How Online Casinos Secure Digital Gambling Licenses

Securing the right digital gambling license is crucial in establishing an online casino. It is almost as important as the casino itself since an online casino’s success or failure may depend on it. To establish a secure and trustworthy online casino, licensing authorities must legally authorize it before it can operate.

This casino news will discuss why online casinos need gambling licenses and some of the best and most popular types of gambling licenses available. Follow along…

Why Online Casinos Need a Gambling License

Here are 8 reasons why online casinos obtain gambling licenses:

1. To operate in as many jurisdictions and countries as possible
2. They enjoy legal protections in many jurisdictions
3. Avoidance of risk of prosecution, fines, or, worse still, shut down
4. Benefit from incentives like reduced or zero tax rates
5. Own a settlement account in many different jurisdictions and countries
6. Have access to some of the best providers in hardware and software
7. Get juicy advertisement deals, sponsors, and endorsements
8. Have access to a great collection of casino games

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The Different Gambling Licensing Authorities

There are many licensing authorities scattered in countries around the world. Some of these authorities are private entities, while others are government-bounded licensing authorities that authorize online websites to provide a wide variety of games like blackjack online free games. 

Here are only 5 of the best and most popular licensing authorities worldwide:

Digital Gambling in Curacao

Curacao is a small Caribbean island that offers gambling licenses to online casinos. The license comes with many perks, such as a superfast licensing process that usually takes just one or two months. They also offer low operational costs and a zero percent tax on all profits. However, the requesting online casino is required to site all of its computing servers within the Curacao territory.

Kahnawake Gaming Commission

The Kahnawake Gaming Commission is a Canada-based licensing body established in 1996 with the responsibility of providing licenses for online casinos. The body issues 4 different kinds of gambling licenses following rules and legislature regarding interactive gaming. 

Canada is famous in many online casino reviews for its less strict rules when it comes to gambling. Kahnawake Gaming Commission, therefore, leaves it optional to host an online casino using their facilities or in the Canadian territory. The first annual licensing fee for an online casino is $40,000. Other fees include the subsequent annual renewal fee and software inspection, which cost $10,000 and $15,000, respectively.

Digital Gambling in Malta

The Malta Gaming Authority has two main licenses issued to gambling houses for 5 years. Any online casino that obtains these licenses would be allowed to operate in the UK. The UK Gambling Commission has suction with the Malta Gaming Authority. 

There are, however, strict requirements to be adhered to by the licensed online gambling house. These include:

• Declaration of financial statements by the online casinos.
• Creating a policy that guarantees and offers responsible gambling tips.
• Ensuring player safety and protection of their data.

The issuance of B2B or B2C licenses is carried out in phases. Firstly, the gambling house submits an application that takes three to four weeks to review. Secondly, after the application is granted, the online gambling house is given a temporary license valid for 6 months.

Upon supervision and meeting certain terms and conditions, the gambling house is given a permanent license valid for 5 years.

Gibraltar

The Gibraltar license requires that stringent conditions be met before any online casino can get a license to provide online casino games. Some of these conditions include:

• The casino must prove financial capabilities and solvency
• Must have a comprehensive business and operational plan
• Must be ready and willing to conduct transactions such as credit card data processing and payouts only through banks in Gibraltar
• Holders of the Gibraltar license must be required to remit one percent of their casino’s annual profit. (This, however, must not be below £85,000)

The UK Gambling Commission

The United Kingdom Gambling Commission is the biggest and one of the most authoritative licensing bodies in the world. Before obtaining a license, online casinos must:

• Submit an elaborate business plan containing a mode of operation
• Must prove financial capabilities and solvency
• The casino must not have any prior criminal records or an equivalent
• The gaming house will be required to pay a fee of between 15 and 50 percent of its gross yield (this depends on the size of the online casino)

Conclusion

Now that you know about digital gambling licensing ways, we are sure that you understand the efforts Slots Paradise Casino operators put into making sure we provide you with the best digital gambling services.

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