The casino industry is undergoing a digital transformation and is constantly changing. Of course, the growth of the casino industry leads to many new questions, for example how the industry must be regulated. So, it is a well-known fact that online casino games have built-in random number generator mechanisms. Only these mechanisms define if the player gets one berry more in the online slot or a certain combination in live Blackjack. But how are these mechanisms controlled and regulated? Are they any organizations or people who tr? And this is an important aspect of the casino because it can lead to big frauds and money losses. Therefore, each reputable virtual casino must be licensed by a legal gambling authority.
HOW DOES THE GAMBLING LICENSE WORK
A gambling license is a certification from a reputable authority that allows iGaming operators to legally conduct such activities as online casinos and sports betting platforms. In order to receive an actual license, the casino must meet several requirements. There are more than 10 operating organizations and ten quality marks. So, a license is issued for a limited period of time and it needs to be confirmed each time. If a casino violates the rule, it can be stripped of its license for life.
The existence of a valid license is the surest sign that the casino is reliable, which means that if you make transactions through this casino, you’re protected from fraud and money laundering. This is also a sign that online casino games are trustworthy. The possibility of winning . So the first thing to look at when choosing a virtual casino is a valid license. The gambling license is a stamp of credibility to the casino.
The other important fact to remember while choosing the casino is that different countries and regions have different laws and requirements about online gambling providers. In some countries virtual gambling is even strictly prohibited. And in other countries such as the USA and Germany, the iGaming operator must obtain a local license from the state government to operate legally. It means, even if the casino has a gambling license from the gambling authority in Malta it needs to get an additional license from the USA to be compliant with the jurisdiction or country in which the casino is registered. To get the gambling license the casino must meet many different requirements and pay fees.
OVERVIEW OF DIFFERENT GAMBLING LICENSES
Every gambling or licensing jurisdiction has its own different set of requirements for virtual casinos and bookmakers. One of the most famous and cost-efficient gambling licenses in the world is the Curacao license. The gambling authority of Curacao is one of the oldest online gambling jurisdictions in the world and we have been working with the authorities there since the beginning. However, it is important to remember that some countries (for example, Australia, look at the Australian National Casino Online) do not accept this license.
The other reputable gambling license is the Malta Gaming License. Since the early 2000s, the Malta Gaming Authority has been regulating different online casinos. Actually, there are even two types of Malta Gaming License. A B2C gambling license allows iGaming operators to run casinos with a wide range of different games and is therefore the best option.
Different gambling licenses vary in terms of cost, time, requirements, and complexity. For example, to obtain a license from Curacao casinos only need 20 days on average, and the all-inclusive basic combined package for this license may cost 2000 dollars per month. Obtaining the license from the Malta Gaming Authority takes more time and is more expensive, this license falls under the hard-to-get category of licenses. A request to process the application for this license will cost you up to 5000 dollars, and the license fee costs up to 25000 dollars.
So, the gambling license is an indicator of the responsibility of online casinos and it plays a huge role in the casino industry. As a gambler, you need to open accounts only in the licensed casino, and as an iGaming operator, you need to obtain a gambling license to run a casino on a legal basis.