[keywordcontent]The growing number of online casinos is constant proof that gambling is continuing to be a highly lucrative business around the world. Every year there are hundreds of new casino sites being launched and all of them need to be regulated.
Governments around the world need to monitor those sites created within their countries and keep a hold on an industry that has the potential to spiral out of control. Each area of the world has different licensing depending on where the casino is located, and authorities and players in particular actively desire their online casinos to be licensed.
Why are Casino Licenses so important?
Licensing is very important if a casino wishes to appear safe and trustworthy. The vast majority of online players will only visit a casino if it displays a license. The license means that the casino is adhering to strict rules and regulations, and a player will feel that they won’t be cheated, and will feel comfortable depositing money into such a casino. In fact, in order for an online casino to be labelled as safe, it is required to have a license from at least one authorizing body.
Different areas of the world have different licensing requirements, with the license from the UK Gambling Commission deemed as the toughest license to acquire, demanding the strictest set of requirements. Other well-known licensors are the Malta Gaming Authority and the Gibraltar Regulatory Authority.
There are some countries considered grey markets, where online gambling is not strictly banned or allowed. These casinos will not be licensed or regulated, so players are at risk when utilizing this type of gaming site. Licenses are tough to acquire and require stringent rules to be followed, but it does allow for player safety.
What are the Requirements for a Casino to get Licensed?
In order for an online casino to acquire a license there are a number of steps that must be followed. The casino needs to undergo various security checks, background checks and their operational practices must also be looked into. However, the specific requirements will vary depending on the jurisdiction and the license they provide.
These precautions are taken in order to ensure that the casino is running a fair and legitimate business operation. Other checks into an online casino include, making sure the games are operating fairly, ethical practices, the financial status of the casino, checking any criminal records, fair employment and more. It is also very important that all of the casino bonuses offered to new players are correct and works properly.
After the casino has satisfactorily completed all the above requirements, a license can then be granted. However, this does not mean the process is over, as the licensor will then continue to conduct regular checks, both financial and technical, in order to ensure that the casino maintains its standards. Failure to do so can result in the license being revoked. With this continuous auditing occurring in licensed casinos, the aim is to improve the quality of these online venues and thus provide a safe and fun place for players to enjoy.
Online Gambling Licenses and Their Services
When starting an online casino it is very important to carefully select the jurisdiction under which the casino will be monitored. Each license has different costs and also offers various benefits.
Costs include the initial license, maintenance, services, and on-going license costs to name a few. In some cases, for example, if a casino offers their site in multiple languages, it is worth gaining a license from more than one authority in order to expand the casino business further afield. As mentioned above, different licenses offer different services.
For example the UK Gambling Commission operates with the strictest regulations. It monitors all gambling establishments and can hand out warnings and fines, or revoke licenses depending upon the severity of the misconduct. All governing authorities work with the aim of providing a top quality gaming service to the public.