Re: John Kelly, some questions about Bet Revolution
For those of you who wonder why these details or licensing are important, here's the long and short of it. In jurisdictions that regulate offshore gambling well, these licenses serve to demonstrate a good faith intent on behalf of the ownership to operate an honest sportsbook/casino. They have to provide details about who all their owners are and the finances which are allocated to the business. The application fee is $15,000, which provides the resources for the Directorate to investigate and confirm every detail submitted on the application. The license itself costs $100,000, plus $5,000 every year to renew, and the ownership is required to deposit another $100,000k to the Commission in trust to satisfy players in the event of a default (bankruptcy). Now these must seem like huge figures, but they exist because nothing less than that can keep players safe in the eyes of the Antiguan government. These sportsbooks are held to the same standard as banks, and if an outfit is claiming to have a license but really doesn't, that's a huge red flag that they have no problem lying to people and likely don't have the kind of money necessary to operate legally even in a country where these businesses are, in fact, legal.
The entire licensing process is explained in plain English right here:
http://www.antiguagaming.gov.ag/files/Application_forms/G017%20Licencing.pdf
It's really quite an interesting read, and only eight (8) pages long.
For those of you who wonder why these details or licensing are important, here's the long and short of it. In jurisdictions that regulate offshore gambling well, these licenses serve to demonstrate a good faith intent on behalf of the ownership to operate an honest sportsbook/casino. They have to provide details about who all their owners are and the finances which are allocated to the business. The application fee is $15,000, which provides the resources for the Directorate to investigate and confirm every detail submitted on the application. The license itself costs $100,000, plus $5,000 every year to renew, and the ownership is required to deposit another $100,000k to the Commission in trust to satisfy players in the event of a default (bankruptcy). Now these must seem like huge figures, but they exist because nothing less than that can keep players safe in the eyes of the Antiguan government. These sportsbooks are held to the same standard as banks, and if an outfit is claiming to have a license but really doesn't, that's a huge red flag that they have no problem lying to people and likely don't have the kind of money necessary to operate legally even in a country where these businesses are, in fact, legal.
The entire licensing process is explained in plain English right here:
http://www.antiguagaming.gov.ag/files/Application_forms/G017%20Licencing.pdf
It's really quite an interesting read, and only eight (8) pages long.