Have you ever wondered how online casinos are regulated? In various online casino reviews like https://www.johnslots.com/no/nye-casino/, there is a column about licenses and regulations where you can read about which jurisdiction(s) a casino operates under. Usually, you can also find this information in the footer of a casino’s homepage. If you scroll right down to the bottom, a small icon or icons should relate to the appropriate authorities. But what does that say about the casino?
Why do Online Casinos Need Licenses?
For a casino to offer any games or betting markets that can be played for real money, they must have a license recognized by the jurisdiction where they sell their games. Land-based casinos also need a permit to operate in the jurisdiction in which they are registered. Still, the difference is that online casinos have a far more extensive reach than land-based casinos.
Players feel safer with a licensed online sportsbook or casino. This is because operations must meet the requirements stipulated in the laws of the jurisdiction they operate from. You can turn to the regulatory body if you have a dispute with a licensed operator. They should be able to solve your conflict, and legislation mostly favors players ahead of operators.
Financial Security
A casino or sportsbook should provide bank statements and company finances when applying for a license. This ensures they have the funds to pay out player winnings. Additionally, operators may have to submit a deposit, which can be used to pay players if, for any reason, the operator cannot.
Independent or Semi-Independent
As a startup, it is better to cooperate with an established operator. You may have a service, such as bingo rooms, and instead of going solo, you could reach more customers by teaming up. In this case, you may not need to obtain a full casino license but rather some hosting/ancillary/partial gambling license. Your bingo rooms will be an added category on the operator’s website you team up with. However, you can still reap the profits.
Know Your Player and Player Verification
It is in the interest of both the players and the regulatory bodies to verify the ID of gamers. This is to prevent underage gamers from gambling and to ensure there is no fraudulent activity such as players duplicating their accounts. It also keeps your funds safer – as you can only withdraw once you have verified your account with an ID. Personal information that is required to verify players is the following:
- ID Card/Passport/(Sometimes) Driver’s License
- Proof of Address
- Date of Birth
- Contact Information (ie email address)
- Telephone Number
Summing it Up
We can all get carried away when playing an excellent game or catching fantastic odds. You should always play for fun and avoid spending more than you can afford to lose. If you find that you are over your budget, the casino or sportsbook should offer responsible gambling tools. All jurisdictions have laws about these tools, and licensed operators must provide them.