As a player at an online casino, the primary cause for concern is if the particular site is safe and secure or not. Before you dive in to play games and collect bonuses, you need to ensure that the regulatory body covers your region. Most importantly, online casinos need a license from the local regulatory body in order to be trustworthy and dependable. Many countries have regulated gambling markets these days. In addition, there are many companies (such as Thethaobet) that work towards providing the public with accurate information about these online gambling sites. And, before anything else, the regulatory bodies manage the industry to ensure that it is a safe place for consumers. It is imperative for aspiring casino operators to pass strict licensing requirements. Among all of the regulatory bodies, the UK Gambling Commission and Curacao eGaming regulate the most popular online gambling markets worldwide. The one common question is are Curacao casinos licensed online casino UK sites?
To understand the answer, you need to know why online gambling operators need a license in the first place. As opposed to other industries, the online gambling industry is a sector that has the potential to cause harm to the consumer. Online casino operators belong to a sector that can be dangerous to consumers. Gambling is dangerous in the same way as drugs, alcohol and tobacco. This is simply because gambling can be highly addictive. As with all addictions, this can become problematic for certain people. Because of the risks on vulnerable and underage people, online gambling operators need to satisfy strict legislation and licensing requirements before they can provide gambling services.
Why Operators Must Acquire a License
In order to prevent harm and exploitation, all operators are watched under close supervision by the licensing authorities. Some may believe that it’s not worth opening an online casino in this day and age. This is due to the strict licensing requirements. However, it’s no secret that the online gambling sector is a very profitable business to be in for operators. When you take into account the global revenues of €47,61 billion in 2019, everyone wants a piece of the pie. The only problem is that there are rogue casinos out there who are looking to take advantage of the potential profits. They do this by creating illegal gambling sites that attract unsuspecting players.
The only way to tackle illegal gambling sites and scammers looking to take advantage of a competitive market is to introduce reputable legislation. This is absolutely what makes the difference between playing at an untrustworthy site and playing at a trustworthy and secure online casino. Regulatory bodies like the UK Gambling Commission and Curacao eGaming are employed to prevent illegal casinos from scamming people. Online casinos are only legally allowed to operate in regions that their specific license covers. The most strict licenses that are the hardest to obtain are the ones that cover the most valuable markets. This includes the US, the UK, Australia and Singapore. Let’s look at what it takes to become an operator with a license from the UK Gambling Commission.
The UK Gambling Commission
The UK Gambling Commission is one of the most valuable regulators in the industry worldwide. When it comes to getting a license from the UK Gambling Commission, operators need to jump through lots of hoops to prove that they are responsible and compliant enough to operate within the heavily regulated markets. Because of the 2005 gambling Act, the UK Gambling Commission has the legal power to defend players from unlawful practices. The UK Gambling Commission ensures that every gambling operator with a UKGC license delivers gambling products to customers in the correct and most compliant manner. To see an example of what a UK licensed online casino looks like, see Casimboo.
The Benefits of a License from the UK Gambling Commission
- Operators with a UKGC license are allowed to operate in almost all countries where online gambling is a legal practice.
- Operators with a UKGC license satisfy the rules of player protection.
- A license from the UK Gambling Commission is what consumers are looking for in order to gain trust.
- The United Kingdom is one of the most stable nations both politically and economically for business owners.
The Drawbacks of a License from the UK Gambling Commission
- A gambling license from the UKGC only allows operators to provide a service in either: lottery, casino, poker, sports betting, horse racing, and other games of chance.
- It takes around 16 weeks to process an application for an operating licence.
- It’s not cheap to acquire a license from the UK Gambling Commission.
- Although the application process is quite simple, operators must have a Gamstop and KYC verification to operate in the UK.
Who is Curacao e-Gaming?
Curacao is a totally self-governing nation that has been providing remote gambling licenses since 1996. For operators with a slightly lower budget, Curacao is the ideal location to obtain a license. This is because of the English speaking authorities and the minimal paperwork needed to become a licensed operator. In comparison to the other popular gambling jurisdictions where there are strict and costly measures in order to become licensed, Curacao provides operators with an incredibly convenient solution. Because of the relatively simple process to obtain a license from this regulator in comparison to the UK Gambling Commission, a Curacao license is a very attractive option for many operators. Operators can obtain a gaming license from Curacao e-Gaming in less time and cost. However, there are still some benefits and drawbacks to be aware of.
Benefits of a Curacao e-Gaming License
- Get an all in one type of license from Curacao e-Gaming that allows you to provide Casino, Lottery, Games of Chance, Exchanges, Games of Skill and Sports Betting services.
- Operators benefit from 2% tax and 0% VAT on corporate profits by gaining a license from Curacao e-Gaming.
- Compliant operators can offer payments via cryptocurrencies.
- It takes as little as 2-4 weeks for operators to gain a license to operate.
- The turnkey package from the Curacao Jurisdiction costs less than €25,000. The turnkey package includes the formation of Curaçao and EU companies, consulting, leased hosting, administrative and legal services and banking assistance.
Drawbacks of a Curacao e-Gaming License
- Operators with a license from Curacao have restricted access to the major betting markets like Australia and Great Britain.
- Servers need to be actually present in the territory of Curacao