What is an Online Casino License?
Introduction: What is an Online Casino License?
If you scroll down to the bottom of any casino website page, you’ll see in the small print, information about the website license. Nearly all casino websites have at least one license from a governmental agency. What their licenses do and offer the holder are matters that the average gambler pays little if any attention to. But they should! As you’ll discover in this article, the license is the gamblers’ only insurance when it comes to looking after all the financial aspects of gambling at online jackpot sites.
To Avoid Legal Problems
Though an online casino is technically “on the internet”, it still needs it’s company headquarters to be based somewhere in the real world. All those table games and lotteries have to stream from servers, and these physical boxes need to be sitting somewhere. As gambling is like any other financial activity, it will need to pay taxes. And for this to happen, there needs to be some form of governmental oversight.
From a legal point of view, operating a casino (or any business) without the proper authority would constitute breaking the law. The casino would face certain penalties including the possibility of being shut down and prosecuted. So, in order to actually operate, the casino needs a license.
To Allow Players From a Particular Market
As you’re probably aware, different governments around the globe, have a different way of viewing gambling. They have very different regulations and laws with regard to how an online casino may operate. In some countries, all online casino activity is totally banned. Some governments require a license from their own gambling authority in order for the casino company to have the right to operate within their jurisdiction. Some licenses cover many countries and locations, whereas others are very country specific. So if you’re thinking of opening an online casino, you’ll need to keep an eye out as to which licenses will give you the biggest bang for your buck.
To Make the Casino More Attractive to Players
Keep in mind that not all licenses are equal. On the whole, the more expensive the acquirement of the license, the stronger it’ll be as far as protecting consumers. The best licenses are those with which the governmental issuing authority takes a huge interest in all aspects of the casino business that’s making the application. These bodies concern themselves with safety, financial security, and that the casino is run in a fair and proper manner. For the consumer or gambler, web sites with these types of licenses are the best to lay at. You can be certain that both you and your money are safe and that you’ll receive your winnings.
Online casino License: A Responsible Casino
At the other end of the spectrum, there are plenty of casinos which receive an online casino license from, let’s say, a less responsible gaming authority. Their only concern is the money and fees coming in from the casino company. Providing that these are paid on time, then no one worries or concerns themselves about the rights of players. Or even whether the games are fair, or even if the casino will pay you out if you win the jackpot online. They offer no protection for the consumer.
UK Gambling Commission
As a gambler, when you’re looking at a new casino web site, be sure to scroll down the page and check out its license. See where it was issued. By far and away the best license, with the strongest governmental oversight, would be one from the UK Gambling Commission. This is the big daddy when it comes to licensing. If your casino has this license, then you know that you can play without any worries. Especially in regard to sharing your personal data with a third party or you not receiving your winnings in a timely manner.
Malta and Others
Next up we have Malta. The Maltese Gaming Authority are another strict online casino license provider. Being within Europe means that they have to abide by European laws and regulations. At the bottom of the licensing issuing pile, we have various exotic islands and Central American countries. Web sites with these licenses will look very much the same as a casino website from anywhere in the world. But take care if you’re going to gamble on a site with a limited license. If they happen to suffer any sort of financial problems, they can inform you that your funds which were sitting on deposit with them, are now all gone. It’s the same story with the payouts of winnings. They can drag out the process.
Company Regulation
Another point is that often, there is no testing of the games for fairness. This could mean that the house edge could be massively against you, but you’d have no one to point this out. A regulated server can always be in the one’s location, with the customer service and other departments located in another. We prefer sites where all the elements are in the same location. There are massive benefits of both time and economics of having all parts of a company in the same place. For example, any server problems can be dealt with on site, and all departments will work better and more effectively.
Online Casino License: What We Look For
Also, if a company is willing to invest a considerable amount of funds into obtaining an online casino license, we like the idea that they fully commit to the chosen location. In other words, it wasn’t done purely for licensing requirements, but as a long term strategy. After all, if a casino company is happy to pay taxes in a country with higher taxation, but offering the best licenses for consumer protection, that sounds like a much better proposition as a place to harbor your money.
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