While enjoying the possibility of indulging into casino or sports betting sites to enjoy the process, you have probably thought about whether this or that platform is properly licensed to operate in this industry when choosing the right site to gamble. However, have you ever wondered how these gambling establishments, be they online or land-based ones, acquire the license itself?
In this article, we are going to pinpoint some of the essentials regarding obtaining a license for a business centering around gambling.
Step 1. Identifying Jurisdiction
First and foremost, it is critical to understand which jurisdiction the gambling license will belong to. Take as much time as you need to figure out this matter as there are different requirements for each jurisdiction while identifying the one you need might be the most difficult part.
Step 2. Registering Your Business
Business registering comes with trademarks and designs in addition to ensure server maintenance in the selected jurisdiction.
Step 3. Getting Ready with Information
A sound and realistic business plan along with information about stuff, fund source and verification as well as gambling operations are all necessary to provide when applying for a license.
Step 4. Providing Anti-Money Laundering Action Plan and Risk Policies
In this business, AML/KYC policies are a necessary component to any online gambling platform with regular independent audits. There should always be measures thoroughly developed in case of underage participation, fraudulent activities and so on.
Step 5. Gathering All the Necessary Documentation
This step is aimed at collecting all the required documents and paying all the fees that come with it.
In some cases, you will often have to provide copies of passports of business owners and key employees, proof of lack of criminal record, copies of utility bills and bank statements, precise description of all the gambling activities as well as a business plan that is feasible.
Step 6. Applying for a License
When applying for a license, make sure that the application includes all the necessary documents outlined in the previous step. There might be some additional information to fill in, depending on the jurisdiction and other details.
Step 7. Information Processing
When all the required documents are submitted, the regulatory agency will process the application and check that all activities are in line with the jurisdiction. After they ensure that the conditions are met, wait for them to issue you a license.
Gaming licenses can also be different, depending on both the jurisdiction and regulated activities.
Gambling license: for operators that offer real money-oriented games (e.g., online casinos, poker rooms, sports betting companies, etc.).
Licenses for betting services: necessary for providing betting services on sporting events or other activities.
Software License: needed for developers to create and distribute gaming software.
Business-to-Consumer (B2C) license: required to provide services to online casino users directly.
Gaming platforms licenses: for gaming platforms with a variety of games
Business-to-Business (B2B) license: for legally presenting gaming products to gambling operators and making them available online.