September 1, 2021 | 487 Views
Each player has various preferences when it comes to choosing an online casino. Some of them look for live dealer tables, where others prefer slots. Furthermore, most claim bonuses, but you can find players that drive clear of wagering requirements collectively, and the list can go on. Regardless of all that, all gamblers agree that a legitimate license is a must for everyone. But is it suitable for a casino to display its permit? Or are there differences between various gambling regulatory professionals around the globe? This blog will answer these questions by exploring the multiple entities worldwide monitoring and securing the online casino industry.
Licensing authorities online casinos are split into two big categories, one that gives operators access to different jurisdictions and local authorities that function in some countries.
While the greatest casino players think the UKGC, the abbreviated and most used form only handles online Gambling in England; its activity area includes Scotland and Wales. Nevertheless, the UKGC is one of the most prestigious and reputable licensing authorities globally and illustrates all other international and local governments look up to. Organized in 2007, it brought some significant changes in the UK’s online gambling scene, making it compulsory for any UK online casinos. But, doing this is not as simple as it sounds as they are one of the most important and thorough licensing authorities.
Most industry professionals see Malta as the Mecca of online casino gambling as it is one of the earliest countries to issue an iGaming license. As a result, this small Mediterranean country receives some of the biggest names in the business, thanks to its EU member rank. Being a guide to online gambling licenses is one of the reasons why the MGA enjoys that much demand, and the low fees for operators are another crucial perspective. Initially, it was named LGA, and the name changed in 2015 to revise the licensing authority and its applications. MGA is considered more comfortable than the UKGC, but they also have KYC, anti-money laundering, and responsible gambling procedures in court.
Gibraltar trailed the footprints of Malta and its licensing authority, starting in 2005 and completing legislation that’s very similar to the Maltese. Hence, they slowly managed to gain fame in the industry. The Gambling Acts significantly regulated online gaming, responsible for 40% of Gibraltar’s GDP record-breaking level. Gibraltar’s license was valid in the United Kingdom for some time. However, the Licensing and Advertising Act was changed in 2014 and ordered operatives with a Gibraltar license to pay 15% tax on profits earned within the UK.
Curacao is a different jurisdiction that issues online betting licenses in several states. Still, there’s a big difference in reliability and popularity as opposed to MGA or UKGC. The purpose for this is the way the Curacao licensing authority is established. They first issued Master Licenses to 4 verified operators and had to comply with a draft of regulations. The difficulty is that the owner of a master license can give a “sublicense” or allow other operators to function depending on their master license. It caused a series of less well-known casinos using the Curacao license. It doesn’t mean that all Curacao licensed casinos are not entrusted or will deliver low-quality services. Although, a shortage of regulations and thorough checks from licensing authorities makes it more comfortable for shady operators to survive and multiply.
The Panama Gaming Control Board has been operating since 2002. From the start, this regulatory authority licensed operators inside the country and the rest of the world. Thanks to its good relationships with the USA and the rest of the American region, the Panamese license was targeted by operators needing to penetrate the USA market. In addition, the Panama Gaming Control Board has specific requirements making them very reliable.
The Gambling Supervision Commission is established in the Isle of Man. It is one of the most grown around, as it has served ever since 1962 and quickly adapted to online licenses as soon as the course hit. Offering long-term licenses and a low tax system has made its duties very appealing to operators. Moreover, an Isle of Man license is very beneficial for operators as it doesn’t have any restrictions on where they can offer services.
While playing at any online casino, make sure to check whether the casino has proper licensing that makes it a hundred percent authentic and safe to play and enjoy.