Most trusted betting sites in GB — what the licence is actually worth in 2026

Updated October 2026

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Trust in a betting site is not a feeling; it is a list. It begins with a Gambling Commission licence, and ends at the kind of complaint that a regulator’s alternative dispute resolution (ADR) provider can actually settle. Between those two ends sit identity checks before the first deposit, GAMSTOP coverage, deposit limits the punter sets, a cap on the bonus wagering any offer can demand, and a public register a customer can search in seconds. Ten licensed bookmakers run through that list below, and what the list does to their offers — the turnover, the deadline, the kicker that turns a free bet into something less than free — is the story of cost on this page.

Last checked on 27 October 2026 against the Gambling Commission’s public register.

How Great Britain decides what a “trusted betting site” is

The legal frame in Great Britain runs on one statute: the Gambling Act 2005. It is enforced by the Gambling Commission, a non-departmental public body sponsored by the Department for Culture, Media and Sport. A separate Act, the Gambling (Licensing and Advertising) Act 2014, closed a long-running loophole: from its passage onwards an operator needs a Commission licence wherever it is based if its remote facilities are being used in Great Britain. A Curaçao, Maltese or Gibraltar licence is not a substitute, no matter how tidy the licence number looks on the homepage. Since then the only test of who holds a GB licence is the Commission’s public register.

A licence is the entry test, not a quality mark. Holding one puts the operator inside an enforcement perimeter: complaints routes the Commission writes down, identity and financial-vulnerability checks carried out before and during play, and a national self-exclusion scheme (GAMSTOP) that every online licensee must be a member of. Holding one is not a promise of good odds; it is a promise that the regulator has a set of wires it can pull when something goes wrong.

The Commission’s register carries the licence type, the activities a business can offer, and any regulatory action it has taken. Searching by business name, trading name, account number or domain is open to anyone; the entries are downloadable. That same register is what the ten brands below were matched against.

What each licence category means

Five remote betting categories sit on the register, and a brand’s category is the easiest way to know which bets it can legally lay.

• Remote general betting standard (real events) — the standard sports-betting licence; covers pre-match and in-play markets on real sport. Every brand reviewed below holds this.
• Remote general betting standard (virtual events) — covers computer-simulated events under a separate category; not standard.
• Remote general betting limited — a thinner licence some smaller operators hold, with lower stakes or restricted event types.
• Remote pool betting — for Tote-style operator pools on horse racing and similar pool products.
• Remote betting intermediary — the licence behind betting exchanges, where punters back and lay against each other rather than against a bookmaker.

A financial spread-betting product sits outside the Commission’s reach and is regulated by the Financial Conduct Authority; the licence categories of the Commission do not cover it.

What the law does not set

GB statute names a regulator and a register; it does not name a list of permitted bets, a stake ceiling or a deposit cap. Operators set their own maximum stakes, their own market lists and their own house rules, all inside the Commission’s Licence Conditions and Codes of Practice (LCCP). In-play betting is offered on the operator’s licence conditions rather than under any specific carve-out. The state has not capped stakes; the state has not capped deposits; the state has not capped the bonus terms the page reads about later. Capping is the operator’s job, and an offer’s headline price is rarely the number it ends up costing.

Safer gambling tools: what a GB licence forces on the operator

Trust on the GB market is the routine stuff the regulator can demand be done before a customer opens an account, places a bet, raises a deposit or escalates a dispute. The tools have grown denser over the last five years; the latest layer, the financial vulnerability check, lands in 2026 and is the cheapest moment to take stock of what each one actually does.

Identity, age and the first deposit

Identity, address and date of birth are verified before a customer can deposit or gamble under a GB licence, with the rule in force since May 2019. The same rule applies to free bet and bonus credits: a free bet cannot be claimed anonymously. Minimum age is 18. Once those gates pass, the operator knows who it is dealing with; a bettor who clears them is now inside the perimeter where the rest of these tools actually work.

GAMSTOP

GAMSTOP is a national multi-operator self-exclusion scheme, and remote gambling operators have been required to be members of it since 31 March 2020. A GAMSTOP-registered customer cannot open a new account with a GB-licensed online operator; existing accounts are closed. Exclusion periods are six months, one year, five years, or five years with auto-renewal, and once the minimum period ends the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to lift it. Betting shops run a separate offline scheme and are not covered by GAMSTOP; the scheme’s online scope is the reason a side-stepped exclusion costs the regulator money.

