BOOKMAKER LICENSE REQUIREMENTS

In order to provide services that include, among other things, the organization of bets for winnings in cash or in kind, it is necessary to obtain a license that will meet the requirements:

1. Organization
   • limited liability company or joint stock company
   • equivalents of sp. z o.o. and S.A. having a registered office in an EU or European Free Trade Association (EFTA) country – provided that a representative (natural or legal person) or a branch is established
2. Initial capital and own funds
   • PLN 2,000,000 (initial capital)
3. Management Board
   • no numerical requirements
   • competence requirements (guarantee of prudent and stable management, certificate of no criminal record)
4. Supervisory Board
   • obligation to have
5. Special positions in the organization and cooperating entities
   • AML inspector

STAGES OF BOOKMAKER’S LICENSE

1. Verification stage
   • review of the organization for the possibility of applying for a license
   • Implementation of any adjustments
2. Preparation
   • qualification of the planned services
   • requesting approvals from the organizers of sports competitions for the use of their results
   • obtaining an expert opinion of the evidence of participation in bets confirming their protection against tampering by unauthorized persons and the possibility of verifying their authenticity
3. Application
   • Provision of model internal documentation and economic and financial study (determination of investments and expected profitability)
   • Joint determination of the final content of the internal documentation and the economic and financial study
   • collection of complete source documentation required of the applicant, managers and shareholders
   • submission of the application to the supervisory authority (at least 6 months before the start date)
4. Proceedings
   • possible calls for clarification of documentation
   • Preparation of responses to the authority’s summonses
   • Periodic communication with the authority
   • recognition of the application (decision)
5. Provision of services
   • commencement of service provision (acceptance of bets)