183 Parties show interest in online gambling license
We need to be patient before legal gambling can take place in the online casino. The current schedule is that this will be possible from January 1, 2021. The law itself is expected to come into force six months earlier. That all seems quite far away, but a lot has to be arranged. For example, a survey of interest was planned to find out how many parties are interested in applying for a permit. The parties could indicate this until 21 June at the latest. The final number was 183, half of which came from our own country.
Submission costs application and financial guarantee almost eight tons
Half of them are expected to receive a permit from the KSA. This is because there are strict requirements to come into possession of such a piece of paper. For example, around 875,000 euros must be coughed up by every party that wants to be eligible. Of this, 45,000 consists of the costs of submitting an application alone and the remaining amount is intended as a financial guarantee. There will also have to be a contribution to a fund that aims to combat gambling addiction. Small players on the market will therefore fish next to the boat. There is, however, a good reason why so much money is involved. It must be possible to prove that it has sufficient money to make the necessary preparations. For example, one must be able to cash out winnings and guarantee the safety of the player as much as possible.
Companies wishing to receive a license must, among other things, consider a number of important issues, for example with regard to gambling addiction. You do not just receive a KSA permit. In addition, strict controls will take place once you have received it. If the system is not watertight, you run the risk of getting a hefty fine or even losing your permit in the most extreme case. Only the serious companies will be left with this, this is exactly what the Online SpinIt Casino review gambling market has in mind. It was previously known that companies that were previously guilty of criminal offenses and have been fined for this, are most likely not eligible for a license.
Incidentally, parties that have made an interest declaration cannot be made obliged to also apply for a permit. This seems to be a non-committal way with which you are automatically informed of the latest developments, but that is not the case. The KSA can in any case approach the interested parties directly about the course of the process.
Start date open online market only target date
We must keep in mind that the date mentioned when the online casino market will open is only a target date. The proposal must first be approved by the Upper and Lower Chamber. This can be read on the Ondernemersplein website of the Chamber of Commerce.