Financial vulnerability checks

A new licence condition, in force from 30 August 2024, applies to licensed remote betting once a customer’s deposits minus withdrawals exceed £150 in a rolling 30-day window — the threshold has applied since 28 February 2025. The check is a public-record sweep, looking for entries such as bankruptcy or county court judgments, not an income check and not a credit reference. It is also not a stop button; it surfaces a marker, after which the operator is on notice and can decide whether the account behaves sensibly.

Affordability, deposit limits and a date to watch

A second layer of “affordability checks” (financial risk assessments, in the Commission’s own wording) has been announced in a staged plan, with no start date. Until a date is published in the Gazette the rule is “announced, staged, no start date” and not in force. Deposit limits are a separate instrument, and the limit rules themselves have rolled out in waves: the first took effect on 31 October 2025; a second phase was postponed to 30 September 2026. Whether either phase is live on the page’s reading is not established and is not asserted here. There is no state-set ceiling on deposits or losses for betting; any limit a customer sees is one the customer has set, or one the operator has applied under its own risk rules.

The complaint route a customer can actually use

A gambling business in Great Britain has 8 weeks to resolve a complaint from when it receives it. The complaint must first go through the business’s own procedure before it can be referred to an alternative dispute resolution (ADR) provider. ADR providers for licensed gambling businesses in Great Britain are free to the customer; they will not, however, take on complaints about customer service, or about a business refusing to accept a bet. Licence condition 6.1.1 is the rule that obliges operators to run a complaints procedure and to let customers refer unresolved disputes to an ADR entity at no charge. A GB-licensed brand sits behind a route that has a name; an unlicensed brand does not.

Help is part of the trust package

The Gambling Commission’s own support line runs 24 hours a day, 7 days a week, on 0808 8020 133 from England and Scotland and 0808 2819 265 from Wales. GamCare runs the National Gambling Helpline, with the Gambling Commission’s support number being the live contact for many of those callers. Gambling clinics inside the NHS offer treatment for the harms of gambling; GambleAware funds research, treatment and education; Gamblers Anonymous runs peer meetings. None of these is a regulator with a stick — every one is a resource an operator’s safer-gambling screen links to.

What an offer actually costs the customer — the calculation

The arithmetic that sits behind any GBP turnover line is not exotic; it is mechanical, and the result lands in a band rather than a single number because every bookmaker takes a different cut from every market it offers. With a turnover of £500 (an illustrative monthly budget — GB has no state-set deposit or loss ceiling), staked once on a market at decimal odds of 1.90 / 1.90 (an example, not a quoted price), the relevant quantity is the bookmaker’s margin. A two-way market at the prices above returns £950 on a £500 winning stake, then nets £450 after the £500 stake is returned; on the other side of the trade, a £500 lay at 1.90 returns £500 plus a £500 stake loss when the bet does not land. The market’s payout share at decimal 1.90 / 1.90 is 100 × 1 / (1/1.90 + 1/1.90) = 50%; the margin is 1 − 0.50 = 0.50, or 50% in percentage terms, which is unworkably wide and used here only to keep a number below.

A realistic market at decimal 1.91 / 1.91 returns £955 on a £500 winning stake, a payout share of 100 × 1 / (1/1.91 + 1/1.91) ≈ 95.5%, and a margin of about 4.5%. On a £500 turnover at that margin the expected cost to the bettor is £500 × 0.045 = roughly £22.50 — the average the bettor loses per turnover cycle on that market. The honest framing for any figure from this calculation: it is an average, not a guaranteed outcome, and it assumes only the wagering amount is going through the market.

Step from the margin to the customer’s balance and the conclusion is unflattering. A market at a 4.5% margin quietly removes about a forty-fifth of any stake the customer runs through it in the long run. The arithmetic has nothing to do with how skilled a punter is; it is the implicit fee the bookmaker charges on every bet, paid out of the average punter’s winnings. A line advertised as the “best price” carries whichever margin the operator has chosen for the market, and a customer can compare those margins only by looking at the implied margin of every quoted price — which the page does not have figures for, and which a customer can estimate quickly by inverting and adding the reciprocal prices of every outcome on the market.

