Nevis vs Anjouan vs Tobique vs Curaçao Gaming Licences: 2026 Comparison

Operators usually arrive at this comparison with one question: which of these four is the best offshore gaming licence? There is no universal answer. Nevis, Anjouan, Tobique and Curaçao are all offshore, all zero-GGR-tax routes, and all cover casino and sportsbook. They differ on cost, speed, corporate substance, B2B scope, and how familiar banks, payment providers and suppliers are with each of them.

The right choice depends on your business model, whether you are B2C, B2B or both, the markets you intend to serve, your budget for year one and year two, how quickly you need to launch, and what your PSPs and platform partners will actually accept. This guide sets the four side by side using the same fee, timeline and scope data we maintain on each jurisdiction page, then answers the questions we hear most: cheapest, fastest, best for a sportsbook, best for a casino, best for crypto, and best for B2B.

Quick comparison

The table below is generated from the same dataset that powers our Nevis, Anjouan, Tobique and Curaçao guides, so the figures here always match those pages. Year-one estimates include the regulator fee plus the maintained company and substance lines we list for each jurisdiction; they exclude advisory, testing and payment setup.

Three things the table cannot show. First, "Yes" on a vertical means the framework authorises it; it does not mean every game provider or data supplier will contract with you on that licence. Second, the banking/PSP tier is our working assessment of how accessible payment providers tend to be for that jurisdiction; acceptance varies by provider and must be confirmed with each bank or PSP. Third, none of these four licences authorises activity in the UK, US, EU or other domestically regulated markets.

Nevis

The Nevis gaming licence is issued under the Nevis Online Gaming Authority (NOGA). NOGA issues separate B2C and B2B licences at the same fee: B2C for operator brands, sportsbooks, casino and poker; B2B for platform and infrastructure providers, software developers and white-label suppliers. Prediction markets are explicitly permitted, which is unusual among offshore frameworks.

Cost and timeline. NOGA's published fee is €28,000 for a B2C licence and €28,000 for a B2B licence. Renewal is €28,000 a year from year two. Every licensee must appoint a Local Reporting Officer at €4,000 a year, and a Nevis IBC or LLC typically costs from €2,000 to form. Year one is therefore from €34,000. Clean applications usually complete in 8–12 weeks.

Strengths. Zero gaming tax, no local office beyond a registered agent, and a High banking/PSP tier in our jurisdiction data: EMIs and gaming-aware PSPs are generally accessible with proper documentation. It is our most requested licence.

Limitations. The LRO is mandatory and cannot be skipped. Nevis is an offshore licence, not an EU or domestic authorisation, so counterparties whose policies require Malta, the Isle of Man or a domestic licence will not accept it as a substitute. Banking still requires proper AML, ownership and flow-of-funds documentation, and acceptance must be confirmed with each bank or PSP.

Who it suits. B2C casino, sportsbook or prediction-market operators targeting international markets; B2B platform, software and white-label providers who need a regulated supply-side licence; and founders who want zero tax with realistic banking prospects. Read the full Nevis iGaming licence guide.

Anjouan

The Anjouan gaming licence is issued under the Anjouan Offshore Finance Authority (AOFA). AOFA issues separate B2C and B2B licences at the same fee. The B2C licence covers casino, sportsbook, poker, lottery, esports and crypto gaming; the B2B licence covers platform and supply-side activity.

Cost and timeline. The published fee is €17,000 a year, for a B2C licence or a B2B licence. Incorporation is about €650, and registered office plus resident agent run €3,100 a year, putting year one for a single licence from around €21,000. Process design is fast, but application volume often stretches live files to 8–12 weeks, sometimes longer.

Strengths. It is the lowest-cost regulated route of the four, with zero gaming tax and no local office or staff. Crypto casinos can be licensed provided you can evidence KYC and player due diligence.

Limitations. Banking and PSP onboarding expectations are tighter than with some other jurisdictions (Medium banking/PSP tier in our data), so confirm that your intended payment providers will onboard an Anjouan-licensed entity before filing. Beyond the UK, much of the EU and the US, several other countries restrict Anjouan-licensed brands specifically, so target markets must be checked before incorporation. Application fees are typically non-refundable.

Who it suits. Early-stage operators validating a product who need legal cover at minimum cost, and who have already confirmed that their target PSPs will look at the licence. Many treat it as a launch licence with a planned upgrade to Nevis or Curaçao. Read the full Anjouan iGaming licence guide.

Tobique

The Tobique gaming licence is a First Nation offshore framework issued by the Tobique Gaming Commission. A single multi-vertical authorisation covers casino, sportsbook, live dealer, poker and esports, with B2C and B2B activity under the same permit.

Cost and timeline. The Commission charges an €18,000 application fee and an €18,000 annual licence fee, so year one is €36,000 in regulator fees. Company formation is quoted separately because no on-territory office is required. Complete files often move in 4–8 weeks, currently the shortest path among the jurisdictions we place.

