To succeed in the Canadian market, applicants must undergo a lengthy approval process. The process begins with a review of the prospective site’s financial performance and suitability. In addition, applicants are then subject to a thorough security audit and background check. Finally, they must comply with the Gaming Control Act, Ontario’s Gaming Policy Act and various provincial regulations. And here is an article with the best online casino Canada review.
Prospective Site’s Financial Performance and Suitability
The first thing you need to do when applying for a licence from the LCB is to establish whether or not your company has been previously licensed. If it has, the company can only be licensed once every 5 years. This is because if the previous operator was found in violation of one or more of the regulations, the applicant’s licence will be suspended and new licensing applications cannot be filed until that time has passed.
Further, any person who has provided services directly related to the operation of such gaming establishment may not apply as a licensee within five (5) years following the closure date of the prior licensed gaming establishment. In addition to that, the applicant has had their license revoked at some point in the past, it is also necessary to submit evidence thereof before being issued a gaming licence by the LCB. In addition to those items already mentioned, certain other documents must be submitted with the application. These include:
- A copy of all records about the financial condition of the company since its last review;
- Copies of all audited financial statements for the most recent fiscal year, including copies of relevant schedules;
- Names and addresses of existing shareholders and directors, together with their respective qualifications for office;
- Copy of Articles of Incorporation, Memorandum of Association, list of registered officers and Directors;
- List of Registered Employees/Staff employed by the company and their job titles;
- Copy of Resolutions of Board of Directors, including information on the board’s size and composition;
- Date of incorporation;
- Name of the founder(s);
- Year established;
- Place of formation;
- Registered address;
- Number of shares authorized;
- Type of business conducted;
- Managers of the corporation;
- Proof of insurance regarding public liability and personal injury occurring during the normal course of business, which shall cover the time that the applicant intends to hold the licence, as well as a minimum of 1 million dollars ($1,000,000).
Suitability Review
If it appears that the company has not operated in compliance with the applicable laws and regulations, or if there are unresolved issues concerning its operating history, the LCB will investigate the applicants’ suitability. When conducting this investigation, the LCB will request that such companies provide additional information if necessary to determine whether or not their proposed activities would be suitable for the province or territory in question. For example, should a proposal entail the installation of slot machines in what amounts to a sensitive area like school grounds, the applicant will likely require a special use permit.
Similarly, if the location of the proposed gambling establishment involves land considered sacred or otherwise reserved exclusively for aboriginal usage, likely, permission would first need to be obtained from the First Nations community. Moreover, to ensure that gaming operators are held accountable for the outcome of their operations, the LCB conducts a comprehensive analysis of each gaming application. Applicants are then subject to a thorough security audit and background check
Licence Conditions
Licenses are granted subject to conditions that may vary depending on such factors as the type of business involved and the location where the casino operates. Some of the conditions attached to licenses are:
- Gaming licences are granted upon payment of a nonrefundable fee of $50 000, along with an annual renewal fee of $1 500 which must be paid no later than 60 days before the current licence expires. However, payments made online will qualify for a 50% discount on these fees.
- Companies desiring to operate casinos must register a physical presence in British Columbia. As part of this requirement, they must open a bank account in BC to allow them to pay their employees and suppliers. Any accounts opened outside of Canada must be closed immediately after opening a branch within the province. And they are also required to display their BC address prominently on all advertising materials and signage at their place of business.
Conclusion
The government recognizes that gambling can be used to develop communities and contribute to economic prosperity. The purpose of providing access to gambling services, therefore, is to serve the needs of those engaging in gambling activity or those who choose to gamble when given legal opportunities. And the above are the processes taken when reviewing Canadian Casinos.