A license is the main document necessary for running any business; it makes company operation legal and official.
Obtaining a license for a casino involves a global analysis of the gambling market, its key players, industry standards, as well as jurisdictions issuing this type of documentation. Without such a document, a casino is simply not allowed to operate on the market. That’s why it is so important to check whether the establishment is licensed by a reputable regulatory body.
In this post, we will talk about all specifications associated with a gambling license, as well as requirements that a casino needs to meet to obtain a license.
It is a casino license that permits the casino activity and determines its type. Such permission is legal if it has been issued by the regulatory authority of a country where the relevant jurisdiction is located. But we note that far from every country can issue this document and that requirements for obtaining a license, which source.bet has, are different in different jurisdictions. However, the basic pack of specifications is as follows:
- The official application to management of jurisdiction to issue licensing documents;
- Scans of documents certifying company registration with all its details, contact info, etc.;
- The company physical address and the presence of a company office;
- Bank account data and the account payment status;
- Income and expense calculation for the coming year.
All these documents must be submitted to the jurisdiction upon request. In case any of the documents is missing, a regulatory institution may refuse to issue a license. In addition to the above requirements, there are many more nuances that should be remembered when submitting documents. Some jurisdictions expose their conditions, which can be difficult to fulfil.
Which countries issue licenses?
Gambling license can be issued in Malta, Costa Rica, Estonia, Panama, etc. The jurisdictions of Curacao, the Isle of Man, Belize, and the Dominican Republic are considered very popular as well. The full list of such states is large enough. However, the most reputable bodies are the UK and Gibraltar commissions. So if you want to make sure that you gamble at 100% trusted casino hall, make sure that it holds a certification from one of these industry regulators.
As for the cost of licensing documents, the first payment may be about 30-50 thousand dollars. For example, the Panamanian authorities issue a license for 40 thousand dollars, but they don’t take taxes for organizing gambling here, but in Gibraltar, fees are to be paid, but issuing a license will cost 30 thousand dollars. Of course, casino professionalism has nothing to do with the amount it pays to the regulatory body. Still, it is important to make sure that the casino is licensed and its operation is regulated by trusted industry “guards.”