Don’t Miss These iGaming Events in February 2021
January 19, 2021
Amid the pandemic, the iGaming industry continues to push forward and treats the community to these iGaming events happening in February this year.
The UK Gambling Commission (UKGC) is one of the most respected regulatory bodies in online gaming. It regulates the entire gaming industry in the UK, including online gaming. The Commission holds the benchmark for the best licensing processes in the world. As a result, it houses a prestige line of trusted online casinos under its rules.
With its prime standards, the UKGC aims to make gambling fair and open, to promote responsible gaming, and to prevent the act from being a root cause of crime or disorder.
This license body does not offer an all-in-one game license. Instead, it grants different types of licenses. The categories are split according to the game or services offered by a betting site:
On top of these purpose-centric permits, UKGC also grants a remote Personal Management License (PML). This is issued to a senior staff of a betting site. This key person will then be in charge of the important areas in running the business. Such areas include budget management, strategy making, as well as making sure that all regulations are being followed. Since November 2019, licensed incumbents have been experiencing efficient processes for managing and maintaining personal license maintenance application processes, thanks to the revamped ‘online service’ by the UKGC.
As a premier regulatory body, the UK gambling license is a valuable asset for every betting site. It comes hand in hand with top quality games and services. But before getting your hand on this seal, you must score high in the following areas:
The Commission follows the Disclosure and Barring Service (DBS). That being said, you need to provide identity records of the team behind the betting site. These include the owner, the partners, and more. In addition, shareholders with 3% shares will be listed. Meanwhile, those with more than 10% holdings will receive further background checks.
To check your ability to run the betting site, the Commission will check your fund records. In this process, you need to present the past accounts of your business. Meanwhile, you need to send your business plan if you are a newbie. Note that the assessment for this area is solely focused on your long-term capability to sustain the betting site.
Another important area of licensing is honesty. The betting site’s integrity will be tested using the documents and information you provided as a basis. Then, the Commission will raise any concern it will spot. It will also check and study if there are any criminal records related to the betting site or team behind it. On top of these, any complaints from past regulators will be checked.
This area will cover the experience, expertise, and qualifications of the betting site. UKGC will review the documents of the key persons that run the business. This process is to check the working experience and the people in the field.
If a key person of the betting site has a criminal record, your application might be put on hold. But this does not mean your chances are zero. Instead, the Commission will gather info from Amplified Police Report, for example, for more info about the matter and will evaluate the seriousness of your offense.
After a careful evaluation, you will be informed through email or mail about whether or not you made it. If you are successful, you need to pay an annual fee within 30 days after receiving your license. Expect other charges, like renewal and annual fees to follow.