Online Casino Licensing
Online casino licensing is actually simple to understand as players. There isn’t that much we should be worried about when it comes to which permit an online casino has other than whether or not it accepts players from the country where we live. Generally speaking, the license of an online casino doesn’t grant us any protection as players. The only exception is the UK gambling commission (Maltese License) which monitors the casinos they accept. Unfortunately, at the time of writing this page, none of these casinos accept Litecoin. Besides the UK Gambling Commission, over a dozen jurisdictions grant online casino licensing, and not all of the equal quality. Among them are Malta, Curacao, Canada, Cyprus, and more.
While a license from Malta might be considered the best, most reputable license, it doesn’t mean that online casinos licensed in Malta are the best. What matters most is reputation. Some of the best legit litecoin casinos have a good reputation, and we will talk further about it later on on this page.
Licensed LTC Casinos – Types of Casino License
Curacao is a small Caribbean island that provides gambling licenses. It offers several advantages for online casinos that get their license there.
Among these advantages are zero percent tax on profits, a speedy procedure, and generally cheap maintenance and renewal.
From our point of view as players, this casino has very little to offer. It does not monitor online casinos’ activity and is in no way taking responsibility for actions taken by the regulated brands. So, why do we recommend licensed LTC casinos with licenses from Curacao?
How come the best legit litecoin casinos have this type of license? That’s because we list casinos based on reputation! When an online casino has a good reputation, it won’t destroy it for one player. This reputation is priceless. And online casinos will always attempt to maintain that reputation, regardless of licensing.
In Canada, you can also acquire an online gambling license. This license is considered more strict. It requires online casinos to go through several more steps to apply, and it is more expensive.
With that said, the Kahnawake gaming commission also doesn’t have anyone taking any actions to monitor casino activities, and no one will be responsible in any way for actions taken by online casinos licensed by it, except the casinos themselves.
Malta Gaming Authority provides two kinds of licenses – B2B and B2C, both for five years. Operators that make the additional effort to obtain the prestigious Maltese license will have access to UK players. That’s because the UK Gambling Commission allows online casinos with a Maltese license to operate within the kingdom. Being granted this license requires an online casino to meet several requirements. Some examples of these requirements are filling financial statements, ensuring player’s privacy, and following the Responsible Gaming Policy.
The procedure has several steps to it. The first step is applying and receiving a temporary license for six months. Next, based on the activity in the first six months period, a five-year license is given.
Online casinos allowed in the UK Gambling Commission are monitored and supervised. Also, they must provide the UK government a large sum of money to cover any legal expenses that could potentially occur as a deposit. Unfortunately, at the time of writing this page, there are no licensed LTC casinos accepted by the UK Gaming Commission.
A Gibraltar license is also considered solid, although quite rare. To get it, online casinos must prove financial solvency. They must also process all of the casino’s transactions in Gibraltar’s banks. Once again, this license does not monitor the activities of casinos.
Finding licensed LTC casinos is not all that’s important. An online casino’s reputation is the far more important factor because it is harder to achieve. Getting an online casino license is easy. An online casino has to open a company abroad in one of the dozen locations available. Pay a sum of money ranging from €10K to €50K. And that’s it. It can accept money and operate as an online casino.
What’s a lot more challenging for online casinos is finding players willing to play at them. And once they do, they don’t want anyone to leave, which is why we recommend them. All the online casinos recommended by us have a solid player base and years of reputation. One bad client can cause many others to leave or start looking for alternatives. It might feel safer to play at online casinos with a solid license, and in that case, we would suggest going with one accepted by the UK Gaming Commission. However, it is not mandatory, truly. And if you are fixed on paying using Litecoin, you really don’t have any other choice! We guarantee using any one of the online casinos listed on this page will yield a good, if not great, experience.