Before a business owner secures the license permission to function, a set of sector-specific license requirements and compliance rules must be met.
A primary purpose of such procedure was designed to determine the behaviour of everyone associated with a particular gambling organisation in order to eliminate the faintest deviation from the jurisdiction’s protocol. Documented information about a business owner, business partners and employee should be provided as a result.
In addition to the personal information regarding the individuals connected to the gambling enterprise, financial and structural information is also required so that the regulator can ascertain if the company can run a sustainable business. Naturally, the requirements vary from the regulator to regulator, but the core procedure usually remains the same.
How to Get a Gambling License
Here are all the steps you need to take to get hold of a gambling license from the Gambling Commission:
- Inquire about the types of gambling licenses available and decide which one serves your purpose.
- Choose the type of license you require.
- Fill in the application form with the necessary documentation that can include, but is not limited to, personal details, proof of funding, business plan, bank statements for all accounts for the past six months, customer T&Cs, policies and procedures, and more.
- Pay the corresponding application fee.
- Wait around eight weeks for the Gambling Commission to process the technical and personal documentation.
- Receive your license.
- Pay the annual fee that is due 30 days after you have received the license.
- Start your gambling business.
Basic Terms and Conditions of the Gambling Commission to Apply for Gaming Licence
The basic T&Cs you need to meet when applying for a gaming license include:
- Detailed description of customer terms and conditions;
- Bank statements, profit and loss projections, and proof of funding;
- A detailed description of gambling business: an owner of the gambling business should provide the detailed and current information in a particular field of gambling he is planning to run;
- Clear ownership structure scheme, plus the details about the profit-sharing plan;
- Accounting data reports and auditing information;
- A clear description of games offered to the visitors, games specification and system functionality;
- Gambling software supply deals if you are applying for a remote license;
- Personal Management License for the person responsible for running the business;
- Detailed account of all policies and procedures — LCCP;
- Copies of licenses from any other jurisdictions.
Requirements for the owners of gambling businesses:
The regulations of various jurisdictions can vary, however, the license is a must for any authorised gambling business entity that has implemented proper business-planning efforts to stay solvent.
The requirements for obtaining the license for gambling companies are almost the same as for financial companies, insurance companies, banks, exchange offices, etc. They primarily concern accounting and auditing, in addition to functionality of the games and a detailed description of the company’s business activity:
- A good reputation is an asset, which includes: the lack of criminal responsibility, verified identity, proven credit track record, positive credit history information of the owner and employees;
- Detailed summary information on the structure and finances to determine whether the company possesses sufficient resources for the full-fledged business in the field of online gambling.
Employment data requirements:
The primary requirement for almost every jurisdiction is that one of the directors of the company has the citizenship of the country, where the license will be issued. The development of some other rules that will exclude the possibility of applying for a business license in the field of gambling to persons who do not have the sufficient experience in this area as well as the necessary financial capacity is also possible. In a case of non-compliance with certain gaming license requirements, a gambling committee may reject an application for a license. If approved, the company agrees to conduct their business under the laws of the given jurisdiction.
To facilitate the process of obtaining a license, many gaming committees offer to split for a few jurisdictions in the country. If the company plans to start working in one of the online gaming niche-fields, GamingLicensing experts will gladly help you every step of the way, ensuring a smooth application process.
GamingLicensing team of professionals will provide a detailed information covering all the major nuances on how to obtain a gambling license in certain jurisdictions, that would be tailored to your particular needs and budgetary Basically, you’ll get a bunch of highly experienced professionals who will make sure your company fits all of the gaming license requirements and is ready to run a successful business.
Who issues gaming licenses to gambling companies?
Gaming licenses are issued by special commissions called gambling commissions. It is in their jurisdiction to issue gambling licenses, regulate online gambling, and decide which gambling companies are eligible to obtain a license based on their business conduct and codes of practice.
What are the basic requirements imposed by gambling commissions?
The basic requirements gambling business owners need to meet to obtain a gambling license include giving a detailed description of their business and the type of gambling operation the company intends to run.
All accounting and data reports need to be submitted for revision as well. Also, you need to provide an unambiguous description of games offered to players, as well as the games’ specifications and functionality.
Are there any requirements for business owners?
Business owners are required to submit financial reports, bank statements, and credit card rating reports to prove their companies are financially capable of maintaining a full-fledged online gambling business. Moreover, a good reputation and a lack of criminal record are considerable assets.
Are there any employee-specific requirements?
Almost all gambling commissions require that at least one of the company directors is a citizen of the country where the license is to be issued. Also, considerable expertise in the gambling industry is required from the company’s employees since that will guarantee the stable operation of the gambling business.