Armenia Gambling License
Before a business owner secures the license permission to function, a set of sector-specific license requirements and compliance rules must be met.
Thirty-two countries prohibit local operators form operating without licenses, yet gambling sites that operate from abroad are allowed to offer their services to local residents. These include Armenia, Seychelles, Greece, Monaco, Canada, Norway, Sweden and many more. A global directory of gaming associations. Gaming Industry Associations Our global directory of gaming associations includes 299 associations in 44 countries. Armenia is a sovereign state in the South Caucasus region of Eurasia.Located in Western Asia, on the Armenian Highland, it is bordered by Turkey to the west, Georgia to the north, the de facto independent Republic of Artsakh and Azerbaijan to the east, and Iran and Azerbaijan's exclave of Nakhchivan to the south. The Armenian government approved last week proposed changes to the country’s casino regulations and the way casino investors are licensed, Russian gambling news outlet News of Gambling has reported citing local media. Under the new rules an investor or a group of investors will receive a license for the construction and operation of a casino,.
A primary purpose of such procedure was designed to determine the behaviour of everyone associated with a particular gambling organisation in order to eliminate the faintest deviation from the jurisdiction’s protocol. Documented information about a business owner, business partners and employee should be provided as a result.
Basic terms and conditions of the Gambling Commission:
- a detailed description of gambling business: an owner of the gambling business should provide the detailed and current information in a particular field of gambling he is planning to run;
- accounting data reports and auditing information;
- a clear description of games offered to the visitors, games specification and system functionality.
Requirements for the owners of gambling businesses:
The regulations of various jurisdictions can vary, however, the license is a must for any authorised gambling business entity that has implemented proper business-planning efforts to stay solvent.
The requirements for obtaining the license for gambling companies are almost the same as for financial companies, insurance companies, banks, exchange offices, etc. They primarily concern accounting and auditing, in addition to functionality of the games and a detailed description of the company’s business activity:
- A good reputation is an asset, which includes: the lack of criminal responsibility, verified identity, proven credit track record, positive credit history information of the owner and employees;
- Detailed summary information on the structure and finances to determine whether the company possesses sufficient resources for the full-fledged business in the field of online gambling.
Employment data requirements:
The primary requirement for almost every jurisdiction is that one of the directors of the company has the citizenship of the country, where the license will be issued. The development of some other rules that will exclude the possibility of applying for a business license in the field of gambling to persons who do not have the sufficient experience in this area as well as the necessary financial capacity is also possible. In a case of non-compliance with certain gaming license requirements, a gambling committee may reject an application for a license. If approved, the company agrees to conduct their business under the laws of the given jurisdiction.
To facilitate the process of obtaining a license, many gaming committees offer to split for a few jurisdictions in the country. If the company plans to start working in one of the online gaming niche-fields, GamingLicensing experts will gladly help you every step of the way, ensuring a smooth application process.
GamingLicensing team of professionals will provide a detailed information covering all the major nuances on how to obtain a gambling license in certain jurisdictions, that would be tailored to your particular needs and budgetary Basically, you’ll get a bunch of highly experienced professionals who will make sure your company fits all of the gaming license requirements and is ready to run a successful business.
FAQ
Who issues gaming licenses to gambling companies?
Gaming licenses are issued by special commissions called gambling commissions. It is in their jurisdiction to issue gambling licenses, regulate online gambling, and decide which gambling companies are eligible to obtain a license based on their business conduct and codes of practice.
What are the basic requirements imposed by gambling commissions?
The basic requirements gambling business owners need to meet to obtain a gambling license include giving a detailed description of their business and the type of gambling operation the company intends to run.
All accounting and data reports need to be submitted for revision as well. Also, you need to provide an unambiguous description of games offered to players, as well as the games’ specifications and functionality.
Are there any requirements for business owners?
Business owners are required to submit financial reports, bank statements, and credit card rating reports to prove their companies are financially capable of maintaining a full-fledged online gambling business. Moreover, a good reputation and a lack of criminal record are considerable assets.