The ten licensed brands reviewed

The ten brands below were matched against the Commission’s public register as the source for their remote general betting (real events) licence. Every one is a GB-licensed remote betting operator. A position in this comparison is not a recommendation. Each entry is built from what the operator’s own terms and app listing state, against what the Commission’s register carries.

BoyleSports — the Irish-rooted challenger

BoyleSports sits on a Gambling Commission remote licence under Boylesports Enterprise. The sports welcome offer for UK players is structured as free bets worth £20 when a £10 bet is placed, with a separate Irish-currency variant for the cross-border site. BoyleSports is the operator pitched at customers from an Irish-rooted brand who want a GB licence without leaving the wider product set. The cost angle lands sharply: that £20 in free bets is paid out as a free bet, not cash, on settlement, and a free bet whose stake is not returned with a win already discounts itself — see the costing passage for how the discount works.

888sport — the full-feature set under a familiar number

888sport is 888 UK Limited on the Commission’s register. The app carries pre-match and in-play betting, Cash Out, Bet Builder, racing streams, the BetFinder form tool, a live bet feed and daily boosted odds. For a punter who weighs a brand by feature count, 888sport checks the boxes Cash Out and Bet Builder always carry. The cost story on those features is operator-specific: every day’s boosted odds attracts the operator’s margin on the boosted run of prices, and the racing streams come inside a GB-licensed perimeter rather than alongside them — no third-party stream the regulator cannot reach. This operator provides a full suite of betting tools under a GB licence.

DragonBet — the Welsh-rooted speciality

DragonBet Ltd holds the licence, with the published app pointing at Welsh football and rugby markets alongside racing, American football, in-play betting and bet builder markets. The brand’s narrower menu — Welsh football, Welsh rugby — is its selling point; for a punter outside those markets the product set is less obvious. The cost point is the market depth: a niche bookmaker carries thinner margins on its headline markets than a national bookmaker does on its full book, but a long-tail market on a niche bookmaker often runs wider. This brand acts as a specialist option for Welsh markets, providing more granular coverage than a national bookmaker typically would.

Kalooki Sportsbook — the payments-and-GAMSTOP small print

Kalooki Sportsbook, operated by Kalooki Sports Book Ltd, holds a Commission account 57730 on a remote general betting standard (real events) licence and states its membership of GAMSTOP. The smaller footprint is the brand’s own context: the licensed test is not the size of the operator but the licence it sits behind, and the same perimeter applies to a small operator as to a large one. The cost point for a smaller operator is consistency: customer service and settlement time are functions of the operator’s resources, and a smaller brand has fewer of them.

William Hill — the high-street name with a sizeable cap

William Hill, on WHG (International) Limited, lets customers deposit and withdraw by debit card from £5, with a maximum deposit of £99,000 and a maximum withdrawal of £33,000 per transaction; the operator charges no fee on debit card transactions. That £99,000 ceiling on a single deposit is the headline number for high-stake customers — most customers never get near it, and high-stake customers already know it is there. The cost angle is the fee: William Hill charges no fee on debit card, but the upper limit per transaction is still a working rule. A high-stake customer with a £250,000 top-up will find this a constraint long before the customer finds a fee. While it offers high-stake capacity, the £99,000 ceiling on a single deposit remains a constraint for very large transactions.

Betway — the four-token free bet structure

Betway Limited holds the licence. The welcome offer is a £40 set of four £10 free bet tokens, credited on settlement of a first bet of at least £10 at minimum odds of 2.0, with a 7-day expiry and debit card deposits only. The four-token structure is the offer’s trapdoor: a token used on a heavily-priced favourite returns the token’s winnings rather than the £10 stake, and the £40 face value is a present tense only if all four tokens clear. The 7-day expiry takes the stalest of the four off the table as soon as one is left untouched. Debit card only on the qualifying deposit widens the gap for any e-wallet-funded customer. The cost angle: the headline £40 is the offer’s face; a customer who doesn’t clear all four tokens faces a quietly smaller settlement. Betway is the choice for the new customer who can land a £10 qualifying bet at 2.0 or greater inside seven days through a debit card.

