Getting an online gambling account and at the same time, operating a casino site of your own is something that requires a big investment. While you may be so inspired of other sites like spookslot.com to open your own, remember that there are many things involved in the process. For instance, you ought to take into account on how you can make people feel comfortable playing in your site and depositing their money in it.
The Impact of Online Casino Licenses
This is why you need to secure an online casino license. This is important as it shows to people that you have complied with the industry standards and are legit site where people can play on. As a matter of fact, online casinos and gambling sites as well must secure certain licenses before they can start accepting players. However, most merchants decide to obtain basic level requirements only, which has least protection among players.
There are actually 3 types of licenses that online casinos can apply for. These are going to be:
- Basic
- Medium and;
- High
Keep on reading because in the next paragraphs, we are going to expound how each license is different.
Basic
When casinos apply for a basic license, this means that the funds of the clients are held in a separate bank account aside from the operator. On the other hand, in the event that the online gambling service shuts down, then customer’s money in their accounts will be deemed as part of your business.
Meaning to say, the responsible entity that shuts down your operation has the right of holding customer’s money. As an operator though, you now carry the burden of refunding your customers of their money.
Medium
With regards to medium license, it shows your customers that you’ve taken things a step further to protect their funds from losses. In other words, you put extra layer of security requirements like taking out insurance focused on protecting money of customers on their behalf. This frequently happens when operators ought to file for bankruptcy.
High
Assuming that you have opted for the highest level license you can ever get, then the money of your customers will be kept in a different account. This account is legally separated from the personal account of your company. This means that the account of your customers are managed by external auditor or an independent entity.