How do gambling sites obtain a license?
Despite the fact that gambling websites are illegal in some countries, people from some parts of the world have the opportunity to experience loads of different brands. Usually, online bookmakers and casinos need to have a license from a gambling authority in order to offer their services. Having a license is some kind of a guarantee that the given brand is legit. Nevertheless, people can also access loads of iGaming operators that aren’t regulated.
Obtaining a license is usually a lengthy process that requires the bookie/casino to complete several steps. While it is true that each gambling authority is different, there are certain rules that every company must adhere to. Let’s check out some of them.
First, iGaming operators have to contact the country’s gambling authorities
The first step that every online bookmaker or casino must complete prior to obtaining a license is contacting the specific country’s gambling authorities. Thanks to Betenemy, we know that betano recently got a Bulgarian license, which means the company had to contact the local government and ask for permission. Bulgaria, as well as most other European countries, have their own betting commissions that decide which websites can operate legally within the specific jurisdiction. In order to start this process, the brands have to contact the regulator and express their desire to offer the platform within the given territory.
Usually, the betting commission will provide the operator with every condition it must adhere to
Despite the fact that most gambling regulators state their requirements on their websites, others will show them only after being contacted. Once that happens, the specific online betting company has to adhere to the rules if it wants to get a permit.
There are all sorts of gambling regulations that bookies and casinos have to complete prior to obtaining a license. For example, they need to prove that the products their offer are fair to use and that a third-party company regulates them. Since Betenemy informed us that Betano recently got a license in Bulgaria, it most likely had to go through all of the things mentioned in this article in order to receive the permit.
Besides the legitimacy of the sportsbook and the casino, iGaming websites also have to prove that they offer safe payment options. This isn’t a problem for most brands because they use the latest payment software in the business. Furthermore, some companies also offer different online payment solutions, such as e-wallets and credit/debit cards.
There are cases where bookies and casinos have to pay a fee
Apart from the fact that iGaming sites have to prove they are legit, some gambling commissions worldwide require these companies to pay a large fee to operate within the given country. The idea of paying this fee is to guarantee that specific commission that the company has enough funds to pay out players’ winnings.
Besides depositing funds, some commissions may require the given brand to show its bank account and have over a certain amount of money.
Story by Alan Pollack