Many investors prefer to invest their capital in the gambling business since it is promising in terms of financial profit even during periods of global crisis. But to legally launch a gambling website, you must obtain a special permit – a gambling license. And for this, you will need to fulfill several requirements.
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Requirements for permitting
The licensing process is subject to specific rules (regulations) that will apply to all parties involved: management, employees, operators, and business partners. Since the business is associated with significant amounts of financial transfers, it is related to the requirements of the banking sector. Therefore, management and employees must have practical experience in the financial industry. It will ensure business reliability.
If suspicions of illegal activity are identified during the permitting process, the license will be denied, and a detailed investigation will begin. The competent authorities will conduct appropriate checks to ensure the clean reputation of all actors. Sometimes, you may be required to provide complete data about the structure of your business, all employees, and partners. There is a special commission that sets standards for issuing gaming licenses. Thus, the degree of regulation of the activities of the gambling business and its participants increases.
One of the main criteria is excluding criminal activities in gaming services to ensure the services’ integrity. In addition, it is necessary to ensure high security and reliability since the activity involves large transfers of funds. It is also essential to ensure that minors are prohibited from accessing the gaming service.
To successfully pass licensing, it must go through several stages, which must be taken with full responsibility.
Select a state for permitting
The first step is to select the jurisdiction where you will be licensed. Each state has individual requirements. Therefore, it is recommended that you familiarize yourself in detail with all the conditions that you will have to fulfill.
At this stage, you must register the business, including a trademark and designs. It would help if you also found out whether the relevant servers required for your gambling platform are available in the given area.
Each area will ask for different information, but in each state, you will be required to provide the following:
- business project;
- data about management and all employees;
- a document confirming the legal origin of the capital;
- data about your gaming activity.
The package of papers must be complete; otherwise, licensing may be denied, or registration will take much longer.
Develop an AML program and anticipate risks
Implementing an AML policy into the company’s activities and providing for systematic audits is necessary. It will reduce the risks of illegal money transfers. It is also essential to prevent minors from accessing your gaming platform.
Collect a package of papers
The next step is to prepare a package of papers and pay the state fee. In almost every area, you will be required to:
- certificate of no criminal record for management and employees;
- notarized copies of identity cards of management personnel and leading operators;
- certificate of registration (or copies of paid utility bills);
- bank statements;
- list of games provided on your service.
It is not a complete list of required papers, but it will be critical.
Apply for licensing
The requirements of the particular jurisdiction must correctly complete the application. The application contains all the data, including information about directors and all employees, a detailed description of the business project, a description of activities with software, and much more. During the background check process, you often request additional data or clarification on specific points in your application.
Get a gambling permit
After you provide a complete package of papers, it will be reviewed by the relevant authorities for some time. This period will depend on the jurisdiction. If all papers are in order and there are no comments against you, your business will be successfully licensed.
Experienced experts prefer only proven platforms; for example, create a Betway register account. This well-known platform has been licensed in two jurisdictions – Malta and the UK- so you can trust it.
If you approach the licensing process with full responsibility and carefully prepared, you will have no problems issuing a gambling permit. The main thing is to study the requirements of a particular state in advance and be ready to fulfill them.