Best online casinos are licensed because only the license allows such business to operate legally. The license also showcases that the business is transparent in the things it does. For players, the license means that the website has been tested, accredited, and approved by the regulators. Meaning, that you indeed may win a coin playing, be sure of the righteousness of game settings.
In this article we will tell you how regulators test licensed casinos. In different jurisdictions they require various things to be in check. Despite being differentiated, the gist of them is quite the same all around the globe. There are also instances when the casino is not issued a license. Only those companies that meet all of the conditions are issued a right to indulge players in the entertainment they seek.
How do best licensed casinos acquire the license?
In order to receive the document, a strictly followed procedures should be executed, rules followed without an exception. However, before asking for being licensed, the casino should first meet some prerequisites.
Having studied some casino platforms, you may see that many have several licenses, active in various territories. This is made for the companies to be able to have their services in various countries with minimum restrictions. Most of the time, having one license allows to easier obtain another one.
In its essence, the evaluation is more of the company that runs the casino, not the website itself.
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Legitimacy of the company to manage a gambling resource
The applicant will have to pass a few tests that relate to the owners of the company. The regulator does an extensive research to be sure that the company and its owners do have any troubles with the law.
This is the stage where statute, documents of the board of directors, shareholders are checked. The procedure is so serious that it may even require a dactyloscopy of the owners.
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Feasibility of the business plan
Business plan must include:
- aims of operations
- company’s structure
- business model
- Software to control the games
- Long-term business plan with marketing, sales, and full financial forecasts.
If the company has another gaming license, it must be shown to the regulators.
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Technical check of casino
The exact list of all of the technical aspects depend on the regulator. Most of the time these are the things they are monitoring:
- Domain documents
- Quality certificates
- Contracts with software suppliers
- Diagram of a physical placement of the servers
- Info about business activity
- Control system
- SSL
- Antivirus soft
- Data storage systems
- Technical support
- Rules and procedures of playing games
Contracts with agents and partners are also given, if there are any.
The given audit may last anywhere from 2 weeks to 4 months. It is said that if the company passes this stage, it will definitely receive the license as it has the all of the necessary technical, physical, and legal prerequisites.
Only the best licensed casinos are able to pass this from the first time. Then, there are 2 other steps that follow, being, in their essence, the last stances of approbation and launch of the business. They usually take up to 60 days.
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Technical checks before the launch
After the fact that the regulator is happy with the documents, the owners of the future website have 60 days to launch it.
In this time frame, the website should be working without any critical errors.
After those 60 days, the regulator checks the following:
- Registration process, logging in and out
- Game launch
- Customer support
- Payment systems
- Financial transactions within the site
After finishing these steps, the regulators gives the website its license. However, this is not the end of it.
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Independent testing from the 3rd party
As many regulators are worried about their reputation, newly licensed casinos are taken to an independent 3rd party verification.
The regulator chooses the latter body by themselves. This independent company checks the business from scratch once again, not considering the results of the previous, initial testing. However, it all takes just several weeks.
Time and Costs
As you can see, before the start of the operations, licensed casinos go thorough a long and tedious testing from quite a few bodies. Each step has its price. Even the application itself may cost several hundred or even thousands euro. The full procedure will cost a minimum of 25 thousand. European jurisdiction have a much higher price: 30-50 thousand.
If on any of the steps the company has failed, they will have to redo everything, including paying one more time.
All in all, the companies spend tones of money, time and effort, to bring its customers righteous, licensed services. Supporting the business takes an impressive coin from the annual budget as well.
Conclusion: choose only the best licensed casinos
Licensed online casinos are 100% safe. In short, regulators have made your life easier by checking whether the website won’t fool you instead of yourself. Having a truthful license information including the regulator is that little thing that give the players that extra reassurance.
If you choose licensed online casinos, this means that all of the games are from official, regulated developers, the payment methods are transparent and you will get your money won for sure. The website is monitored by the respective organizations that may be tuned to in case of a fishy situation.
Not one casino without a license may guarantee you a fair play or payments. Online casino sites without license are short-term living, aiming for taking advantage of naive players.
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