Casino City's Pocket Gaming Directory - 2018-2019 Edition

58 Sponsored by Casino City’s Pocket Gaming Directory casino & Gaming vendor licensing guide Gaming Industry Vendor Licensing Excerpted from Casino City’s GamingRegulation.com website The gaming industry has experienced unprecedented growth and expansion throughout the world. An essential foundation of the success that has led to such enormous growth has been the use of sound legal and regulatory structures. The robust regulatory systems adopted in various jurisdictions have given the public confidence in the gaming industry, helping ensure fair play for the ultimate consumer and protecting the industry from infiltration (direct or indirect) by cheaters, money launderers or other criminal enterprises. Although each jurisdiction adopts its own laws, rules, regulations and procedures, there are numerous models for regulation followed throughout the world. As such, there are many common themes and practices that anyone interested in conducting business in the industry should be aware of. The value of a gaming license or exemption should never be overlooked by those seeking to do business in this complex but navigable industry. Without a top-down corporate appreciation for compliance, a company’s product development success may be short lived, as it only takes one mistake to derail a company from its gaming-related business efforts. It is important to understand that the foundation of all gaming regulatory systems is an established and ongoing regulatory expectation of “compliance.” If an entity intends to be involved in the gaming industry as an operator, investor, lender, employee, supplier or vendor to a casino or other gaming venue, most gaming regulatory structures require knowledge of and compliance with the jurisdiction’s particular rules and interpretations of rules. Although there are many seemingly universal regulatory concepts that most jurisdictions follow, it is important to understand that dialogue and communication with regulators are critical to success. The basic tenet of compliance is the regulators’ expectation that regulated parties will police themselves, voluntarily comply, and self-report any noncompliance or other matters or situations that the regulators might deem relevant. Most gaming regulatory systems have three major components: (1) licensing, (2) audit and (3) enforcement. The goal of licensing is to ensure that only qualified, suitable companies and individuals are involved in the regulated aspects of the industry. The licensing process is used to keep criminal elements out and to ensure that the licensed parties have the capability (financially, ethically and competently) to provide the role, goods or services that have been offered. This ensures fair play for casino patrons and helps accomplish the public policy objective of preventing money laundering, cheating, embezzlement and other unsavory activities. The audit and enforcement

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