UK Online Gambling Execs Facing Personal Licenses - 02-19-08
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February 19 - It has come to light that according to the United Kingdom's 2005
Gambling Act, online gambling industry executives are required by law to apply
for 'Personal Management License' over and above their company's required
gambling license to operate.
The aim of this is two fold. First, that online gambling executives who fail to
perform their duties honestly and responsibly can be held personally liable.
Second, so that executives that show a good understanding of online gambling
compliance will be scrutinized less.
According to the 2005 Gambling Act, online gambling execs that hold a
Personal Management License can be subject to criminal prosecution for
specific offences, as well as regulatory sanctions if their company breaches any
of the conditions of its operating license.
This means that online gambling industry executives that are 'licensed' are now
automatically subject to investigation and review by the UK Gambling Commission
with regards to their fulfilling their duties and responsibilities as
representatives of their operations.
While at first seeming a little 'drastic', the idea of the senior executives of
the world's largest and most successful online gambling operations being
'licensed' can only benefit the gaming industry, the respective companies and,
ultimately, online gamblers themselves.
