirement for licensing is that companies pay for a regular business license. Most companies licensed in Costa Rica are self-regulated, that is, they are not subjected to the regulations, monitoring and testing in the same way as they would be in other jurisdictions. Due to the lack of legislation and oversight for online gambling, Costa Rica has inevitably become a haven for numerous rogue online casinos.

Costa Rican Licences

Why does so many online gambling companies operate from Costa Rica? Basically, due to the lack of requirements for licensing. The only thing a company needs to do is to pay $5000 for a permanent business license, $5000 for license renewal at the end of the year, and $500 for legal costs. Costa Rica does not have any regulatory authority or organisation dealing with online gambling. Companies are not issued with a gaming license in Costa Rica due to the illegal nature of gambling within this country. However, the companies may be granted the license for offshore gaming operators (called “data processing license”), which is not strictly necessary in order to operate an online gaming operation from Costa Rica, but most companies apply for it in order to appear reputable to their clientele. Gambling companies are not subject to betting or gaming taxes, since taxes in Costa Rica are subject to territoriality and, therefore, any business income with a foreign source is tax exempt. However, since 2010 this is currently under consideration regarding whether a 2% tax on gambling activity should be introduced. There are no further requirements that must be met. The companies don’t have to prove a longstanding reputation within the gambling industry, nor have audited payouts and software.

Resolution of Complaints and Disputes

When it comes to disputes, if players encounter a problem with one of the casinos based in Costa Rica, they cannot turn to any regulatory authority that handles complaints from customers, because there is no such thing.

Summing up

Contrary to what many Costa Rican based casinos want players to believe, there is no licensing and no regulation of online casinos in this jurisdiction. Costa Rica is home to hundreds of online casinos, many of which have generated multiple player issues. So we advise players to conduct a research before depositing money at an online casino operating out of Costa Rica.

Online casinos operating in Costa Rica:

• 7Spins Casino

• Atlantic Lounge Casino

• BetUS Casino

• Casino Moons

• Cirrus Casino

• Club Player Casino

• Cool Cat Casino

• Golden Vegas Games

• iNetBet Casino

• Island Casino

• JustBet Casino

• Las Vegas USA Casino

• Palace of Chance Casino

• Prism Casino

• Rich Casino

• Rome Casino

• Silver Oak Casino

• Slots of Vegas Casino

• Slots Plus Casino

• Sportbet Casino

• Sun Palace Casino

• The Virtual Casino

• Thebes Casino

• Vegas Casino Online

• Vera&John Casino

• VIP Lounge Casino

• Wild Vegas Casino

• Winward Casino

• World Wide Vegas Casino

 

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