There are many compelling reasons why operators should seek to obtain an online gambling license in the UK. But there are many pitfalls to achieve this and it is better to avoid them. To help potential applicants navigate the process, Slotegrator offers a dedicated guide to obtaining a license in the UK.
Slotegrator, the igaming software and business solutions provider for online casino and sportsbook operators, has produced a comprehensive guide for businesses looking for an online gambling license in the UK.
Titled How to Get a UK Gambling License 2022, it covers in detail the scope and cost of the five types of online gambling licenses available (Casino, Virtual Events, Live Events, Pool Betting and Bingo). Additionally, it defines the fees attached to each license and how they vary by application.
The guide also outlines the documentation required to obtain each license and the obligations operators must meet under license codes and practice requirements. Importantly – and often overlooked – it details some of the disadvantages of operating in the UK market.
Outlining the rationale for obtaining a license, the Slotegrator guide noted: “The UK is by far the largest online gambling market in the world. In the six months between April and September 2020, the UK gaming industry’s total gross gaming return was £5.9 billion (€7 billion / $7.96 billion in November 2021), of which 52.3% – £3.1 billion – came from the remote sector.”
He added: “Remote GGY reached an incredible £6.9 billion at the end of the 2020-2021 financial year, growing 18.4% in the first half of the year. Casinos in online generated a towering £4bn, while betting totaled £2.6bn and bingo made up the rest of the GGY.
“Given these figures,” he continued, “it is easier to see why the UK online gambling market is so attractive to operators. In total, the UK is home to 2,439 licensed gambling operators, 599 of which offer online services.
Prospective licensees will need to navigate the requirements of the issuer, the UK Gambling Commission, which is also responsible for monitoring operators’ compliance with the provisions set out in the Gambling Act 2005.
The guide stated: “The UKGC assesses all applications taking into account two main factors: the intention and ability of the business to meet the objectives of the licence, and the ability to carry out the licensed activities.
“The suitability assessment process seeks to find evidence of identity and ownership, past and current financial status of all involved, integrity (including criminal record assessment ) and competence.For this reason, companies are required to provide a full set of documents at the time of application.
Prospective licensees are also advised that foreign-based entities must provide a credit report and, if licensed elsewhere, a copy of gaming licenses issued by other jurisdictions.
“Others depend on the type of license the entity is requesting,” he added. “In the case of a remote license, it is necessary to provide documentation regarding the specific remote policies and procedures, the supply of software and game software, the operational model and a diagram of the system for the end process. at the end.”
According to the guide, one of the reasons a UKGC license is so highly valued by operators and players is that it demonstrates operators’ commitment to running a compliant business.
He noted: “License holders are bound by the LCCP, a detailed document outlining all the requirements operators must meet. The requirements set are quite stringent – especially compared to those in other jurisdictions – and require operators to be extremely vigilant, particularly with regard to know-your-customer and anti-money laundering.
The guide ends with a caveat, with the warning that “applying for a gaming license is not a straightforward process”. He advised: ‘The slightest mistake in the documentation provided can lead to a long delay and, with the basic wait between application and license issuance set at four months, that’s the last thing you want.
“To avoid unnecessary headaches, you can count on our legal advisory and licensing services. Our team of specialists will be able to successfully guide you through the application process to obtain a UK gambling license without wasting any time. »