The Gibraltar Licensing Authority watches over licensed Bitcoin casinos in the region. The country is a good home to online gambling companies due to many factors.
Moreover, the Gibraltar Licensing Authority is very strict with the casinos it gives its license to. This is to make sure all players can expect a fair gameplay from these websites. It also helps avoid putting players at risk by playing in selected online fiat and Bitcoin casinos.
Why choose Gibraltar?
Ever since 1998, the Gibraltar Licensing Authority office has been setting the rules that every casino must follow. The office is one of the first regulators of online gambling sites across the globe. This office has set the standards that other offices follow. Thanks to the 2005 Gambling Act, the office has a clear role on watching over online gambling sites.
Gibraltar is a country that has many people living in it. Its major industry is its tourism due to the climate that the country enjoys. Another big contribution to the economy of the country is its online gambling. The area is a great place to start an online casino due to its low taxes.
Another reason to start an online gambling site here is its residents. Gibraltar has 30,000 employees in the gambling industry. You as a casino owner can easily get the manpower you need to run a company and have to worry less about the yearly taxes. This is why the country is very attractive for startup companies.
This is where the Gibraltar Licensing Authority Bitcoin and fiat casino licence comes in. The office ensures that a casino has the right requirement to get a license. At the same time, all licensed owners must do their part to follow the rules to avoid losing their license.
Losing a license from the Gibraltar Licensing Authority can be costly to any casino owners. The cost runs for 2,000 EUR for one year. There is also a long waiting period for obtaining one.
Rules of Gibraltar Licensing Authority
There are series of requirements that you must meet before you can get a license from the Gibraltar Licensing Authority. One of which is to have a certain amount of funds in the bank. The funds are needed to pay for any expenses that come with running a casino as well as giving the right payout amount to its players.
You must make sure all of the games like fiat and Bitcoin poker, slots, and others offer players a good chance at a high payout return. To do this, you must have your online games go through a series of tests from companies that the regulatory commission approves of. These testing companies check on the games’ fairness and return rates.
It is also important for a casino owner’s office to be in Gibraltar. You must also have the list of all of your employees at all times. While having an office in the country, companies must pay a yearly tax of 1% of its gross profit.
When you have a license, you must follow the office’s rules. This includes avoiding the use of children in any marketing ads. This helps to discourage children from visiting gambling sites and using the actual money on the games.