Publication date: 06 Mar 2023
What is a gambling license worth for?
To carry out gambling activities in any country in the world, a company must obtain a license. This document is necessary for those who offers services of online casinos, poker rooms, bingo, lotteries, sweepstakes. Online bookmakers are also licensed.
Obtaining a gambling license is mandatory. Any activity is considered illegal without license. The document is issued by a special regulatory body that develops and verifies compliance of various rules: financial accounting, audit, business plan and structure of the company’s activities, functionality and description of the offered services. A gambling license is an expensive pleasure: in addition to the license fee, there are also regular payments.
In case of violations of the rules, the company that received the license may be fined. And in case of repeated or gross violations, the license can be suspended or revoked. Thus, licensing is a guarantee of financial stability, security and legality.
Currently, different countries issue licenses for conducting gambling activities on their territory. In case of a ban, casinos and bookmakers can use the offshore licensing services provided by jurisdictions such as Curacao, Isle of Man, Gibraltar, Malta, Alderney.
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