You could program the game without a license, however you could not publish it to any stores and therefore couldn’t sell it/make money.
We actually have two licenses - Pro and Indie. Pro lets you build for iOS and Android, Indie you pick iOS OR Android. (Indie is only $199 and Pro is only $349.)
When you decided you wanted to make money selling your app you’d need to buy one of these. (Also owning a license makes testing on iOS much easier, IMHO.)
If you want to start I’d suggest checking out the Corona For Newbies mini series on http://Techority.com (I wrote them and have had great feedback) and http://learningcorona.com.
I hope this helps,
Peach
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