Are there any employee-specific requirements?
Almost all gambling commissions require that at least one of the company directors is a citizen of the country where the license is to be issued. Also, considerable expertise in the gambling industry is required from the company’s employees since that will guarantee the stable operation of the gambling business.
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Georgia’s largest betting operator adjarabet has signed a strategic partnership agreement with event organiser SBC that sees the Flutter Entertainment-owned business become the exclusive betting partner of the forthcoming SBC Digital Summit CIS.
The senior executive team of adjarabet will also play a key role in the virtual conference and expo on 4 – 5 November, with three of them joining the line-up of 75 expert speakers from betting and gaming operators, governments, suppliers, law firms and professional sports in the CIS, Georgia and Ukraine.
Deputy CEO and member of the Board of Directors Irakli Asanishvili, and Management Board members Irakli Davarashvili (CMO)and Giorgi Gvenetadze (Gaming Director) will share some of their unrivalled expertise on one of the agenda’s key themes – how to grow a gambling business in the region.
Headquartered in Georgia, adjarabet has a market-leading 40% share of the fast-growing regulated online sector in its home territory and up to a 20% share of the developing regulated market in Armenia.
The success of the sportsbook, casino and poker room attracted the attention of major international gambling companies and, in February 2019, Flutter Entertainment paid £101 million for a 51% stake in adjarabet.
At the time of the deal, the London-listed gaming giant cited adjarabet’s “leading brand presence and strong management team” among the factors that made it an attractive acquisition target.
Speaking ahead of the SBC Digital Summit CIS, Asanishvili said: “adjarabet joined the Flutter family in 2019. We attribute this success to our team’s solid gaming experience, and to our organic market development.
“I am particularly proud of adjarabet.am. It has become the second biggest player in the Armenian gambling market, after only three years of operation.”
Davarashvili added: “adjarabet’s core brand value is to offer unrivalled entertainment and creative campaigns to its customers. Our novel approach to the ever-growing competitive online gaming industry is to always be the pioneers in creative ideas and implement campaigns which might seem impossible at the first glance; a good example of this is ‘Arena’.”
Arena is the first ever interactive movie-game. It allows each player to decide how their movie plot will develop, while playing different games within the movie. Every decision has an influence on the outcome of the next scene. This campaign has landed adjarabet a place on the shortlist for Marketing Campaign of the Year at the SBC Awards 2020.
Delegates at SBC Digital Summit CIS, which is being organised in association with Sports Media Holding, will have a rare opportunity to benefit from the experience of adjarabet’s hugely successful management team when they share their insights on doing business in the region.
Rasmus Sojmark, Founder & CEO of SBC, said: “Our international betting and gaming industry events are renowned for the quality of their speaker line-ups, so we’re delighted to be joined by some of adjarabet’s leadership team for the debut edition of SBC Digital Summit CIS.
Armenia Gambling License Application
“adjarabet has led the way in the thriving Georgian market with a combination of a great product, inventive marketing strategies and excellent customer service, and it will be fascinating for our audience to hear the inside story of how it achieved that.”
Lasha Machavariani, Founder and CEO of Sports Media Holding, said: “The opportunities which CIS gaming markets offer are astounding, but to capture those, one needs a very clear understanding of the uniqueness of these markets and customer behaviour patterns. And the upcoming digital summit offers a great way to understand those nuances.
“Also, it was a great honour for me to have played a part in establishing a strategic partnership between adjarabet and SBC through the SBC Digital Summit CIS.”
Armenia Gambling License Requirements
In addition to the high-level conference focused on the issues driving the growth of the betting and gaming industry in the region, the event has a number of features designed to help delegates learn and make business contacts.
There will be an interactive product display area with leading suppliers showcasing the latest sportsbook, casino and payments innovations tailored to local markets, as well as a programme of networking roundtables to make it easy for attendees to connect and talk business.
Click here to register for a free pass for SBC Digital Summit CIS.