Do you know what is the significance of getting a bookmakers license? Well, it plays a significant role when you are starting your sports betting business in the market. Without a license, it is illegal and unethical to launch your own betting activities in the market which makes your betting platform inappropriate to launch. In most countries, betting is strictly restricted, while others allow some part of gambling with a legal license. Gambling regulation is the most crucial part which came into existence after 1994.
Different countries have different laws and regulations when it comes to offering licenses to betting businesses worldwide. If you want to launch your own sports betting business, you must know how important it is to avail a betting license for customer engagement and retention. In this article, we will define all aspects of bookmakers’ licenses.
What is a Bookmaker License?
A bookmaker license is valid proof that enables betting operators to launch their gambling business in the market without any restriction. The license certifies the authenticity and credibility of your betting activities and services and ensures that you are offering the audience with safe and secure gambling experience which is regulated under the jurisdiction of that particular country or region.
Every state or country has their own distinctive policies and restrictions regarding betting which you need to follow to make your business fit for the market and users. In a nutshell, as a bookmaker, you abide by the laws and policies of the gambling acts that are present in the regulated license or policies of a region.
Why Should You Opt for a Bookmaker Gambling License?
Most people ask the question- why should we get a bookmaker gambling license? Well, there are different aspects to answering this question, but the simplest one would be to make your betting business legal in the market. If you don’t follow the norms or codes, then the gambling committee has the mandate to revoke the certificate.
Here is the list of reasons why a bookmaker betting license is mandatory and important for you:
Credibility & Trust
When it comes to betting, the first thing people think of is whether the betting service provider is trustworthy or not. Before they register on any of the bookmaker sites, they notice whether the betting activities are regulated or not. Any sportsbook with an invalid or without a license will not be considered authentic and are risky to bet on. Therefore, it is important to abide by the rules and regulations of an authentic license to avoid room for fraud or trust issues.
Secure Protocol
The operating license offers acute safety and security to bettors and punters. The customers are safeguarded against all the frauds and phishing activities that occur when betting money is involved. With an authentic license, you can enforce a safe and secure protocol which keeps up with the expectations of the customers on a large scale.
Responsible Gambling
Betting is an addictive activity which sometimes goes out of hand and requires standardization which is only enforced by a legal license. Responsible gambling is what you need to provide your users with enhanced trust and safety. Therefore, bookies acquire an authentic license that fulfils the norms of responsible gambling.
Leading Betting Jurisdiction Worldwide
There is a wide range of betting jurisdictions that are available out there to make gambling legalized and regulated. Here is the list of some of the top betting jurisdictions worldwide:
Malta Gaming Authority (MGA)
Malta Gaming Authority is one of the leading betting jurisdictions which aims to regulate or govern gambling in Malta. The committee was launched in 2001 and is responsible for developing legislation for controlling online gambling activities. The main objective of this committee is to ensure the integrity of games and gaming devices. They are currently monitoring thousands of online betting sites.
Alderney Gambling Control Commission
Alderney Gambling Control Commission has been a centre spot for betting since its inception in May 2000. The main goal of this commission is to ensure the integrity and fairness of sportsbooks operating within the jurisdiction.
Curacao
Curacao is a renowned eGaming regulatory body which regulates and keeps up with the licensing requirements of gambling companies located in the region and across the globe. It is very popular among sportsbooks as it is one of the easiest licenses that you can get without lengthy procedures. It promotes responsible gambling and fairness in betting by following all the rules and norms of legal betting or gambling.
Final Words
By now you might have understood the significance of getting a legal betting licence before launching your own sportsbook in the market. It is important to provide bettors and punters with a sense of security and authenticity when dealing with online betting or gambling. If you want to launch a betting business in the market, make sure to take help from an experienced sports betting app development company that has a legal betting license.
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