Strengths. Speed, zero gaming tax, no local office or resident director, and a predictable fixed-fee structure. From year two the €18,000 annual fee is lower than Nevis renewal.

Limitations. It is a younger regime. Partner familiarity is still building compared with Curaçao or Nevis, and some suppliers and PSPs will apply extra scrutiny or decline until they have seen more Tobique-licensed operators. Compliance expectations may develop as the framework matures. It is not a Canadian, UK or EU domestic licence.

Who it suits. Operators who need the fastest regulated route with multi-vertical scope from day one, accept a newer regulatory brand, and have verified that their key suppliers and PSPs will onboard a Tobique-licensed entity. Read the full Tobique iGaming licence guide.

Curaçao

The Curaçao gaming licence is now a direct licence from the Curaçao Gaming Authority (CGA) under the LOK framework. The old master and sub-licence chain is gone. The CGA licence covers B2C and B2B activity, including platform operation, game supply and white-label arrangements, on separate fee routes.

Cost and timeline. The official tariff is a €4,592 non-refundable application fee and €47,450 a year for B2C, made up of a €24,490 licence fee to the National Treasury and a €22,960 CGA supervisory fee. B2B suppliers pay a €24,490 annual supervisory fee with no Treasury licence fee. A Curaçao company, local presence and key persons are required and quoted separately, and many operators still need more than one entity so acquirers can underwrite cleanly. Year one is from €52,000 before those substance costs. Timelines run 8–16 weeks from a complete file.

Strengths. Broad industry familiarity. Many suppliers, affiliates and payment providers have established onboarding paths for Curaçao-licensed operators, which can shorten the payments workstream; standard iGaming diligence still applies. There is no GGR tax; you pay the fixed annual fee instead.

Limitations. It is the most expensive of the four and the only one with mandatory local substance. That makes it a poor fit for a lean, pre-revenue launch. It does not provide EU or UK regulated-market access.

Who it suits. Operators with live revenue whose suppliers and PSPs already have Curaçao onboarding processes, B2B and white-label businesses whose clients specify a Curaçao licence, and groups moving up from a lower-cost licence. Read the full Curaçao iGaming licence guide.

Which licence is best for a sportsbook?

All four frameworks authorise sportsbook activity, so the decision comes down to cost, speed and partner acceptance rather than legal scope.

A sportsbook carries a heavier operational load than a casino: odds and data feeds, a trading or risk function, and settlement volumes that PSPs scrutinise closely. That makes PSP accessibility the deciding factor. In our jurisdiction data Curaçao and Nevis both carry a High banking/PSP tier; Curaçao at the highest cost and with local substance, Nevis at from €34,000 in year one with zero tax and a dedicated B2C licence. Anjouan and Tobique (Medium tier) work where budget or speed is the priority and your feed providers and PSPs have already confirmed they will contract with you on that licence. Whichever you choose, confirm acceptance with the specific providers you intend to use.

Which licence is best for an online casino?

Casino is supported under every one of the four licences, and live dealer and poker are listed alongside it in each case.

For a casino the constraining partners are game aggregators and acquirers, and their familiarity with each jurisdiction varies by provider. Curaçao and Nevis carry a High banking/PSP tier in our data; check your intended aggregators and acquirers directly. If the plan is to launch lean, prove retention and then upgrade, Anjouan is the cheapest entry and Tobique is the fastest. Whatever the licence, budget for game certificates and technical evidence separately: our technical readiness page explains what regulators and testing labs expect.

Which licence is best for a crypto casino?

All four jurisdictions are marked crypto-friendly in our jurisdiction data. Anjouan's published licence scope names crypto gaming explicitly. Nevis is our most requested licence and carries a High banking tier, which matters for a crypto operator that also needs fiat rails.

The practical constraint is not the regulator but evidence. Every one of these frameworks expects you to prove that you conduct KYC and due diligence on players. Privacy-only or anonymous models are not compatible with a licence in any of the four. Crypto operators also still need a fiat off-ramp and a corporate account for suppliers and salaries, which is where the banking tier in the table matters. For a longer treatment see why most crypto casinos still launch unlicensed.

Which licence is best for a B2B supplier or white-label platform?

B2B availability differs more than B2C, so check the detail rather than the headline.

• Nevis: a dedicated B2B licence at the same €28,000 fee as the B2C licence. Software development, platform and infrastructure providers and white-label solutions are named B2B segments.
• Curaçao: a dedicated B2B route at €24,490 a year in supervisory fees plus the €4,592 application, with no Treasury licence fee. Many operator clients and their PSPs already have onboarding processes for Curaçao-licensed suppliers.
• Anjouan: a dedicated B2B licence at the same €17,000 a year as the B2C licence, the lowest published B2B fee of the four.
• Tobique: the multi-vertical authorisation covers B2B and B2C activity under one permit. There is no separate published B2B fee line, so the €18,000 application and €18,000 annual fee apply.

