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Every betting site needs to acquire the appropriate licenses before going online. Otherwise, the website will put hundreds of players’ bank accounts at risk. But what licenses do online betting sites require to start operating? Read more and let’s take a quick look.
Surprisingly enough, online betting sites need to get a license from this small Caribbean island to start functioning. And honestly, it makes sense too. The licensing process of Curacao is the easiest. The betting sites don’t have to pay any taxes on their profits if they get a Curacao license. Most importantly, the fast licensing process allows new betting sites to start operating quickly.
Many of the emerging betting sites in Kenya first apply for a Curacao license before applying for other licenses. It at least gives them permission to start acquiring players and also the time to apply for licenses from other countries.
Canada has always been ahead of its time when it comes to gambling. Therefore, it doesn’t come as a surprise that it provides licenses to numerous betting sites every year. Like Curacao, Kahnawake also has an easy license application process. The Kahnawake Gaming Commission, founded in 1996, is in charge of providing licenses to online betting websites. The site owners need to pay an annual license fee of $40,000 and a further $15,000 for software inspections. Apart from these two, the owners also need to pay $10,000 for annual license renewal.
This is one of the licenses you should keep an eye on before registering on a betting site. If you read online reviews, check if the experts mention whether the site has a Kahnawake license or not. If it does, you can trust the website.
Malta is another country where online betting sites seek a license because of its reputation in the gambling industry. The Malta Gaming Authority offers two types of licenses for five years. Gambling sites with a Maltese license go into the good-books of the UK Gambling Commission. This ensures that the betting sites can allow British players to register without breaking any laws.
However, the betting sites need to follow various requirements, such as ensuring the safety and security of players’ data, the security of their bank accounts, creating an environment of Responsible Gaming Policy, and filing financial statements within the respective financial year. The licensing process is slightly complicated compared to Curacao and Kahnawake.
Betting sites may have to wait for around 4 weeks to get their application processed. If the authorities approve the application, the Malta Gaming Authority provides a temporary operating license that remains valid for six months. During that time, the experts from the Malta Gaming Authority checks the site’s operations thoroughly. If it doesn’t find any discrepancies, it will provide a five-year license.
Therefore, if you are planning to register on a betting site, make sure it has a license from Malta, Kahnawake, and Curacao. These licenses ensure that the betting site is on the white-list of online betting site reviewers.