Unleash Your Inner Gambler With Leovegas Casino Games

Unleash Your Inner Gambler With Leovegas Casino Games – The Dutch gambling market is developing rapidly. In a previous blog, we wrote about changes to Dutch gambling laws, such as the liberalization of the casino market and plans to open up the online gambling market. This plan has now become a reality. The Remote Gambling Act (Koa Basah) comes into effect in 2021. April 1: a day that, according to the chairman of the Netherlands Gambling Authority (KSA), René Jansen, everyone in the KSA has been waiting for a long time. time. In this blog, we will keep you up to date with the latest developments in the gambling market and, as it is also a work in progress, we will provide you with some tips on how to apply for an online gambling license.

Emerging markets need proactive regulators. A few years ago KSA should have been inactive. Since the Betting and Gambling Act has until recently prohibited online gambling, the past and current provision of such gambling services in the Netherlands is essentially illegal. Currently, only Toto (sports games) and Runnerz (racing and horse racing) can legally offer online gambling services. All other service providers must ensure that the service is not provided in the Netherlands. KSA has taken strict action against illegal gambling as it is impossible to verify the reliability and honesty of the services they provide. in 2019 September 17 KSA fined Royal Panda and LeoVegas €400,000 and €350,000 respectively. Both companies are trying to reach Dutch consumers by enabling online gambling payments through the Dutch IDEAL payment system. in 2021 January 8 The KSA also fined Virtual Coin Gaming €500,000 and related parties €100,000. The sanctioned company offers illegal online gambling services in the Netherlands through the FutGalaxy website.

Unleash Your Inner Gambler With Leovegas Casino Games

This example shows that the KSA actively promoted the (until recently) illegal online gambling market. But fighting illegal online gambling is a futile task. An important feature of “remote” gambling is the absence of physical contact between the provider and the player. Since many European countries have not previously issued licenses for online gambling services, many companies have set up offices in favorable conditions to reach European consumers (Malta is a low point for the Netherlands). Due to the borderless nature of the Internet and the rapid development of technology, proper enforcement is almost impossible. Insisting on companies wanting to set up offices in Europe and offer legal online gambling services, many European countries such as Italy, France, Germany, Spain, Belgium, Denmark and Sweden have legalized and regulated the market. In light of this development and the relatively high number of illegal gambling services in the Netherlands, the Netherlands, as one of the last countries in Europe, also decided to open up the online gambling market.

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There have been calls for opening up the gambling market in the Netherlands for some time. in 2005 Bill was introduced and can also offer Holland Casino online services. However, the bill was defeated in the Senate (Eerste Kamer). The first concrete intention to fully regulate the online gambling market can be found in 2012. VVD and PvdA coalition agreement. The coalition agreement outlines an effort to “modernize” gambling policy and “regulate” online gambling services to reduce illegal online gambling activities.

After that, in 2013, a draft law was adopted that the coalition agreement was implemented. After a long legislative process, KOA Basah in 2016 July. adopted by the parliament (Tweede Kamer), and in 2019 February. Senate. Although the Remote Gaming Decree and the Regulation of the Minister of Remote Gaming were also adopted, thus implementing e.g. , Addiction Prevention, Consumer Protection and Fraud and Crime Prevention, KSA replaced by KOA Basah and lower licensing process rules. From 2021 April 1 it is now possible to apply for a license on the KSA website. The first group of license holders should offer services online from 2021. October 1

Since KOA Basah has only been implemented since April, the market (until recently) is generally an illegal market in unregistered areas for all parties involved. To get an idea of ​​the size of the market, several countries, including KSA, analyzed the Dutch online gambling market.

It is estimated that more than 1 million people in the Netherlands engage in online gambling from time to time, and the Dutch online gambling market is worth approximately €1.1 billion. Most (70%) of the services offered will be valid after the installation of KOA Basah. KSA expects to attract 9 out of 10 current players from illegal suppliers. In addition to estimating the size of the market, the KSA also tries to predict how many gambling service providers would want to enter the online market once it opens. in 2019 a survey conducted showed that more than 125 companies from the Netherlands and abroad were interested in the license. Depending on the number of license applications, KSA itself expects to issue between 70 and 80 licenses in the initial licensing process. These expectations are in line with the opening of the online gambling market in Sweden. The Swedish equivalent of the KSA has now issued more than 80 licenses.

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Based on the information published on the KSA website, the licensing process can be calculated. One thing is for sure: the process of applying for a license under KOA Basah is complicated. To quote KSA chairman René Jansen: “I can assure you: [licensing] is not easy.” Interested companies must meet strict requirements for addiction prevention, consumer protection and fraud and crime prevention. Currently, the process consists of 16 subtopics, which will be briefly discussed below.

General requirements (1) The licensing process stipulates that the license application must be submitted in Dutch. The application fee is up to €48,000. All legal entities and their direct and indirect predecessors must be investigated to ensure that the interested applicant (2) is credible. An organizational chart must also be provided. In addition to credibility, the integrity of the applicant (3) also plays an important role. In order to demonstrate that gambling fraud and abuse is prevented, the applicant must submit an integrity policy, including an integrity risk analysis. KSA has also set up a large shop with permanent (4) applicants. Applicants must demonstrate that gambling funds are separate from working capital and may be required to provide a guarantee.

Finance is another important aspect of the license. The applicant must develop a policy document demonstrating that adequate safeguards are in place for secure settlement of (5) payment transactions. In addition, it must be stated that the payment instrument used is issued by a licensed credit institution. In addition, the applicant must ensure that (6) gambling funds are segregated from other assets. This can be done with a bank guarantee, trust account fund, trust account or other provision. Finally, the applicant must provide a financial guarantee (7). This can be, for example, a bank guarantee, deposit or guarantee.

Another important aspect of the licensing procedure is to verify that the applicant meets the requirements of (8) Money Laundering and Terrorist Financing (Prevention) Law (Wet ter voorkoming van witwassen en financieren van terrorisme) and (9) Sanctions Law (Sanctiewet). , and terms relating to the prevention of match-fixing. The applicant must establish an anti-money laundering policy to comply with the requirements of the Money Laundering and Terrorist Financing (Prevention) Act. The Sanctions Act requires applicants to complete a declaration as part of the digital application form. These legal requirements also apply (10) in the case of outsourcing. In order to be able to demonstrate that the legal requirements are also fulfilled in the case of outsourcing, an outsourcing policy and an outsourcing agreement must be established and a compliance officer must be appointed.

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There are also certain requirements related to player registration, data storage and gaming system verification. Applicants must demonstrate, for example, that they can verify that the player is registered (11) in the Central Register of Removals (CRUKS). For this purpose, the applicant must submit a release declaration. The applicant must also establish (12) an internal control system. To this end, a policy document should be drawn up outlining the system and the officers responsible for oversight. Applicants must also have a control database (13) that allows the KSA to access certain digital data. The supervisory authority must also check the applicant’s gaming system. The results of the inspection of the gambling system (14) must be submitted to the KSA.

Finally, some conditions apply (15)