Gibraltar is recognized worldwide for being one of the best offshore financial institutes. It is situated on the tip of the Iberian Peninsula, north of Morocco and south of Spain to be precise. It is easily noticeable because of the iconic Gibraltar Rock. As self-governing British Crown Dependency, the United Kingdom is only responsible for the external relations and foreign affairs of the Government.
As a matter of fact, Gibraltar is a full member of the European Union. The Gibraltar Regulatory Authority (GRA) was established in 2005 and it is reputable for regulating some of the top best bookmakers in the iGaming industry.
Licensing Requirements
In order to be awarded a gambling license, the operator must meet and adhere to various requirements as well as certain amount of annual charges. We have discussed in details some of the rules set by GRA.
Location: All the activities of the licensed company must be operated from Gibraltar and it must be in a position to produce a list of key personnel when need be.
Taxes: Online casino operators are required to pay a tax equivalent to 1% of their gross profit. The system has been used since the implementation of the 2005 Gambling Act.
Advertising: All advertisements by the casino must not affect minors or be intended for the jurisdiction where gambling is illegal.
Accountability: The licensed company is in charge of all bank accounts and must not be located outside the Gibraltar jurisdiction.
Stable Bankroll: The license holder must have sufficient funds to fund all expenses including player payouts.
Testing: All the casino software must be tested regularly by recognized test houses such as iTech Labs, SQS India Infosystems, BMM Compliance and eCOGRA.
Player Information: Every player must submit personal information including date of birth, physical address and full names.
Types of GRA Gambling Licenses
It is the role of Gibraltar Regulatory Authority to issue licenses to online gambling operators as well as investigating their eligibility. They follow some strict rules before the license is issued. Moreover, the potential operator must have a clean record in gambling and have a stable bank account. As of now, the GRA boasts of offering seven different types of licenses including:
- A pools promoter’s license
- A remote gambling license
- A lottery promoter’s license,
- A gaming operator’s license
- A gaming machine license
- A betting intermediary’s license
- A bookmaker’s license
Roles and Responsibilities
Gibraltar prides in licensing some of the top best online casino operators. They have a role of maintaining a transparent gambling environment as well as regulating all licensed in a strict but fair way. Below are their four main roles:
- Respond to every player complaints and take the necessary action where necessary.
- Enforcement of the legal framework to ensure that player safety is guaranteed.
- Leading the market with innovative ideas and technology.
- Ensures that the authority maintains transparency and player safety.
How to Obtain a GRA License
All applications for a GRA license must be addressed to the Licensing Authority operating under Gambling Division H.M Government of Gibraltar. The following conditions must be put into consideration:
- Enough funds to fund all consumer payouts
- Must have a good financial standing with a reasonably detailed business plan
- Compliance with advertising terms and conditions
- Must be able to maintain effective control of the business in the jurisdiction at all times
- All financial matters and players credit card information shall be handled in banks
- You must submit yearly returns and accounts
Filing a Complaint with GRA
The only recommendable way of raising your complaint is by reaching the Gibraltar Licensing Authority is via email. It fast and it offers a step by step guide in the complaint form. Some of the most common complaints at GRA include connection problems, customer documentation, suspended accounts, bonus issues, terms and conditions, disruptive behaviors, unrelated issues,
canceled wagers, software bugs and unfair games.