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monitors and reviews compliance
with the applicable laws, regulations,
rules and policies of a jurisdiction.
In the event of a violation, the
enforcement process will come
into play, with regulators enforcing
applicable sanctions. These sanctions
can include the loss of the privilege
towork in the gaming industry in that
jurisdiction, suspensions for certain
lengths of time, fines, reprimands or
other unique penalties developed by
a jurisdiction.
Many times, if issues arise that
compromise one’s gaming license,
it can and will have a profound
negative effect throughout other
jurisdictions that require reporting
of such events.
Gaming regulatory bodies in various
jurisdictions are all involved in
licensing and regulating their casino
operations. In most jurisdictions,
there
are
also
regulatory
requirements and possible licensing,
registration or exemption processes
with respect to vendors and suppliers
to casinos.
Some jurisdictions only regulate
companies
selling
gaming
equipment to casinos, while many
others have requirements applicable
to nongaming suppliers, as well.
The value of a gaming license goes
beyond the simple authorization to
provide goods or services to casino
clients in a single casino gaming
jurisdiction. The license also serves
as confirmation to regulatory
bodies both inside and outside the
traditional commercial and tribal
bricks-and-mortar casino industry –
such as those that regulate iGaming,
horse racing, dog racing, charitable
gaming and state lotteries – that the
company and its principal employees
have successfully passed through a
rigorous suitability, operations and
financial review. Proper licensing
provides assurance that a company
operates according to high standards
of integrity and compliance.
As gaming authorities are in
close communication with their
counterparts in other jurisdictions
and other gaming industries, a
strong reputation in one jurisdiction
can provide a platform for future
compliance
efforts
in
other
jurisdictions as a company expands
into new gaming markets.
In addition, most gaming markets
are also home to various gaming
associations, which serve to unify
and educate industry partners. Such
associations are important to the
gaming industry as they seek to unify
the interests of operators, suppliers
and regulators, respectively.