The Essentials Facts about Gambling Licenses
Of all the aspects of a casino that a new gambler should check, among the very first is its gambling license. All the other features like free games, prizes and bonus payouts are worthless without a legitimate license.
Without a legitimate gambling license, any transaction you perform with that casino, land based or online, will not be honored by any bank or financial institution. Although there are numerous aspects involved, among the most important things that you need to understand are gambling licenses and a legal jurisdiction.
A legal jurisdiction refers to a government agency that is tasked with regulating gambling activity. Because countries have different laws concerning gambling, legal jurisdictions vary a great deal. A casino operator is not limited to seeking a gambling license from his own country; on the contrary, licenses are often obtained from overseas.
Once an online casino operator gets a permit from a legal jurisdiction, the casino will become subject to the laws and regulations that prevail in that jurisdiction (i.e., the gambling laws of that country). The requirements for granting a gambling license vary of course, but there are some general guidelines.
These include having the financial capability, insurance coverage and an adequate management system capable of handling any customer complaints. For online casinos, their accounting and financial records should be available to authorities if the need should arise.
Among land based casinos, some jurisdictions also require the casino staff to have adequate training in handling people with gambling problems, and of course, keeping minors out of their establishments. In line with that of course, are the regulations to keep criminal activities and syndicates away from the casino’s operations.
There are several governments that provide gambling licenses. Among the earliest, and most popular source is the island nation of Antigua and Barbuda. It has been issuing licenses for online casinos since 1994, and with its low tax rates, remains as one of the most preeminent legal jurisdictions for gambling.
Costa Rica also provides legal jurisdiction and because there is no need for obtaining special licenses, is becoming very popular among Internet casinos. Other alternatives include, Granada, the Dominican Republic and Curacau. Australia, Macau and Hong Kong also provide gambling licenses.
In the United States several states offer permits, including Louisiana, New Jersey and Nevada. The requirements and regulations, as well as fees, differ. It would be prudent on the part of the operator to check each one, or even seek an overseas jurisdiction.
Once the casino is granted a gambling license, it will pay a regulatory fee (usually yearly) to the jurisdiction, which in return will provide protection and legal rights for the operator.
Not only is this beneficial for a casino and a country, but also for the player, as it ensures him or her that there is a legal recourse available should it be needed.