Is a betting shop required to be licensed? A question of interest to anyone looking to run a business in the entertainment industry.
At first glance, it may seem to some that betting does not require a licence. What is this business? Let’s find out together.
The office, which opens a sweepstakes, opens the reception of bets on the outcome of a particular event or competition from all comers. At the end of betting the total bank is formed. The organizer receives a percentage of the bank amount. The remaining amount is the prize fund, which at the end of the event will be divided between the winners, who made the winning bets.
The peculiarity is that the sum of the winnings is not known in advance. Participants learn about its size only at the very end. If in a bookmaker’s office the game is conducted with the bookmaker, here – between the players themselves. However, in both cases, the outcome of the draw does not depend on the so-called “randomness”, not on the personal skills of the players. This feature equates the totalizator and bookmaker’s offices.
What does it mean for the organizer? It means that this type of activity requires licensing as well. On the plus side, in most jurisdictions, obtaining a permit for a betting shop and a betting shop is a single process. Jurisdictions offering a universal license for all types of gambling entertainment are the optimal choice.
A gambling licence can be a separate licence or be part of a block of permits for a universal licence. Some 80 countries around the world currently offer gambling licences. When choosing a jurisdiction, it is advisable to consider the following factors:
Among the offshore zones offering gambling licensing, the following jurisdictions are highly popular:
Is it possible to run a betting and betting shop without a licence? It is much easier to organise such activities not from scratch, but by franchising. There are quite a number of partnership programmes for cooperation in this format on the web today.
Both parties benefit. The parent company receives a partial compensation of the expenses incurred in obtaining the permits for the activities of a betting and totalizator. Also, the franchise becomes an additional source of income.
The owner of the subsidiary company gets rid of the need to go through a complicated licensing procedure, record keeping, etc. He has a fully ready-to-go resource at his disposal. It is the best option for beginners.
Looking for a profitable franchise? Trying to start a business on your own and need help choosing a jurisdiction? Contact B2bslots for advice. With us you are guaranteed a fast and successful start in any kind of gambling business!
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