Gibraltar government is serious about issuing license to people from other areas wanting to operate...
Gibraltar, one of the members of European Union, is one of the territories that require a license in order to operate in the online gaming industry. It put all the rules and regulation in place in the year 2005. There are different establishments that help in acquiring licenses for different things vis-à-vis gaming remotely, internet betting and phone betting.
The Gibraltar Regulatory Authority is responsible for keeping a check on the license holders. It ensures that all the license holders are not flouting the rules and regulations by any means. They are supposed to operate within the limits of the license.
Southern Europe has quite some past when it comes to gambling. It has only been a while since Gibraltar started issuing a license to outsiders. Gibraltar government is very serious about issuing license to people from other areas wanting to operate in Gibraltar.
Even the most reputed companies with flawless track record stand a very little chance of getting accepted in Gibraltar family. The applicants are required to present a comprehensive & realistic business plan. However, it’s still very difficult to get licenses in Gibraltar. As a matter of fact, from 2005 to 2006, just 15 companies were successful enough to get a license.
Gibraltar is one of the most difficult territories as far as acquiring a license is concerned. One needs to have an impressive track record in order to be taken into consideration by the Gibraltar Government. Apart from that, one needs to have a strong and carefully calculated business plan in place. In the time period of a year (2005-2006), only about 15 companies managed to get a license from the Gibraltar Government.
The gambling advertisements business and anything pertaining to gambling ought to cater to an audience who is above 18 years of age. The minors should not be attracted to the gambling ads and careful measures need to be taken for that. Thus, an operator has to meet a large number of stipulations before thinking of applying for a license.
The advertisements should only cater to countries where gambling is legal. The company should have more than sufficient funds in order to support its gambling business. All the activities are kept under a strict check at Gibraltar and anyone found guilty is accordingly punished.
No operator is allowed to share his or her financial details with jurisdictions other than that of Gibraltar. Financial details would include numbers of bank account and credit card. The licenses are given as well as managed only inside the parameters of the jurisdiction.
The license holder will have to follow all the norms listed down in the Gibraltar Criminal Justice Act. There are strict rules and regulations for flouting the norms. The licensee will have to bear a heavy penalty for doing so. Hence, if you’re a license holder, it is best that you follow the rules and regulations correctly.
It is a well known fact in the gaming industry that it is toughest to get a license at Gibraltar. It is considered to be world’s toughest online gaming jurisdiction. Obviously, it has a meticulous set of rules and regulation.