Gambling License - Preconditions & Requirements
By means of a gambling license, you will proceed in a legal manner and avoid any problems that go against the law.
Posted on 18th February
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Would you like to start your own online casino? Well, you can! To make this happen, you need a gambling license. By means of a gambling license, you will proceed in a legal manner and avoid any problems that go against the law. All over the world, there are different regions that are able to grant licenses through specific laws. They are also able to regulate gambling websites. In other words, these licensing regions are also called 'jurisdictions'. It is absolutely advisable to purchase a license and enter this business in a legal manner. In this article, we are going to talk about the conditions/requirements needed to qualify for a gambling license and look at the advantages of legal bookmakers.
Gambling License - Preconditions & RequirementsPreconditions
Now you're probably wondering how to get such a sought-after gambling license. Unfortunately, this does not just happen overnight. There are several conditions and requirements that you must fulfill. Make sure you do! If you don't, you're operating in an illegal market and that can cause problems in the long or short term. An online casino without a license in sweden is therefore a major avoidance.
A license can be useful because it allows you to buy legal gaming content, it is also helpful for different payment methods and allows you to buy bank and trade accounts.
However, when obtaining a license, it is often the case that your gambling site must conduct most of its operations in the country where you wish to obtain the license. So think carefully about laws and regulations in your location or the location from which you want to operate. Well-known jurisdictions include regions such as Malta, Isle of Man, Curaçao, Antigua & Barbuda, Gibraltar & Costa Rica.
Some specific preconditions:
- Prepare yourself in advance by having your personal documents in order. In order to qualify for a license, you will need a copy of your passport, proof of address, a criminal background check and a reference from your bank;
- Choose a jurisdiction that suits your needs/ambitions regarding your gambling website. At this point, do pay close attention to the characteristics of the (different) jurisdiction(s) so you know what to consider. In general, you should take into account the requirements, possible costs, application processing time and tax policies. Need some help? In order to speed up the process you can always hire a lawyer;
- It is important that the software you use for your casino meets the requirements of the jurisdiction of your choice;
- Sometimes a jurisdiction requires certain information to be displayed on an online casino website.
Secondly, most licensing jurisdictions nowadays have a list of rules that online gambling companies must abide by.
Some specific requirements:
- RNG software periodically and repeatedly testing and validating;
- Displaying the elapsed playing time in the game software;
- Keeping data on payouts to players (return to player) from each game;
- Setting a limit for deposits;
- Displaying expired playing time in the game software;
- Offering good support;
- Carrying out a fit-and-proper-person test. The purpose of this is to prevent corruption and unreliability;
- Appearing reliable. This is done by responding to customers quickly and truthfully.
The Advantages of Licensed Bookmakers
As mentioned earlier in this article, an online casino utan licens is not recommended for your business. Neither to attract potential gamblers to your website. When you proceed in a safe legal way it has many good advantages. For yourself, but also for the people who visit your website!
- Take advantage of tax benefits such as no or low tax rates;
- No risk of being arrested, prosecuted or fined for operating a gambling site illegally;
- Being lit from a license gives you credibility. In this way you reassure your customers/visitors and they are more likely to choose you;
- Operate legally within a long list of international jurisdictions;
- Gain access to the best/popular games and related/unique software;
- Work with the best hardware providers;
- The opportunity to advertise, possibly with the help of sponsors;
- Develop an app that you can publish in the App- or Play Store;
- Legally building relationships with all the big names within the gambling world. Think for example of payment providers and merchants.
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