The UK is one of the European countries where casinos and other gambling establishments and institutions with impressive offers and promotions are legal. UK legislation promotes and encourages gambling activities. Local gambling entrepreneurs pay taxes at a low-interest rate, while non-residents are exempt from most financial costs, commissions, and expenses.
Who Issues Gambling Licenses in the UK?
The local regulatory body issues the licenses in the UK—the Gambling Commission (UKGC). In addition to offering licenses, the commission monitors operators’ compliance with the Gambling Act 2005. At the time of its issuing, the Gambling Act was very comprehensive. However, with the latest technological advances in the decade, it has become equipped to deal with all the developments in iGaming, especially the rise of cryptocurrency.
Document Requirement to Obtain Slot Licenses
Slots are one of the major games offered at casinos. Therefore, one can obtain a casino license if they intend to supply slot games.
To supply applicants with the license, the UKGC considers two main factors: the intention of the business and its ability to uphold the licensing objective, and the suitability to conduct the allowed activities.
By assessing the suitability, the commission tries to find evidence of identity and ownership, past and present financial circumstances of all relevant individuals, competence, and integrity. In this case, the business is required to provide an extensive set of documents during the application.
If it’s a sole trader, they must provide their identity document. In contrast, a limited company must provide:
- An ownership structure diagram.
- Articles of association.
- A management structure.
- A memorandum of association.
- A certificate of incorporation.
If based abroad, entities must provide a credit report, and if licensed elsewhere, a copy of gambling licenses issued by other jurisdictions.
Compliance and Obligations Based on the LCCP
The LCCP is an extensive document outlining all the requirements the licensee must fulfill. The set of requirements is quite strict compared to other jurisdictions and requires operators to be extremely vigilant, especially in knowing their customers and anti-money laundering.
According to the LCCP, slot and other gambling operators are required to adhere to the following.
- Protection of customer funds
- General fair and open provisions
- Customer identity verification
- AML provisions
- Protection of vulnerable persons
- Complaints and disputes
The LCCP also highlights the obligations of the personal license holders.
Timing and Fees
Operating license applications take about 16 weeks to process. As mentioned, the applicant must submit their identity documents, financial documents, policy documents, and documents of significant people for the commission to verify.
Also, applicants must pay an application fee. If granted a license, they must pay the first annual fee within 30 days after being licensed. They will only need to pay the annual fee from that point onwards. To know the exact amount to pay, slot operators can visit the gambling commission’s website and use its calculator.
Applying for a slots license in the UK is very straightforward as long as you have the required documentation. With the correct documentation and information, entities can have their licenses within 16 weeks.