Gibraltar, as a territory, has issued gaming licenses since 1998. Its name is the Gibraltar Gambling Commission. This, in turn, has resulted in this territory, gaining a good reputation as stable and a reputable base for gaming operators and companies.
There is a few major attraction to having a Gibraltar Gambling Commission license, and that’s it’s no VAT policy, low tax rates and an excess of well qualified and professional employees. It is currently regarded as one of the best Regulatory Authorities worldwide for online casinos us and other countries that partake in online gambling. All thanks to its insistence on fairness, integrity checks on the software used by all of their licensees.
How does the GCC protect players under this license?
Online Casino operators such as those listed at cancasinos casino who want to get a license issued by the GCC have to meet several strict conditions as well as be able to make regular payments of several annual fees.
To protect the players, they demand the following from their licensees as well as potential licensees to ensure players do not fall prey to rogue online operators. The following are the requirements;
The company must have premises in Gibraltar, and a key person must be available on demand.
Their online casinos must pay 1% tax on their gross profits.
Marketing material must contain accurate information on games, bonuses and prizes.
The licensees must have bank accounts in Gibraltar. Furthermore, they need to present audited financial transactions annually.
The GCC also require the casinos to have the necessary capital to cover players payouts at all times.
All the software used by the GCC licensees must test to certify fairness.
Gibraltar Gambling Commission Conclusion:
A license from this reputable Authority is like Gold due to its ethics and strict adherence to regulations. Its tax rate is also low, being 1% of revenues. To have a license from the Gibraltar Gambling Commission automatically puts casinos in the elite. Moreover, online casinos with unscrupulous pasts will find it almost impossible to enter this realm. Gibraltar is one of the best offshore locations for online gambling activity. Added to this, it has a stable political climate, banking laws that are uncomplicated to make it a gambler’s haven.