Casino City's Pocket Gaming Directory - 2016-2017 Edition

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casino & Gaming vendor licensing guide
Gaming Industry Vendor Licensing
Excerpted from Casino City’s 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
components are somewhat
intertwined. The audit process