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Enquiry as to whether my app will need a gambling license?

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  • Enquiry as to whether my app will need a gambling license?

    Hi,


    I am building a UK app which is essentially a derivatives market for football players.

    In terms of how it would work is as follows:

    i.e. users can invest in a player i.e. Cristiano Ronaldo who's price would be something like 2. And then due to supply and demand forces in the market, the price of this derivative (as users do not actually own Ronaldo) would increase/decrease based upon users perception of his performance.

    My app would only determine the formula for the pricing of this football derivative and transfer money between those who buy the derivative and those who sell the derivative - I won't determine any odds like betting shops - merely being a marketplace to connect derivative buyers to derivative sellers.

    Would I need a license? If so how much would an app-based license approximately cost at the launch of the app and subsequent years?

    Please advise,
    Regards,


    Tags: None

  • #2
    That's a very specific question and one which probably warrants specialist legal advice, after all this is a consumer law forum. I have no knowledge on gambling laws but it would sound like it might require a licence and I suspect one would need to know a detailed explanation as to how the app works before determining whether a licence would be needed.

    Have you spoken to the Gambling Commission to see if they can assist or point you in the direction as to how you might determine whether a licence is required? I even wonder if your description about derivatives might even fall within the Financial Conduct Authority's remit meaning you would have to be authorised by them, as opposed to the GC.

    The link below is likely to be a useful starting point, otherwise you ought to see a specialist lawyer.

    https://www.gamblingcommission.gov.u...usinesses.aspx

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    • #3
      Thanks for sharing and I have no knowledge of this because I don't in an IT field. So I can not easily understand this, Because I have only focus on my musical career. Gustavo Woltmann

      Comment


      • #4
        Wow great your suggestion is very well. But I want to ask, Do you have an interest in the translator app. If your answer yes so you can click on the https://play.google.com/store/apps/d...ial.calculator translator app and reached a very good platform. If you doubt my information, So you can read the review of this site and if you like this app review. So you can share your own thing in a review. Thanks

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