Source
r/FunfairTech•
usuallyrealistic

A quick note on the license that FunFair is planning to apply for this month.

Hey all, just wanted to write this to clear up any misconceptions.

FunFair is not a casino, therefore they do not need a casino operator license. However, they do license their technology & software out to separate casino operators, so they will be applying for what is called:

A Remote Gambling Software License.

It is important to note that this license is being applied for in the United Kingdom only.

FunFair will continue to carry out their business plan irrespective of this license, because the UK is just one market, and one regulator. This particular license that FunFair is applying for is simply a nice thing to have in this jurisdiction because it opens up new opportunities to UK-based operator partnerships.

If the license is rejected (very unlikely), then FunFair will simply segue into other international entities that they're already familiar with, perhaps Malta. Additionally, there are many unregulated territories where no licensing is required.

This is basically stating that the Remote Gambling Software License that FunFair is apply for from the United Kingdom Gambling Commission is simply one piece of the puzzle.

More info here: http://www.gamblingcommission.gov.uk/for-gambling-businesses/Do-I-need-a-licence/Operating-licences/Remote-gambling-software-licence.aspx

Cheers.

P.S. It is also safe to note that many of the team members have had personal gaming licenses within their respective jurisdictions over the past years, including the CEO. Yet another reason to be confident in the team acquiring this license.

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/6746

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/3738

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/44561

Posted Jan 8, 2018, 10:05 PM UTC · edited

8228
zekypolice•

Brilliant. This project is going to be huge!

21
hotlantabravefan•

Great article and great community! This license question gets asked constantly, it's a hot topic issue so it's good to see a clear explanation as to what the license is for and that members on the FunFair team have had this license in the past. I have no doubt the license(s) will be attained.

9
_CryptoSmith_•

Thanks for clearing that up

6
thepuppyonwallstreet•

Does anyone know approximately how much time it will take before the application is accepted or denied?

2
increase-ban•

This is what I want more info about as well. Are they applying at the end of the month or have they already applied and should get results by the end of the month?

1
ViezeVingertjes•

They have already applied, Jez said it could easily take a month or so.

1
Zlatan4Ever•

So if everyone expecting a license. It's a done deal. No price correction (upwards) because it is pretty much going down right now, good for us, we are buying.

2
ViezeVingertjes•

The license is a 'nice to have' anyway. It's not like they can't operate without it. But indeed, it's a done deal too, just a formality.

2
Nick-SBS•

Great write up!

1
fcecin•

They hand out these licenses to closed-source software shops. How much easier it is to hand it out to an entity that deploys the RNG as a completely public, cheat-proof smart contract. This is a test for the regulator agency -- i.e. can they understand "blockchain"? -- not FunFair.

1
DatNyoongah2•

screenshot about FUN FUDDING https://imgur.com/fQIAwap

1
whitenotwright•

OK, this is what I was wanting to understand. Thank you!

1
hellypuppy888•

Basically a formality.

1
vickar12•

If the license is rejected the price will drop in extreme fashion.

-7
Timelapze•

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/6746

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/3738

https://secure.gamblingcommission.gov.uk/PublicRegister/PLSearch/Detail/44561

Do you think they are going to reject a license to these guys?

That's like being a professional driver and having a professional drivers license, then applying for a standard license.

10
madscandi•

The UKGC are really strict. This is not something you can just waltz in and get

1
Timelapze•

Im not discounting that fact. Im merely stating that this team has 10+ year old licenses. They are clearly transparent and competent with many years experience and prior approval of the very license they are applying for from those experiences.

2
Commissar_•

Well then, it's a good thing the team is so confident that the license will be acquired. This isn't some half-rate group of nobodys like some other gambling/casino-type projects... the team has decades of experience in online gambling.

Numerous team members have already been vetted by UK gaming authorities in the past in pursuit of their own personal licenses.

Not concerned in the slightest :)

9
vickar12•

I know the team is great and they look very serious. But I think they should be more active and tell us investors what they are doing at the moment. They are very quiet on Twitter.

-5
Commissar_•

Whoever manages the Twitter account certainly needs to be a bit more active.

The team (Jez, Oliver, and a lot of others) are very active in Discord. Jez also answers a lot of questions in Telegram.

A lot of the good info that finds its away to this sub is gleaned from info we get on those platforms.

13
vickar12•

Okay I don't use Telegram and have't seen the discord.

1
archonomous•

How do I access their Telegram?

1
Pughdog403•

They have always been this way. Hex does get involved but they are professional. They are night hyping anything. Don’t be so needy. These guys have a real project they are way ahead of the competition. If they had any problems with their roadmap they would let us know.

3
electricspresident•

try telegram or discord. I had some success there. Also a lot of questions that have been asked repeatedly are covered there. but Jez is probably busy af ? but their customer service dept probably can get you the info.

1
[deleted]•

[deleted]

1
vickar12•

Yes but failing at your first attempt will create FUD.

1
[deleted]•

[deleted]

1
vickar12•

Yes. Hopefully Fun will reach 1 dollar this year.

1
madscandi•

The UK is by far the most important licensing regime in the world. If they ever hope of getting one of the big casinos on board, they will have to be UK licensed, because none of them will change their backend outside of the UK and not inside

1