When gambling is barely legal in many countries, one need a proper licensing to run a gambling establishment in countries where there are laws to regulate gambling. This generally does not include the lottery games as they have separate regulations. But for each and every type of gambling activity, holding appropriate license is a must to avoid legal actions. Obtaining a Curacao Gambling License can be easy but it is mandatory to know the facts behind licensing.
General Vs Special Licensing
A general license is required for organizing activities associated with gambling such as betting or contests. The licensing is handled through transparency and equality abiding the rules as mentioned in the official state gazette. The processing of a general license typically take six months and the licenses are being provided for 10 years duration which can be extended at the end of that period. If a gambling establishment wants to run all sorts of regulated games, they can apply for a special license. Holding a general license is must for applying to a special license. Special licenses are provided for 1-5 years of duration and can be extended after the period. If the general license expires before special license, special license automatically becomes void.
Gambling License Requirements
Although there is no limit for number of license applied, there are legal and economic requirements the establishment should meet in order to obtain the license. These requirements are framed to ensure reliability of the firm and software security. A minimum capital is required to request for general license and this limit is higher for organizing gambling contests. Economic analysis of the gambling establishment gives proper report on the company’s solvency, overall turnover in recent years, legitimate source description for financial resources and proper maintenance of annual financial records. Registration of the company must be through proper state legislation and not abiding any of these rules may cause termination of license.
Technical Requirements For Licensing
The technical staff and customer care executives, professional experience of personnel running the establishment such as managers, technical infrastructure available to run the gaming activities are also verified as part of a licensing requirement. Creation of gambling website under the specific domain according to the territory, proper approval of systems, monitoring underage participants in gambling, maintaining proper record of the random number generators used in the games, security in terms of financial transfers, regular inspections on the system without prejudice are all part of the technical aspects of licensing a gambling firm.
Checking demands of particular gambling games on regular intervals, monitoring participation levels, maintaining transparency during games and proper management of prize winnings needs to be attended by the gambling firms. Proper steps are to be taken by management to reduce any potential damage to society and to prevent money laundering.