With technology developing at a rapid rate, more offerings are becoming available online, with new businesses launching regularly. One area which has grown a lot in recent years is the online gaming sector, with new online casinos being launched regularly. This increase has meant that the governments and regulators are becoming stricter in order to protect the public and ensure only reputable online casinos operate. For reputable companies, you can сheck it out on Legalcasino.uk.
In order to be a successful online casino, you need to ensure you operate by the strict rules which are set – If not, you could be at risk of your casino licence being taken away. Some of the mistakes which can cause you to have your licence revoked include: Failing to prevent underage gambling, unfair or misleading games and inadequate anti-money laundering, amongst many other things.
To help give you some pointers, we have put together a brief guide on five mistakes which can cost an online casino its license. Keep on reading to learn more.
Failing to prevent underage gambling
One of the biggest rules which you have to follow and can have your license revoked very quickly, is failing to prevent underage gambling. In the UK, the age to legally sign up for an online casino or visit a physical casino is 18. In order to ensure all your gamers are over 18, you should be implementing a robust identity verification system which confirms they are 18 when signing up to play. Failing to do so can result in severe penalties, suspension, or even total removal of the license.
Unfair or misleading games
As you can imagine, unfair or misleading games are frowned upon, and it will come as no surprise that you could lose your license for this. Offering games which are misleading or unfair can cause your users to lose a lot of money, from an unfair system – this is illegal as it’s a type of scam, as the user never had a fair chance of winning. Regulators regularly audit online casinos to ensure the games they are offering are fair. If found that they are not, serious consequences will follow.
Inadequate anti-money laundering
With a lot of money passing through online casinos, you can imagine it makes them a target for criminals to launder their money through. For this reason, you are responsible for monitoring transactions, conducting due diligence and reporting suspicious activity that you come across. Large fines have been given to companies that are lax on their anti-money laundering policies, with some losing their license.
Ensuring responsible gambling
You’ve probably seen a lot of adverts online saying to gamble responsibly and only risk losing money which you can afford to lose. As part of gaining your license, you should be actively promoting responsible gambling. Casinos are expected to offer tools that help users manage their gambling habits, such as deposit limits, self-exclusion options, and access to support resources. If an online casino fails to support vulnerable players or ignores signs of players who have a problem with gambling, regulators can interpret this as negligence and revoke your license.
Lack of data protection and cybersecurity
Cybersecurity has been all over the news recently, with some major companies being subject to a severe hack, which has led to their customers’ data being stolen, such as addresses and financial information. As an online casino, you are dealing with a lot of personal information about your customers, such as their bank details, which means their data has to be secure. Your online platform should have all the necessary security measures in place, such as encryption, firewalls, and regular vulnerability testing. If you are subject to a hack, this not only reduces trust with your current online players but it can also lead to license suspension and potential legal issues. If you don’t have an internal company that looks after your security, we would recommend investing in a reputable external company that can support you and monitor your platform daily for any dangers.
Online casinos have a responsibility to the public to ensure they are operating at the best standard that they can offer. With a lot of money being played with, as a user, you want to know you can trust the people offering you the service. With all this in mind, as long as you follow the rules and ensure you are legit, running an online casino can be a success and something that a lot of people can get a lot of enjoyment from.
What online games do you like to play most and why? Do you have a preferred provider that you like to use? Is there anything missing in our guide that you think we should be adding? Let us know in the comment box below, we look forward to hearing from you.
Please play responsibly. For more information and advice visit https://www.begambleaware.org
Content is not intended for an audience under 18 years of age
