How Do You Know Site Is Regulated & Licensed?
The Best Online Gambling Sites Are Regulated & Licensed?
Believe it not, legally, to comply with all regulation’s laws in most European countries and the US, before a casino site even signs up its first-ever customer, they need to ensure that they are licensed by their respective government. Of course, there are casino sites out there which don’t hold the required licenses, so, why should you stay well away from them? Well, to put it bluntly, your bank, especially if they’re a high street bank, will straight up refuse to deal with a casino site that is unlicensed. That means unless you have a very obscure payment method, you’re not going to be able to either deposit or withdraw from that casino site.
Where Do Casino Sites Get Their Licenses From?
If an online casino site wants to become licensed, they’re going to have obtained such a license from what is commonly referred to as a ‘licensing authority’. The casino site will also be expected to pay for a license both on a sign-up and an annual basis however this investment will balance itself out as it will allow them to legitimately operate. These authorities will typically have a set of criteria that the online casino site will have to meet in order to obtain the license and that typically involves the following:
- Owners and senior managers of that online site need to be declared ‘fit and proper persons.
- The online casino site must allow for periodic testing of their RNG or random number generator software.
- Observe a list of permitted clienteles and they should know who to prohibit.
- Retain information regarding the statistics of each of their games RTP or return to player data.
- Offer customers the chance to get in touch either through phone, email or even through live chat on the website.
- If time elapses whilst a player is on one of the online casino sites, this time needs to be displayed to the customer.
- Be transparent on time limits for both deposits and withdrawals.
- Promptly respond to any complaints that are received from customers or regulatory authorities.
The History of Online Gambling Licenses
In the United Kingdom, regulations regarding licensing were first introduced in 2005 by the Gambling Commission, this also conveniently was also the same year that the Gambling Act was introduced. The commission itself has a wide set of regulations in place that all online casino sites must adhere to in order to operate. This aims at protecting both the player and the casino at the same time. Online casino sites operating in the UK can expect to undergo regular audits and also to have their software testing so that they comply with the criteria that we have already mentioned.
Now, moving onto the costs, to initially apply for a license will set the online casino back a fair bit, and the amount all depends on how much money the casino has yielded. It can be from as little as £2,640 to £57,304. The annual fees as well will also depend on the yield but this time can range from £2,709 to £512,083.
How Do You Know if a Casino is Licensed?
Now we understand just what a license for an online mobile casino site is and why it is needed. How do you know if the online site you’re looking to play on is licensed? Well the Gambling Commission themselves in the UK have a tool whereby you can search for that specific casino. Alternatively, the online casino site should also be displaying the UKGC (United Kingdom Gambling Commission) in their footer and clicking this should then provide you with information regarding their license. What’s the benefit to the player of playing at a licensed casino?
Beyond being able to pay with the main payment methods, there are a huge range of reasons why if you’re a player you should only be picking online casino sites that are regulated. As unlicensed sites don’t have any regulations or laws to adhere to, they can get away with unfair treatment of their players including essentially biasing the result of games towards themselves. Their RNG or random number generator machines could be rigged so you could be destined to lose from the outset.
Online casino and sports betting sites that are licensed are also socially responsible. And this means a lot to a majority of customers. This means they have the responsibility to do their due diligence on players, prevent anti-money laundering, have processes in place to prohibit and stamp out and problem gambling. In addition to this, they will be able to provide links and information regarding the various gambling charities should one of their players feel the need to make use of one.
They will also have safety limits in place in order to protect players. Such as them being able to set daily or weekly deposit limits in addition to a facility of being able to self-exclude themselves from the website should they feel that they’re getting carried away.
The More You Know
Hopefully, now you’ve come to understand the importance of online casino sites have licensed and is regulated by the appropriate authorities. It not only is of benefit to the player but at the same time, it ensures that the online casino is operating legitimately and thus will allow it to operate more openly and internationally without any adverse consequences.
It also makes them a more attractive proposition to potential new players as they’ll want to be joining a site that promotes social responsibility and it will be treating them fairly without the need for the player to worry about any bias. It also saves the online casino site from potentially unwillingly becoming involved in the act of money laundering from players simply using the site to launder and clean their money. So all in all, licenses are needed and are here to stay and you should always make sure that the online casino site you’re playing on is licensed.