Gibraltar Regulatory Authority | The GRA license
The land of caves, mountains, and rocks – Gibraltar stands as an epitome of hardship, strength, and stability. Similarly, the Gibraltar Regulatory Authority strives to stand as the pillar of trust, endurance, security, and support in the world of gambling and casinos. Considered to be one of the pioneers among the top gaming authorities of the world, Gibraltar Regulatory Authority holds an eminent place in the entire betting industry. Since it works under the strict supervision and surveillance of the government laws, the authority maintains international standard in fixation of price, gaming standards and performances.
Gibraltar Regulatory Authority came into operation in 2005, however, in 2013 the company brought about some significant changes in its regulatory and licensing procedure. Since its inception, the organization has introduced strict measures and legislation regarding the accessibility, data privacy and users’ security at the gambling platform. The organization tries to make the world of gaming and gambling a respectable place where the participants are encouraged to display healthy behavior that guarantees a safe and secure experience at the casinos.
Duties of Gibraltar Regulatory Authority
- Gibraltar Regulatory Authority works to impose legal restrictions and procedures recognized by the British and European Gambling Acts.
- The organization enforces data protection law in Gibraltar. Adherence to EU legislation by the authority endorses the right to information and promotes data privacy.
- The complaints and allegations of the players are attended and scrutinized by a team of experts who help the participants to resolve their issues at the earliest.
- The strict protocols introduced by the Gibraltar Regulatory Authority keeps money laundering, corrupt gaming practices and fraudulent bookmarkers at bay.
- The body keeps itself updated with the latest innovation in gaming and provides some of the most versatile gambling experiences.
Types of Licenses
The Gibraltar Regulatory Authority is the ultimate judge who exercises full control over the eligibility criteria of the betting companies in Gibraltar. Once that is done, based on their eligibility, the applicant is entitled to different types of licenses. These include:
- Promoter’s license- lottery and pools
- Gaming operator’s license
- Gaming machine license
- Intermediary’s license
- Remote gambling license
- A bookie’s license
The betting taxes are set to as low as 1% of the turnover with a minimum tax payable annually of £85,000. The licensing fee is fixed at a margin of £2000. For online casinos, the gambling taxes are levied at 1% of the gross profit.
Gaining a license from Gibraltar Regulatory Authority (GRA) is a matter of prestige for every bookie. Since Gibraltar Regulatory Authority is one of the most trustworthy names among the players, it has strict rules regarding licensing. It is this licensing criterion that makes it so difficult for casinos to receive a license. The applicant must comply with each of them to get it listed with the Authority.
- The rules can be categorized under the titles ‘Bookie-to-bettor transparency and consumer protection’, ‘Anti-money laundering requirements’, ‘Gaming taxes’ and ‘Operating standards’.
- The first and foremost condition to be fulfilled by the applicant is that it must directly operate from Gibraltar.
- Valid documents of ownership have to be presented by the applicants.
- Separate accounts for the operational funds and customers’ funds should be maintained.
- The owners and his associates should have a clear track record.
- The owners and the employees should be well versed with the operational skills required to run a casino.
- The companies must ensure a strong cyber security cell.
Benefits of a License from the Gibraltar Regulatory Authority
GRA has been a hallmark of authenticity and integrity in the world on betting and casinos. Such controlling body offers many benefits and advantages to its clients. The punters can enjoy bonus on winnings, and receive a good payout because of fair games which result in satisfied customers.
On the other hand, casinos attached with GRA are levied with zero VAT payable to the government. In fact, a substantial share of the tax collected from online gaming in Gibraltar comes from GRA licensed casinos. This amount adds to the UK government’s profit every year by around £300 million.
Gibraltar Regulatory Authority in collaboration with the EU laws (transposed into national laws) works towards establishing equality, fair play, and transparency in regulating gambling in across all the licensed casinos. It ensures protection at every level and prevents leakage of information.
The license from the Gibraltar Regulatory Authority ensures a secure place to the vulnerable young players and safeguards them against any illegal encroachment. Gibraltar Regulatory Authority helps worthy casinos acquire this seal of trust. Only the best can receive a license from this strict regulator that ensures the protection of the interest of players in those casinos.