- Jul 2, 2016
Casino must have their licensing jurisdiction at the home page itself. Now the question that arises in mind is that what does gambling jurisdictions mean?
Gambling jurisdictions are regions of Sovereign, which have developed a mechanism for selecting applicants, willing to provide online gambling services. Historically, these were established in the middle of 1990s. They were small nations, which derived a hug share of their income from online gambling licenses. Over time, they have earned a very good reputation for conducting proper and strict diligence of applicants before giving licenses and afterwards have enforced strict regulations regarding licensing conditions.
The topmost jurisdictions have constantly improved their norms and practices for providing better services. Now days, some of the well-known gambling jurisdictions of online games are Kahnawake, Malta, Antigua and Barbuda, Gibraltar, Curacao, Alderney and Isle of Man.
Formed in the year 1994, Antigua and Barbuda was the oldest online gambling jurisdictions. Division of Offshore Gaming is the designated body, responsible for conducting regulatory and licensing activities in Antigua and Barbuda. This regulatory body has been formed under Financial Services Regulatory (FSR) Commission. The Gambling Commission of Kahnawake was formed in the year 1996. This is responsible for regulating activities of online gambling, which could be conducted from Mohawk Territory located in Canada. Some special rights were provided to them for conduction operations of online gambling. Kahnawake is the topmost gambling jurisdictions of online games, who had licensed approximately 110 online gambling establishments, which was established in 2001. The Lotteries and Gaming Authority is another regulated body, which regulates the functions of online gambling from jurisdictions of Malta. This regulated body was formed in 2001 after the act related with Lotteries and Other Games was enacted.
Every gambling jurisdiction has detailed procedures of their own, although they have many common approaches. Applicants of online casino operators are properly examined on the basis of three main aspects. The first aspect for examining the applicant is credibility of casino games promoters. According to this, the applicant must compulsorily provide relevant information regarding past and present activities, regarding this sector of business, references of bankers as well as financial statements and set-up of management. Several methods are available for such verifications. Second aspect is fairness of games. Expert agencies believed that RNGs used for conducting online games are very risky and has greater possibility of conducting some mistakes. In case of any mistake, the game could become biased and thus, would be rejected. The licensing jurisdictions will accept the reports given by these expert agencies. Lastly, gambling jurisdictions will check for customer protection and payment of balances. The computation systems for payout and bonus should be transparent and automatic. In addition to this, applicants must definitely have mechanisms of redressing grievances.
The philosophy of regulation and licensing of gambling jurisdictions have changed significantly during the past few years. The larger European countries have set up their own regulatory bodies for controlling online gambling. The United Kingdom had their Gambling commission for more than five years. Later on, France and Italy have also set up their own legalized bodies. Operators of online gambling are in an inconvenient position as they need to perform extra effort than the one preformed by the operators of Brick and Mortar casinos.
Thus, from all this it becomes clear that online gaming jurisdictions is one of the most prominent aspect related to online gaming world.