In order to operate as an online gambling provider, you must be licensed and regulated. This can be done by various organisations set up by national governments, such as the gibraltar licensing authority (gla). The gla is a well-known regulator which deals with the regulation of online providers and issues licences. This allows companies to prove, among other things, that they are reliable. The gibraltar license is particularly popular among online casinos that focus on the uk gambling market, as it allows them to legally offer their gambling services in the uk. The tiny peninsula at the southern tip of spain known as gibraltar is home to many gambling companies operating via the internet. The territory on the straits of gibraltar is part of the united kingdom and has an area of less than six square kilometres.
The tax rules for businesses, and online casinos specifically, are very favorable in gibraltar. This is one of the reasons that so many gambling companies are based here. In addition, the casino license is considered to be very reliable. The connection with great britain is also an excellent advantage for gambling sites; this is a massive market for them, with many people who love to gamble.
Gibraltar is a favorite destination for many british companies because of its favorable tax climate. The online gibraltar licensing authority casinos are also among these businesses. This is also because the country was one of the first to make it possible for internet gambling providers to obtain a licence. This possibility has existed since 1998. The law regulating the activities of gambling sites was further expanded in 2005 with the introduction of the gambling act. In 2011 and 2013, further changes were made to the law. This constant change shows that they quickly move when needed in gibraltar. In online gambling, this is also necessary because the developments in this area move very quickly. Gambling operators can now obtain a licence in no less than seven different categories.
The gibraltar gambling authority, like the uk gambling commission, has very strict anti-money laundering (aml) and know your customer (kyc) rules. These systems are in place to keep underage gambling, problem gambling, and fraud to a minimum, and to eradicate money laundering. The online gambling industry is a hotspot for fraud and other criminal activities, so it’s imperative that these systems exist. The problem is not with the industry itself but with the opportunities it provides criminals. For instance, a criminal could use a stolen credit card to deposit large sums of money at an online casino. They would take a few risks, lose/win some money, and make it look like they are a genuine customer before making a deposit. The goal would be to withdraw the money to a different payment method that they actually own. In that way they could steal cash from their victim and funnel it into their account.
While it’s not unusual for someone to claim they had a big win, if they’re doing so in order to steal and launder money, there’s not much authorities can do about it. This process is even easier for them if they’re using cryptocurrencies, as crypto wallets can’t be tracked in the same way as credit/debit cards and web wallets.
As a result of this activity and these problems, regulators have put in place procedures such as: closed loop funding: if you have ever found yourself frustrated with an online casino that insists you withdraw back to the method you used to deposit, just know that they are doing it to reduce money laundering and fraud, ensuring that people aren’t funding their accounts with stolen cards and then withdrawing that money to their preferred methods. Know your customer: id checks are designed to keep tabs on the players making deposits and withdrawals. They verify that you are who you say you are, which means you can’t use stolen cards and won’t be able to gamble if you are underage or reside in an area where it is illegal to gamble online. Source of funds: if a user is gambling a lot of money, they may be asked to complete a source of funds request, whereby they are tasked with proving that they have the money needed to gamble such large sums, thus reducing money laundering/fraud and problem gambling.
The gibraltar betting and gaming association licensed casinos have to adhere to strict requirements. It is safe to assume that they only partner with reputable game providers. Other jurisdictions have had issues with piracy in the past, but there is no room for error with this one. Some of the popular game providers in this jurisdiction include nyx, blueprint and yggdrasil. Players can be assured that all casino games offered, including slot machines, jackpots and classic table games like poker, have been rng tested. For those who prefer live dealer games, evolution gaming gibraltar is also extremely big there.
The gibraltar regulatory authority has been at the forefront of setting standards for safety and player protection in online gaming. It even challenged the uk government in european court because it believed the new rules would be detrimental to player safety. Through the ongoing debate with regards to eu online gaming rules, the gra has suggested a number of implementations to protect players, as well as underage users who may be trying to access online gaming illegally or without consent.