Gambling has been around for centuries in the United Kingdom. Over hundreds of years, it has become interwoven into the culture. In fact, it is so much part of their society and culture, that the United Kingdom has more than double the amount of online gamblers than all of Europe altogether. Due to such dominance, it would have been very risky if no laws or regulations were imposed in order to maintain stability. Hence, the United Kingdom created a regulating authority called “The United Kingdom Gambling Commission” (UKGC).
In this article, we’ll talk about what the UKGC is, why it is important for top UK casinos to have this license as well as what it means for them.
What is the UKGC?
As we’ve already mentioned, the UKGC is short for the United Kingdom Gambling Commission. It is the UK’s online gambling regulator and is one of the world’s best in the online gambling sector. The UKGC was created under the Gambling Act of 2005, in order to regulate all types of gambling within the United Kingdom. In particular, this commission pays special attention to online gambling and helps to regulate betting. It began regulating in 2007 and in 2013 it combined with the “National Lottery Commission” to create a legislation that is widely known in the online industry today.
The Importance of a UKGC Licence
Any casino that wishes to operate legally within the UK must apply for an online casino licence. They should do so with the UK Gambling Commission. In order to acquire this licence, online casinos must adhere to many rules and criteria. Although the licensing process may be strict, it is in the best interest of the online casino to make sure they secure it.
The UKGC ensures that gambling in the UK is open and fair and it also protects underage individuals and those who may be susceptible to gambling problems. Furthermore, UKGC casinos must separate operational and business funds meaning player money is also protected. Funds must also be handled safely, which means that all casinos using this licence need to have safe and adequate payment methods in place. Since the UKGC does not tolerate crime of any kind, it will keep a close watch out for things such as money laundering and suspicious activities.
Holding the UKGC Licence is a Sign of Quality for UK Casinos
UKGC licensed casinos have a certain prestige as the license itself is one of exceptional standards and service. Since this license is superior to most, online casinos that hold this license are ones that can be trusted. As we already covered, the UK are one of the top countries for online gambling, thus online casinos that use this licence have an increased chance of succeeding in the industry. In terms of protection, the UKGC does not only favour customers. In fact, this licence also safeguards online casinos from any customer abuse.
The Superiority of the UKGC Licence
The United Kingdom is not only one of the most popular countries when it comes to online gambling but it also has one of the highest levels of regulation. Due to solid legislation, the UK has created a safe gambling environment for its millions of online casino players. Today, more than 100 online casinos run this particular licence and it’s easy to see why. While there are other sufficient gambling licenses operating in different countries across the globe, the UKGC is miles ahead of the rest. With tons of benefits as well as quality traits, there is no doubt that online casinos will continue to use this licence for many years to come.