A gambling license is a pointer for authenticity and high-level transparency of an online betting or gaming website. This license assures players that there is a high level of security for the gaming site. Every legit gambling site should have this license to increase their trustworthiness among players.
The licensing authority of each region issues the gambling license. To obtain a gambling license, you have to approach the licensing authority of the jurisdiction you want to operate. Gambling sites like you can find on idealecasinos.nl have gambling licenses that ensure their smooth running.
There are different categories of licenses that you can obtain depending on your location, currency in use, the type of betting and gaming offers, and so on.
Tips for Getting a License
One of your priorities should be getting a license if you intend to make your gambling business bloom. To get a license, you should take note of these tips to ensure you get yourself the right license for your gambling business.
● The first thing you should do is to research before getting your license. It would be best if you examined the jurisdiction you want to operate. You should check factors like cost, requirements, application processing time, taxation policy, etc.
● The software for your casino should meet the jurisdiction requirement. You should get a list of software with their details like the software’s functionality, certificate of RNG, and agreement with software providers. You can now choose from the list of this trusted software.
● You should prepare your document in case there is a need for it. You will need proof of address, copy of passport, criminal background check, etc.
● You should check if your online casino website contains the information required by the gambling jurisdiction. If not, you should add them to your site. Information on responsible gambling, terms and conditions, withdrawal policy, and the self-exclusion system is mostly required.
Requirements for Getting a Gambling License
There is usually no limitation to the number of licenses that can be granted in most jurisdictions. The procedures for obtaining the permit must be in compliance with the act of law. There are specific requirements for obtaining a gambling license. The requirements are further divided into three sections; legal, economic, and technical requirements.
● Have a sole corporate purpose to market, operate, and organize gambling activities.
● The company should be limited liability or public limited company, with its address in the European member state.
● The company should be registered under the special applicant section of the registry for a gambling license.
● A minimum amount of paid-up and total share capital of £100,000 or £60,000 to request for a general license for bets, contests, and games.
● The company shouldn’t meet any case foreseen in article 13.2 of the gambling act law.
● The company should undergo registration in the legal registration body.
● A document stating the company’s turnover for the previous three financial years.
● Statements issued to the company for solvency by regulatory entities.
● Source of personal, description, and third-party financial resources.
● Present an annual account at the commercial registry.
● A document stating the average annual staff of the company in the last three years.
● Report indicating the functional structure of the team.
● Documents showing the technical system used for running gambling activities.
● The professional experience of the manager in charge of running gambling operations.
● The description of industrial units and facilities, the measures of guarantee of safety and quality, and the company’s means of research and study.
Procedures for Granting Gambling License
Getting a license is paramount after obtaining the requirements. If the necessary documents are ready as well as the registration fee, you should proceed to obtain your license as soon as you can.
Getting a license does not require a unique or specific procedure. It is as easy as getting a permit for your vehicle; effortless and straightforward. To get a permit, you should visit a legal registry entity with the requirements and fees.
As the world revolves more into a digital realm, you shouldn’t be surprised that you can get your license through the internet. You can visit the Malta Gaming Authority (MGA) to learn more about the policies.
As much as it is essential to get a general license for your gambling company, you should obtain an exclusive permit for the particular type of game the company intends to organize. The exclusive license is, at times, preferred because of its specialization.
The general license enables the operator to organize and run contests, bets, and other gambling activities. The grant awarded is accompanied by a timely call for applications and guided by some principles of advertising, transparency, competition, non-discrimination, and objectivity as laid down in the rules.
The procedures for registration can be opened or initiated at the request of the interested party. In which the registry bodies have six months to start the process unless there is a default in some operations. The general license is valid for ten years. After or before elapsing the validity of the license, you can extend its validity by another ten years.
The exclusive license allows the operator to run and organize every type of regulated games in a general permit. Hence, operators with a general license can request for a corresponding exclusive license. If an operator does not have a general license, such an operator is not eligible for an exclusive license.
The registry entities in charge of granting exclusive licenses do this following the rules and regulations for this purpose. They have a minimum and maximum duration of one year and five years respectively. If an operator loses a general license, he also loses the exclusive license linked to it.
Every licensing procedure ends with the directorate for gambling regulations that issues a resolution within six months, starting from the time the request filing began. Notification will get to the applicant within ten days of its adoption. After all of the processes, the company is sure to have its gambling license.