iGaming aggregator and software provider Slotegrator has shared a new article on the United Kingdom online gambling landscape, and what steps operators seeking to obtain a UK Gambling Commission (UKGC) license must follow in order to secure one.
The company notes that the United Kingdom, currently home to nearly 600 thriving operators, is by far the largest online gambling market in the world. A profitable market, the British online gambling industry generated a gross gambling yield of £6.9 billion ($9.3 billion) in the 2020-2021 fiscal year. In comparison, Italy, home of the second-largest market in Europe, posted revenues for 2020 that amounted to less than a third of that figure.
To target British players, companies need to obtain a license issued by the Gambling Commission, remarks Slotegrator. The UKGC considers applicants’ ability to fulfill licensing requirements and suitability to provide gambling services through comprehensive checks, requiring extensive documentation and demonstrated adherence to the strict standards outlined in the Licence Conditions and Codes of Practice (LCCP).
In its latest article, the iGaming aggregator covers in detail the scope and cost of all five types of online gambling licenses available (casino, virtual events, real events, pool betting, and bingo), listing the documentation required to obtain them and the obligations operators incur in under the LCCP — as well as the downsides of operating in the British market.
As the UKGC assesses all applications on two main factors -the business’ intention and ability to uphold the licensing objectives, and suitability to carry out the allowed activities- operators seeking to enter the market must provide an extensive set of documents at the moment of application, which Slotegrator explains in detail in its article.
Compliance and obligations are laid out by the LCCP, an extensive document that outlines all the requirements that operators must fulfill. UKGC licences are so highly valued by operators and players alike because they demonstrate operators’ commitment to running a compliant business. The company details the LCCP’s main features in detail.
The new analytical article also provides insights on application and annual fees, plus limitations operators might find in UK licences, especially within cryptocurrency-based services. Slotegrator’s full article, which explains these topics at length, is available on its website.