Are you an online casino operator with the intention of providing a gambling platform to customers in the UK? If the answer is affirmative then you should know, as a general rule, that you will be required to obtain a remote operating license which is issued by the UK Gambling Commission (UKGC). According to the Gambling Act 2005, it is an offense to permit your online gambling facility to be accessed by players in the UK even if the service is not based in the UK. The UKGC is very keen on this matter and will issue desist letters to any unlicensed operator that is targeting customers in the UK.
Cost
When obtaining a remote gambling license, a fee is payable at the time of submitting the application. The cost depends on the estimated gambling turnover of the business. Therefore, startup remote casinos will most likely have a lower turnover band. Once you have been granted an online gaming license, you are expected to pay an annual fee within 30 days.
Requirements
There are a couple of things that the UKGC requires from a potential online casino operator when applying for a license. For instance, the commission will want to know about all the individuals who are involved in the business and to check their credentials. If you are a non-UK resident, you will be required to have a police check while for a UK resident, Criminal Records Bureau Checks are a must. You will also be required to prepare a thoroughly detailed business plan showing where your business will be getting money from and full cash flow forecasts.
Duration
After applying for an online casino operating license, you will have to wait about 4 to 8 weeks to get the grant. The process of applying is what usually takes more time. However, if your application has been well drafted, it will guarantee a speedier process since the Commission will have fewer follow-up questions.
A gaming or gambling license is a fundamental factor where matters related to starting an online casino is concerned. Aside from contributing to the trust factor of your customers, they also help improve casino’s reputation. The gaming license is necessary for establishing a financial infrastructure and at the same time, work with numerous software and game content providers.
Why license is required?
An online gambling license is conditioned to work legally without causing your business any complications. Here are some of the things a gaming license is needed for:
- Working with electronic payment system providers
- Increasing player loyalty since it will better the business’s reputation
- Opening a merchant and bank account
- Using gaming content from providers that are reputable
- Better player conversion and efficient marketing
If you want to get, a gaming license, start with making the most important decision on your gambling jurisdiction.
Steps to follow before you apply for a gaming license
Before you take that crucial step of applying for a gaming license, it is important that you consider several things. For instance, you should learn about the available gambling jurisdictions, what their requirements are, how much it costs, the taxation policy and the time duration of the whole process. Ensure that the online casino software you want to use meets all the requirements of the jurisdiction. Prepare your personal documents in advance as well as the documents for the gaming software. Also, ensure that the casino website you want to use carries all the information that is required by your gambling jurisdiction.
Keep in mind that getting a gaming license whether for a remote casino or a real casino takes a lot of effort and is time-consuming. The whole process might take several months to even a year, thus taking you even longer to market your online casino. In case, you are completely new to the online gambling scene or gaming industry as a whole, hiring a professional might play a crucial role in speeding up the process.