If you are playing in an online casino or thinking about playing in one, then beware of online casino licenses as soon as you can. Not all online casinos like Baazi247.com are licensed and believe me, there are a lot of online casinos out there that are just there to prey upon you and scam you out of your money.
In this article, we will look at what exactly are online casino licenses, why where they necessary, and how to find out if your online casino is licensed.
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With that out of the way, let’s get into the matter at hand, online casinos and licenses.
What is Online Casino License?
Well, they are exactly what they sound like. Think how in the bygone era, when motor cars came around for the first time, they weren’t regulated. People drove haphazardly and killed tons of people. Outrage followed and soon the society came up with the idea of regulating inexperienced drivers and made rules for the road.
Well, this exact scenario played out with online casinos too. They were new, many inexperienced people ran it too, often leading to disastrous situations for them as well as their players.
Then the government and casino associations finally came to their senses and decided to regulate it.
The answer was to provide the license to the online casino companies which fulfilled certain pre-defined criteria.
Even after roads and cars being regulated, there are still some bad actors causing problems from time to time who bypass these regulations. Alike roads and cars, there are bad actors by passing laws and regulations in the online casino industry too. They operate without the proper licenses and often hurt people and seldom themselves; when the law eventually gets around.
What are the criteria?
The first thing we need to understand is that there is more than one licensing agency in the world. The different licensing agencies have different criteria.
However, the criteria which are similar to almost all licensing companies are as follows:
Registered and Constitutional
The first thing that any licensing agency looks at is if the said online casino is registered in a country that allows it to operate. For e.g., the Government of India doesn’t allow registering and running online casino business. As a result, if anybody were to open a website of online casinos today, based in India, and seek a license from any agency, it is sure to be declined.
Registration means that the company is within the bounds of the law, pays its taxes, and in a sense, is backed by the government in which it is registered. If things were to go south in the future, the government of the respective company will have at least some explaining to do. Online casino with its very nature is international and not bound within the jurisdiction of a certain country. So, this provides the much necessary check.
Capital
Another thing the licensing company looks at is the capital that is backing the casino company. The casino is entrusted with huge sums of money by the regular people and there are cases in the past where casinos themselves have gone bankrupt.
At the very least, they need to be able to payout the wins of the customer. They cannot run neck and neck with the wins and the losses.
If that is the case, then it will only be a matter of time the things go haywire.
International Labor Laws
The licensing agency makes sure that the international labor laws are followed by the online casino so that the workers are not exploited.
Licensed Software
Just like casinos, the agency gives out licenses to software as well. Before approving, agencies see whether the concerned casino is using software that is reliable and licensed.
Mistake the Players Make
The first mistake the players tend to make is that they don’t see whether the online casino is licensed or not. They go in without a proper background check of the company and regret it later.
The other mistake that people make is that they think the greater the number of licenses that casino has, the better the casino. Sadly, it couldn’t be further from the truth.
Due to strict regulation from legit licensing agencies, new agencies have come up recently which are not reputed in the gambling community.
So, if a website has more than necessary licenses from licensing agencies, that itself is a red flag.
Here is the list of more reputed licensing agencies:
UK Gambling Commission
Malta Gaming Authority
Gibraltar Gambling Commission
Curaçao eGaming
Alderney Gambling Control Commission
AAMS License
Dutch Gaming Authority
Baazi247.com is the licensed casino and our license provider is Malta Gambling Authority.
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