July 31, 2008
Smarkets has received Stage One approval from Malta’s LGA. The full online gaming license is a three step process. The first stage is an assessment that the company is fit and proper. The Authority does this by vetting the business plan and carrying out financial and criminal background checks on the shareholders.
Stage Two verifies the business and technical ability of the company. All corporate policies, internal and external, are audited and scrutinised. Once Stage Two has been approved, the company is granted a six month provisional license. Smarkets anticipates receiving this within the next few months at which time we will begin trading with real money.
Stage Three is a full security, compliance and operations audit. After Stage Three approval, Smarkets will receive a five year license.