Getting your online gambling license for your casino or sportsbook is only half of the job. Maintaining it and keeping it in good standing is just as important as the application process. If you are unsure of how to take care of your gaming license, or what your main focusses should be, this article will give you a good idea. Read on to find out how to keep your online gambling license in good shape.
Make sure you’re licensed
First of all, you need to be licensed. No online gambling operator should be operating without a license as this generally means breaking the law. But it is not enough to ensure you have a license, you need to make sure you have the right kind. Most jurisdictions have a one-size-fits-all license but some have slight differences or additional permits depending on what you will offer and how. Be sure that you have the right license for the activities you want to carry out in your jurisdiction.
Offer exceptional customer service
One of the most important parts of your operation is staying on top of your customers’ needs. This is not just about offering great games and an easy to navigate interface, it’s about offering outstanding customer service.
- Your team needs to be available and ready to respond when things go wrong
- Attend to your customer’s complaints in a prompt, professional and polite manner
- Always, always be fair.
If you don’t do this, your online gaming license is likely to be suspended. Furthermore, failing to offer good customer service means your customers will go elsewhere and tell their friends about their negative experience with your brand. A damaged reputation is very difficult to repair and can cost you more than a suspended license.
Keep your corporate structure in good standing
How your online gaming company is structured is important for compliance and staying on the right side of the law. It is also key when it comes to maintaining and renewing your online gambling license. The regulator in your jurisdiction will assess your corporate structure including corporate documents and due diligence on those involved. They will then decide if everything is in order and whether to renew your license.
Key things to consider include the description of your business activities, renewals and filings of corporate documents, financial reporting, and updated information on UBOs and BOs.
Pay your fees
Every jurisdiction has its own fees that are payable. These usually take the form of an application fee and then annual or periodical fees. Each jurisdiction has different schedules and amounts. Some also leverage additional fees for compliance and different game types. Make sure you know what you need to pay and when you need to pay it. Then make sure you pay it on time.
Are your games fair? Do you have a random number generator that is certified? Do you enforce fair play policies? The answers to these questions should be “yes”. Ensuring you give your customers a fair deal, in line with local law is essential to your good standing. As an operator, it is not right to set unfair game parameters. Regulators and law enforcement authorities generally take these things very seriously. Breaches can cost you your online gaming license, a lot of money, and even prosecution.
Can you say with certainty that you are up to speed on the above points? Are you adhering to ethical iGaming standards? Maybe you have been trying to manage it yourself, or your current provider isn’t up to scratch. Either way, you don’t have to worry. Fast Offshore has worked for over 22 years in the sector. As a result, we ‘re experienced in licensing applications and ongoing maintenance. Contact us today, we can assess your business needs and take care of all administrative and compliance matters going forward.