For a white-label platform serving multiple operator brands, weigh how each of your client brands will bank and which regulators their PSPs recognise. Our company formation service covers how to structure the supply entity against the licence.

Which licence is cheapest?

Anjouan has the lowest headline fee and the lowest year-one estimate. But "cheapest" should be measured on total cost, not the regulator's tariff.

Year one, using the maintained estimates in the table: Anjouan from €21,000, Nevis from €34,000, Tobique €36,000 in Commission fees before company formation, and Curaçao from €52,000 before local substance.

From year two the picture changes. Anjouan runs €17,000 licence plus €3,100 registered office and agent. Tobique drops to €18,000 with no local substance. Nevis is €28,000 renewal plus €4,000 LRO. Curaçao is €47,450 plus local company, office and key persons.

Then add what none of these figures include: AML and responsible-gaming documentation, technical testing and game certificates, PSP and bank onboarding, professional support, and the commercial cost of slower payments if your intended providers are less familiar with the jurisdiction. A cheaper licence that delays your acquiring by three months is not cheap. The iGaming licence cost guide breaks the full budget down line by line.

Which licence is fastest?

Tobique, on the published ranges. Complete Tobique files often move in 4–8 weeks. Nevis and Anjouan both sit at 8–12 weeks, though Anjouan's timeline is queue-driven and can run longer at peak volume. Curaçao is 8–16 weeks, with local substance setup often on the critical path.

Two caveats. These ranges assume a complete file with clean ownership and source-of-funds evidence; incomplete technical documentation adds weeks in every jurisdiction. And in all four, banking and PSP onboarding typically takes longer than the licence itself, so plan payments as a parallel workstream from incorporation, not from licence issue.

Banking and PSP considerations by jurisdiction

There is no objective league table of these four regulators. What differs in practice is how familiar banks, PSPs and suppliers are with each licence, and what they ask for during onboarding. That varies by provider, so the notes below are working observations from our jurisdiction data, not guarantees; actual acceptance must be checked with the specific bank, PSP or provider you intend to use.

• Curaçao (High banking/PSP tier): many suppliers, affiliates and payment providers have established onboarding paths for Curaçao-licensed operators. Standard iGaming diligence still applies.
• Nevis (High tier): typically EMIs and gaming-aware PSPs rather than high-street banks. The licence gets you into the conversation; ownership, AML and flow-of-funds documents close it.
• Tobique (Medium tier): a newer framework, so some gaming-aware EMIs will onboard while others have not yet seen enough Tobique-licensed operators. Verify with key suppliers, affiliates and PSPs before committing.
• Anjouan (Medium tier): onboarding expectations are tighter than with some other jurisdictions, and several countries restrict Anjouan-licensed operators specifically. We only recommend it when your target PSPs have confirmed they will look at the licence.

None of the four is an EU or domestic licence. Where a counterparty requires Malta, Isle of Man or domestic authorisation, those routes are covered in the licensing hub.

How to choose

Work through these in order. Cost is deliberately last.

1. Business model. Operator brand, supplier, or platform serving other brands.
2. B2C, B2B or both. Nevis and Anjouan issue separate B2C and B2B licences at the same fee; Curaçao has separate fee routes with different prices; Tobique covers both under one permit.
3. Target countries. Map them against each jurisdiction's restricted markets before incorporating. Anjouan has the most country-specific restrictions.
4. Product type. Casino, sportsbook, poker and esports are covered by all four. Prediction markets are explicitly permitted under Nevis; the other three do not list them explicitly.
5. Banking and PSP requirements. Ask your intended acquirers and EMIs which of the four they will onboard. Their answer often decides the jurisdiction.
6. Counterparty requirements. Which licences your suppliers, affiliates, investors and PSPs will accept. Some are more familiar with certain jurisdictions than others, so ask them before you file.
7. Launch timeline. Tobique 4–8 weeks, Nevis and Anjouan 8–12, Curaçao 8–16.
8. Technical certification. Which game certificates and RNG evidence your providers already hold and what the regulator will ask for.
9. Budget. Year one and year two, including substance, compliance, testing and payments, not the licence fee alone.

If you are still between two options after that, the usual pairs are Nevis versus Anjouan (banking/PSP accessibility versus entry cost), Nevis versus Curaçao (remote structure versus counterparty familiarity) and Tobique versus Anjouan (speed versus lowest fee). Our earlier article on choosing your first gaming licence explains why we run the questions in this order.

Need help choosing a jurisdiction?

We place and manage licences in all four jurisdictions, plus Kahnawake, Malta and the Isle of Man. An initial assessment maps your product, markets, ownership and payment plan against each framework before any filing fee is paid. Request an assessment and we will tell you which of the four fits, and which does not.

Related: licensing hub, Nevis iGaming licence, Anjouan iGaming licence, Tobique iGaming licence, Curaçao iGaming licence, how much an iGaming licence costs, compliance & AML, and banking & payments.