Casino is a building ( or room) used for social entertainment, specifically gambling, they can be found anywhere in the world. It is a recreational activity around the world.
Las Vegas is considered the home of casino gambling with about 269 million visitors per year.
Casinos have become an important aspect of some local economies and people’s lives, a suitable solution to problems like tourism, government funding.
What is casino license
Casino license is any license, approval or authorisation under the gaming laws, required to own, lease or manage a casino for the operation of gaming in any jurisdiction. It includes an applicable liquor license, it may be amended or modified depending on the terms thereof.
Purpose of casino license
The major licensing purpose (according to s.1 of the act) that guides the way licensing authorities carry out their activities, and the way the casino functions are:
Prevent crime or disorder
Preventing gambling from being a source of crime or disorder is an essential objective of licensing. They also prevent it from being associated or used to support crime or disorder.
Fair and just game
They push for gambling activities to be conducted in a fair an open way
They prevent children and other vulnerable people from being exploited, or harmed through gambling.
The license legalizes gambling business in accordance with the laws, it also guarantees your trustworthiness, transparency and honesty in financial matters.
Requirements for casino licensing
The requirements for a license usually vary with the jurisdiction, the rules for gambling license are set by a Special commission that makes it convenient to monitor gambling activities.
The requirements of licensing in some countries are mentioned below
The document requirements for licensing in Alderney include
- Business plan and description of games
- RNG certificate
- AML-CFT policy
The presence of the company in the country of registration is required (I.e real office setting, employee) alongside compliance mechanisms with AML-CFT policy.
It takes about 6 months, the cost for the first license is £17,500. The cost of renewal of license depends on the income, it can cost up to €400,000 for annual renewal
To obtain a license in Gibraltar, you need to have an impeccable reputation and experience in the gambling industry, alongside the possibility of license in another jurisdiction.
You also need the following documents;
- Identification documents of owners, founders and directors of the casino such as passport, data from authorities, verification of addresses.
- Confirmation of financial capability and funds sufficiency of the company,the founders etc.
- Letter of recommendation from banks or any other financial institution involved to confirm the reliability of the people mentioned above.
- Bank account opened exclusively in Gibraltar
- A copy of license from practicing gambling business in other places, with financial reports of business activities.
In the United Kingdom
License requirements varies with the game type and the type of license in the UK, regardless you must provide the following:
- Business plan
- Game certificate
- Software information.
It can take about 3-6 months, costing about 9000 EUR.