NetBet Sport — the boosts-and-builder brand

NetBet, on Netbet Enterprises Limited, lists Daily Boosts, Profit Boosts and free bet offers, a Bet Builder with instant dynamic odds, and sports stats for major leagues. The Bet Builder with “instant dynamic odds” is the operationally distinctive feature: many builders re-quote the price when the customer adds a leg, and a dynamic-offer builder prints the new odds straight on the slip. The cost point: dynamic odds are the book’s margin expressed for every leg, and a builder’s odds are usually wider per leg than the same legs staked as singles. NetBet is the choice for a customer whose plan is a single builder ticket rather than several singles.

Bet600 — the qualifying-bet volume requirement

Bet600, on Tyche Tech Limited, runs an offer that requires at least 5 qualifying single bets of £10 or more at Evens (2.0) or greater within the first 7 days of registration, after which one £10 free bet is credited. The volume — five qualifying bets — turns the welcome offer into a small staking programme. A customer who only places one or two bets a month will not clear the threshold inside seven days. The cost angle: a £10 free bet on five £10 qualifying stakes at an average margin of 4.5% pays back roughly £10 × (0.95 × 0.91 − 1) ≈ negative £0.50 against £50 of qualifying turnover. The £10 face value is the headline; the five-bet pathway is the bill. Bet600 is the choice for an active customer who will place five £10 qualifying bets inside the first seven days regardless of the offer.

Ladbrokes — the high-traffic, exchange-affiliated brand

Ladbrokes runs on LC International Limited, the same licensee as Coral and a wider Entain group. The licence categories on the register cover remote general betting standard (real events) and remote betting intermediary — the latter covering the exchange product. The app sits on a 4.66 rating from over a hundred thousand GB App Store ratings. High traffic is the brand’s selling point: the same-volume product range, the same sign-up, the same settlement clock as a smaller brand, but with the operational scale that comes from a hundred thousand raters’ worth of stickiness. The cost angle: a high-traffic brand runs more markets and more promotional fixtures, and the load on the customer service team — and the queue on the trading desk — rises accordingly. Ladbrokes is the choice for the customer who wants a brand they have heard of, a high-traffic app, and a GB-licensed betting product under the same roof as an exchange.

Dabble — the simple-shape welcome offer

Dabble, on Dabble Sports UK Ltd, runs a “Bet £10, Get £10 in Free Bets” welcome offer on a first deposit for new customers, with minimum odds applying, a 7-day free bet expiry and the stake not returned. The shape is the simplest of the ten: one £10 bet, one £10 in free bets, 7-day expiry. The cost angle: a £10 free bet on a single qualifying bet at 2.0 returns £10 (winnings only, since the stake is not returned) on a winning £10 wager. The headline-to-receipt discount is the £10 stake that doesn’t come back. Dabble is the choice for a customer who wants the simplest welcome offer the licensed side runs and the cleanest one-line conditions.

The full comparison

The table below puts the ten brands side by side on the only matter the comparison can settle cleanly: the Gambling Commission licence number, the licence holder as it appears on the Commission’s register, and what the operator’s own terms state about the offer shape on this page. A column carries cells for the rows it can fill; a cell that does not apply to a brand carries the no-data marker, not a guess.

The columns above settle what the Commission’s register carries in plain English, and what the operator’s published terms or app listing say about the deal — that is the same product a customer would check before opening an account. A line not in this table would be one the page cannot back from either the register or the operator’s own terms.

The fundamentals, the statute and the licence register — three definitions

The three words used most often on this page sit behind three legal anchors. They get one sentence each.

The fundamentals of a GB-licensed brand are the licence, the LCCP conditions, the Commission register entry and the safer-gambling tools the licence requires — what an operator carries by being on the register at all.

The statute is the Gambling Act 2005, as amended by the Gambling (Licensing and Advertising) Act 2014: the Act under which every remote operator serving customers in Great Britain needs a Commission licence, and under which providing unlicensed gambling facilities is an offence aimed at the operator.

The licence register is the Commission’s public register, searchable by business name, trading name, domain or account number, where the licence type, the activities the business can offer and any regulatory action against it all appear.

The picture of trust — what the regulator does, and what it does not

Trust on a regulated market is a list of obligations, not a feeling. The Commission registers who is licensed; it requires identity and financial-vulnerability checks; it obliges GAMSTOP membership; it obliges a complaints route to an ADR provider free to the customer; it caps wagering requirements on bonuses at 10x; it bans mixed-product promotions such as a bet-on-football offer bundled with free spins. Outside those obligations it does not set stake ceilings, deposit caps or the market margin on a Premier League match. The regulator runs the perimeter; the operators run the margins inside it.

