How to obtain a gambling license in the UK?.
The gambling market is constantly transforming. Most countries are tightening requirements for gambling companies. Thus, it is no longer enough to have an international gambling license obtained from one of the international gambling jurisdictions to operate legally and without risks in the internal markets of developed countries. Recently, many countries have introduced requirements for obtaining a national gambling license in order to increase tax revenue, finance health, social, and economic sectors, as well as to enhance the protection of user rights. The United Kingdom is one of the most prominent and advantageous representatives, which has a sufficiently developed gambling regulation and its own national gambling license.
Advantages of obtaining a gambling license in the UK
The UK has gained deserved popularity due to the invaluable advantages of this jurisdiction:
1. Prestige: the world’s most well-known online casinos work with a UK license, allowing them to pick favorable payment solutions, banks, and hire qualified personnel.
2. Reliability: the UK is known for its predictability, business orientation, and stability.
3. Functionality: offers licensing for a wide range of gaming types including:
- Arcade games
- Other gambling verticals.
4. Profit: the prestige of a UK license allows for working with the best gaming laboratories and game providers on the most favorable terms.
Requirements for obtaining a gambling license in the United Kingdom
The requirements imposed by the UK Gambling Commission (UKGC) are standard for national European gambling licenses. The main requirements are:
- The founder can be a physical or legal person not listed on sanctions lists and without convictions;
- The company must have a local office;
- Two corporate accounts are required after obtaining the license: an operational bank account and a customer account where player funds must be kept separate from the company’s funds;
- There is a requirement for the completion of system and compliance audits when applying, as well as annual external security audits;
- Each game presented by the project must be certified in accordance with international industry standards.
Stages and Timeline for Obtaining a Gambling License in the UK
To obtain a gambling license in the UK, the following steps must be taken:
- Company registration. On our practice, this stage takes approximately 4 weeks from the moment of application with all the necessary documents;
- Opening of operational and client accounts. This process takes approximately 3.5 months;
- Collection and preparation of documents for obtaining a license; submitting a license application: This process takes approximately 2.5 months and ends concurrently with the opening of the necessary accounts;
- Review of the application by the UKGC regulator. As a rule, the regulator reviews the application within 6 months depending on the influx of other applications and the workload of the department as a whole;
- Obtaining a gambling license in the UK. This stage involves the hiring of a local director, MLRO, and Data Protection Officer, renting of a local office, and issuance of a British gambling license. In our practice, this process takes 2 months.
Upon completion of the process of obtaining a gambling license in the United Kingdom, you will be provided with a fully operational company with permission to conduct gambling activities, allowing you to run a gaming business within the UK territory.
If you are interested in obtaining a gambling license in the United Kingdom, please contact the lawyers at SBSB Fintech Lawyers. Specializing in FinTech, Crypto, and Gambling since 2013, our team offers customized solutions for each client, taking into account the business model of their company. We will help you choose the most suitable type of license and prepare the necessary documentation package for the legalization of gambling in accordance with British legislation, ensuring full legal support throughout the process.