Buy-side gaming · Tobique
Buy a Tobique Gaming License
The Tobique Gaming Commission licenses online gaming from the territory of the Tobique First Nation (Neqotkuk) in New Brunswick, Canada, under the Tobique Gaming Act 2023. It is the newest of the North American First Nation regulators, and since the regime opened it has pulled in operators who would once have defaulted to Curaçao. Acquiring a company that already holds a TGC license gives a buyer that supervised credential without joining the application queue.
Cadena Brokers acts for acquirers only. We present pre-vetted Tobique-licensed companies from our book; we never run sell-side mandates.
Why this jurisdiction
Why acquirers shortlist a Tobique gambling license
The Tobique Gaming Act 2023 was enacted by the Tobique First Nation, a sovereign Wolastoqiyik community on the Saint John River. The framework follows the trail Kahnawake cut in the 1990s, with one practical difference: the rulebook is of 2023 vintage, written for a market where crypto deposits, esports wagering and multi-brand platform groups are the norm rather than the exception. A single remote gaming license covers casino, sportsbook, poker, esports, lottery and bingo verticals. There is no separate permit per product.
The commercial draw is blunt enough: the Commission levies no tax on gross gaming revenue, filings are in English, and the regulator sits in a North American time zone. After Curaçao’s move to the LOK regime raised the compliance bar there (and the cost of staying), a measurable slice of that licensee base went looking for an alternative. Tobique caught much of it. Anjouan caught the rest, and a Tobique credential reads considerably better to payment counterparties than an Anjouan one.
The typical acquirer we see here is a platform group or operator consolidating brands that wants a recognised, supervised home base for markets across Latin America, Asia and parts of Europe (the territory restrictions below matter, so read them before modelling revenue).
Scope
What a Tobique gaming license permits
The Act provides two license categories. The Remote Gaming License is the B2C permit for operators serving players directly. The Casino or Sports Wagering Software License covers B2B suppliers: platform providers, game studios and related service businesses. Most acquisition mandates we run concern the B2C permit.
Unusually for this tier of jurisdiction, Tobique does not require local incorporation. The license holder can be a company seated elsewhere, which is why you will find TGC licensees incorporated in a range of holding jurisdictions. Treat the zero-tax marketing with care here. The Commission’s own levy on gaming revenue is nil, but the license does not move the operating company’s tax residence; a licensee incorporated in Cyprus is still a Cypriot taxpayer. Diligence the corporate seat, not the brochure.
Supervision is real and documented. Every licensee maintains anti-money-laundering, know-your-customer and responsible-gaming policies, and the Commission runs source-of-wealth and source-of-funds verification on ultimate beneficial owners. Anyone holding 10% or more of the shares passes a fit-and-proper check. That 10% threshold is also the change-of-control gate: a share purchase puts the incoming owners in front of the TGC for the same suitability review, and material changes to ownership must be notified promptly. There is no statutory minimum share capital; what the Commission cares about is player-fund protection and the suitability of the people behind the company.
Territory restrictions are firm. Licensees must geo-block New Brunswick itself, and the license does not authorise the United States, the United Kingdom, FATF-listed jurisdictions or sanctioned states such as Russia, Belarus and Syria. Any target whose traffic mix leans on those markets has a problem the license cannot fix.
Our book
What we broker in Tobique
We bring acquirers TGC-licensed operators that have already cleared our own review: regulatory standing confirmed with the Commission, no open enforcement matters, and an AML programme that holds up to inspection rather than existing on paper. Because much of the Tobique book runs on crypto rails, we also verify the arrangements that keep money moving after completion. Custody setup, on-ramp and off-ramp providers, and any remaining fiat PSP relationships are checked for change-of-control consent before a target reaches your desk.
Buyer profiles vary. Some are established operators adding a licensed vehicle for new geographies; others are B2B platform groups moving into operating their own brands. In either case the diligence gates are the same: banking and payments continuity, the compliance function staying staffed through the transition, and a clean path through the TGC’s suitability review for the new shareholders.
Process
How a Tobique acquisition runs
The structure is a share purchase of the license-holding company, with completion conditioned on the Commission accepting the incoming shareholders. We present matched targets from our book, manage diligence and negotiation, and coordinate the TGC notification and fit-and-proper file so the change of control lands cleanly. The full sequence is described in our process; Tobique’s compact regulator makes expedited closings realistic for prepared buyers.
Why Cadena
Why acquirers use Cadena Brokers in Tobique
- Buy-side only, here and everywhere. We take no sell-side mandates in the Tobique market, so the price tension works for you, not the vendor.
- Crypto-rail diligence as standard. Tobique books are heavily crypto-funded. We check custody, conversion and settlement arrangements before you commit, not after.
- Regulator-aware execution. The 10% suitability threshold shapes deal structure from the first offer letter. We build the change-of-control file alongside the negotiation, not as an afterthought.
Comparing First Nation and offshore venues? See our coverage of the Kahnawake gaming license and the Costa Rica gaming route, or the full jurisdiction coverage.
FAQ
Tobique gaming license — acquirer questions
How much does a Tobique gaming license cost?
The Tobique Gaming Commission publishes its own application and annual fee schedule, and we do not reproduce regulator fees here since they change. For an acquirer the more relevant number is the price of the licensed company itself, which is driven by the operating business: player base, geographic mix, payment infrastructure and compliance history. A licensed shell trades very differently from a revenue-producing operator. Brief us on your target profile and we will scope realistic pricing from the current book.
Which countries are restricted under a Tobique gaming license?
Licensees must block players in New Brunswick, the Canadian province where the Tobique First Nation is located. The license also excludes the United States and the United Kingdom, along with FATF-listed jurisdictions and sanctioned countries including Russia, Belarus and Syria. Beyond that list, operators serve open and grey markets at their own legal risk, as with any offshore-style permit. In diligence we map a target’s actual traffic against the restricted list before you rely on its revenue.
How do I get a Tobique gaming license?
There are two routes. You can apply to the Tobique Gaming Commission directly with corporate documents, policies and personal disclosure for the people behind the company, then wait out the review. Or you can acquire a company that already holds the license, in which case the Commission reviews the incoming shareholders under its fit-and-proper standard rather than processing a fresh application. Buyers who want an operating history, existing payment rails and a live player base choose the acquisition route.
Is the Tobique Gaming Commission a legitimate regulator?
Yes. The Commission operates under the Tobique Gaming Act 2023, enacted by the Tobique First Nation of New Brunswick, the same sovereign-jurisdiction model Kahnawake has run since the 1990s. It maintains a licensee register, imposes AML, KYC and responsible-gaming obligations, and vets beneficial owners. It is a young regulator, so its enforcement record is necessarily short. Counterparties treat it as a credible mid-tier credential, stronger than Anjouan and not yet carrying Kahnawake’s quarter-century of history.
What is the difference between a Tobique gaming licence and a Curaçao or Kahnawake license?
All three are single-license regimes covering multiple verticals. Curaçao’s LOK reform raised its compliance requirements and ongoing costs, which is precisely what pushed many operators toward Tobique. Kahnawake is the older First Nation venue with a longer supervisory record and a mandatory in-territory hosting arrangement. Tobique has no local hosting or incorporation requirement, levies nothing on gross gaming revenue, and runs a 2023-era rulebook. Which credential fits depends on your markets and payment stack.
Next step
Acquire a Tobique-licensed operator
Tell us the verticals, markets and payment rails you need. We will respond with anonymised profiles of TGC-licensed companies from the current book that fit the brief.
