Who regulates the multi-billion-dollar iGaming industry? Find out here the role of gambling authorities and their licenses in 2023.
Betting and gambling on card games, poker, and slot machines are strictly regulated. That’s why more and more people are gravitating toward online casinos that have been granted EU licenses.
What Makes Gambling Licenses So Important?
Because services are freely traded within EU countries, providers can offer their games almost everywhere.
Despite the plethora of legitimate options, some online casinos behave unethically. A valid gambling license in Estonia and almost any other EU country is required for a casino to stay in business. Players typically feel more secure when the casino has stricter rules.
Overall, the legislation enables casinos holding online gaming licenses from other EU states to offer a safe and sound package to players, with all the benefits associated with holding a valid license. This includes state-regulated and confirmed fair play in addition to security, data protection, and player protection.
Just What are Gambling Authorities?
Public authorities called “gambling commissioners” regulate gambling, ensuring legal and safe gambling. Betting, bingo, table games, slot machines, and lotteries are all included.
The main priority is reducing criminal activity and cybercrime, such as money laundering, linked to the iGaming industry. However, special measures are required to ensure the safety of the most vulnerable.
Commissions issue licenses to legitimate gambling firms that operate lawfully. But if laws are broken, they can take away licenses and punish offenders.
Besides, they are the ones who have to look into and potentially prosecute incidents of illegal gambling and give advice to the government on issues concerning the iGaming industry.
How Do These iGaming Sites Get Their Licenses?
A license is only awarded after a company has met specific requirements. An application must be submitted to the appropriate gambling commission to begin the licensing process.
If the business meets all the requirements and passes the test, it’ll be rewarded with the license’s seal of approval.
The Criteria to Obtain a Casino License
Some industry-specific licensing criteria and compliance guidelines must be met before a license can be issued:
Compliance with legal requirements: The guidelines vary from one licensor to the other. Specifications, costs, tax rates, and application turnaround times are all examples.
Absolutely no criminal activity: The operator’s history is checked. In the case of applicants who have been linked to criminal behavior, the application will be rejected immediately.
Liquidity: A financial investment is required for an online casino to start operations and receive its license. You need to show proof that you can cover the costs.
Software: The casino’s code must play by the book. Complete documentation of the software’s features and games, contracts with the software’s developers, and RNG certification are all necessities.
Can a Casino Function if it Doesn’t Have a License?
Any legitimate gaming business must, in theory, hold a valid license. However, the reality is often quite different. Despite not having the proper licensing, several casinos continue to run lawfully.
Caution is warranted on this front, as proving fraud in court could prove extremely challenging. In cases of doubt, further investigation of the license and customer feedback is wise.
What Are Blacklisted Casinos?
Unfortunately, not every gambling establishment plays by the rules. Several have a bad reputation because they don’t have the proper licensing, make too little money, or act unethically.
As a result of their bad behavior, they have been added to online “blacklists,” which will hopefully protect other players from harm.
Conclusion
To ensure the safety of casino players, casinos must have proper licenses. You should only use sites that have valid licenses – be it in the EU or elsewhere. This way, you won’t have to worry about surprises while having fun.
