Casino Licenses – Why are they important?
Every online casino must obtain the necessary licensing requirement. A license is a certificate allowing casino operators to offer games to players. To obtain the required licenses, casino operators need to go through the application process and must meet all the necessary requirements. Licensing bodies will thoroughly review the application, ensuring that the casino operators are suitable and deserving to be granted a license.
Below are the criteria that should be met:
- Offer games from legit gaming providers
- Use safe payment portals
- Has measures in place to prevent money-laundering
- Promotes responsible gambling
- Offers legit bonuses, promotions, and campaigns
Why is a gaming license essential?
A license gives players peace of mind knowing they’re dealing with highly reputable casino operators. It is also an advantage to casino operators as casino licenses will attract legit players. Casino licenses serve as a seal of approval.
Understanding India’s taxation law on gambling winnings
Taxation in India, especially for gambling winnings, is something that every player should be aware of. Many players are scared of it because India eats a huge chunk of the pot money. You can avoid high taxation by playing at international licensed casinos. The casino will take care of the tax so you can enjoy winning on your own.
Is it possible for casinos to operate without a license?
There are a few online casino operators that don’t have a gaming license, and you can find them across the world, including India and Costa Rica, to name a few. These are illegal casinos, and they don’t follow gambling laws. Refrain from playing in these casinos as you will be exposed to greater risk from doing so. There’s a possibility that you will lose your deposit and winnings, and worse, your personal and financial information will be compromised.
The difference between regulated and licensed casinos
There are two types of casino licenses – local and international. It depends on the casino operators whether they want to ask for a local or international license. Those who want to have more control over the gambling market regulate it, especially in countries where casino operators want to operate. Examples of countries with regulated markets are Italy, France, Sweden, the United Kingdom, and Belgium. On the other hand, countries with international licensing include India, Malta, Chile, Japan, and Peru, to name a few.
What is an International Gambling License?
Such a license gives casino operators the freedom to expand their operations to the international arena.
- Malta Gambling Authority (MGA) – It is one of the highly reputable international gambling licenses. You can find a vast number of online casinos and sports betting sites operating with such a license. It comes with strict rules, especially in promoting responsible gambling and observing anti-money laundering. If you see this license seal, it means that the casino operator is legit and highly trusted.
- Curacao – Compared to MGA, Curacao is easier to obtain, which is why small casino operators prefer to have such casino licenses. It is a pretty old license, but a reliable and trusted one. There are a few online casinos in India operating with a Curacao license. One main concern about the Curacao license is it does not offer much assistance when players raise disputes.
- Antigua and Barbuda – The Directorate of Offshore Gaming in Antigua and Barbuda focuses on the American market. It has been in the industry as early as 1994 and is known for hosting gambling events like poker. Unlike other casino licenses, it is cheap and easy to obtain. They offer various gambling products to international players at a low tax.
- Panama – It is a casino license available since 2002, and one of its perks is tax exemption. Casino operators are exempted from paying taxes. However, its focus is more on the American market.
- Kahnawake Gaming Commission is a casino regulator based in Canada and often referred to as the Caribbean regulated. Its perks include affordability and the absence of a corporate tax rate. It is popular in the US online gambling market.
- Gibraltar provides licenses to some of the most popular online casinos in the world, such as 888 Casino. However, one of its requirements is for casino operators to be based in Gibraltar. It would take roughly six months to process the application. It has some strict regulations to specify the type of games casino operators offer and many generic names.
What is a regulated gambling license?
It pertains to casinos regulated by countries where they operate it, which is the case for countries who prefer regulating gambling within their borders. It is the government of that country that creates the gaming landscape. Another thing about regulated gambling licenses is that the casino operator is not physically located in such countries but needs to comply with the tax requirements. More so, only casino players living in such countries or states can sign up for an account and play. It sounds complicated. Well yeah, but the perk is that it gives players protection. Below are some of the examples:
- Sweden is a country with a gambling monopoly until 2019 when the country moved to the regulated market. If a casino operator wants to operate in such a country, they need to have a Swedish Gambling License, which needs to be obtained from the Swedish Gambling Authority. It requires a self-exclusion program on a national level. It is also a must for the responsible gambling button to be visible on the page. Other requirements include no VIP or loyalty, no fast play on the slot machines, and one bonus per player per license holder.
- Italy (Italian Gambling Market) – Such a gambling license is regulated by the Agency of Customs and Monopoly. It has obtained a license in 2018. One of its requirements is for players to self-exclude themselves and employ limits on responsible gambling.
- Denmark – It started regulating the online casino market in 2017. Casino operators who wish to operate in such a country have to obtain a license from the Danish Gambling Authority, a separate license is needed for online casinos and another for sports betting. Players have the option to nationally self-exclude through the Register of Voluntarily Excluded Players.
- United Kingdom Gambling Commission (UKGC) – It regulates casino operators in the United Kingdom. It is a highly reputable body regulating responsible gambling and honest advertising in the United Kingdom. Casino promotions and offerings under the UKGC have long terms and conditions ensuring honest and transparent gameplay. The lottery category is still under monopoly, so no online casino operators can offer lottery or even allow players to have lottery tickets to the National Lottery.
What is the best license for Indian Casinos?
If you are an Indian player, you probably wonder what the best license for Indian players is. Some parameters need to be considered, but the Malta Gambling License (MGA) is the top choice when it comes to responsible gambling and player’s protection. Next to MGA is Curacao and Gibraltar, well-established casino regulators preferred by the biggest names in the online casino industry. Online casinos we reviewed on our site underwent rigorous testing and have passed the stringent licensing requirements.