The unlicensed side carries none of those wires. A bettor on an unlicensed site has no GAMSTOP coverage (the moment a customer self-excludes, the exclusion is to the licensed scheme and the unlicensed site stays open), no Commission complaints route (the Commission cannot enforce an unlicensed operator’s promises), no approved ADR provider for a dispute (the ADR list is for licensed brands), no British consumer redress when funds are withheld, no bonus cap (the 10x cap only binds licensed operators), and no £150 vulnerability check at the threshold. None of that is illegal for the customer to use. None of it is protection either.

The honest framing the page adopts: licensed operators carry verification before the first bet, the bonus cap, the vulnerability check, and the regulator’s wires. Unlicensed operators carry none of those — and a brand on an unlicensed site pays out whenever a bettor’s account is in credit and stops paying whenever it isn’t. Neither side is “the safe choice” as a default; trust on the licensed side is the bettor’s protection against the operator, trust on the unlicensed side is the bettor’s protection against themselves.

What an offer costs, mechanically

A welcome offer’s headline is rarely its take-home. The mechanics are three numbers: the bonus base, the wagering factor, and the minimum odds the qualifying bets must clear. The bonus base is what the offer compounds: with a £20 free bet at the offer’s typical wagering factor of 1x (the offer’s own terms usually state), the £20 face value is what gets wagered, with no deposit added. With a bonus of cash at a wagering factor, the bonus base is the bonus amount plus the deposit it accompanied.

Stated in a band: with a turnover of £500 at a market with a 4.5% margin, the average cost of clearing the £500 is roughly £22.50 over many such turnovers; on the same turnover at a 6% margin, the average is roughly £30. The narrower the margin of the market the bettor runs through, the lower the average cost; the higher the minimum odds the bonus rules impose, the narrower the markets that qualify. A bonus whose minimum qualifying odds are 2.0 cuts off the heavily-priced favourites; a bettor running only favourites loses more per turnover than a bettor splitting favourites and outsiders. Every bonus’s cost band has that wraparound: the bonus rules push the bettor toward one set of markets, and the margin of those markets sets the band’s width.

A free bet whose stake is not returned is what it is — a discount on the headline. A £10 free bet on a single at 2.0 returns £10 on a win (winnings only, not stake), versus a £10 cash bet at the same price which returns £20 (£10 stake plus £10 winnings). That £10 stake that does not come back is the differential, and four-token welcome offers stack the same differential across multiple bets. A bettor faces a £40 face-value free bet set the same way; the headline figure is the £40 the operator credits, the receipt is a smaller number that depends on how many of the tokens clear and at what odds.

A minimum odds requirement compounds the discount further. A minimum odds of 2.0 is a barrier to heavily-priced favourites; it is also a barrier to the markets with the thinnest margins. A bettor meeting the minimum has run the bonus turnover at the wider end of the market margin spectrum; a bettor qualifying at higher odds has gone wider still. None of this makes a bonus worthless; it makes a bonus not worth its face value until the conditions have been met. Reading the bonus terms to the bottom — wagering factor, minimum odds, expiry, qualifying-bet count — is what changes a £20 face value into a £10 actual receipt for the customers who actually claim one.

Reading the offer before taking it

The bonus and the wagering factor are the first two lines of the terms. The third line is the minimum odds at which the bonus turns over. The fourth is the qualifying period. The fifth is whether the qualifying bet or the settlement uses a market the operator excludes. The sixth is what happens on a withdrawal inside the period — whether the bonus and any winnings from it forfeit. The seventh is what the offer’s “free bet” actually is, and whether its stake comes back with a win. Every line is a number that turns a £20 face value into something specific to the bettor’s plan.

The terms of BoyleSports, Betway, Bet600, Dabble and William Hill are the same template across the licensed side, with each operator putting its own figures in: the qualifying bet, the free bet credit, the minimum odds, the expiry. The differences are in the figures, not the architecture. A bettor who reads one offer has read the shape of all of them; a bettor who reads the qualifying section of all five has read the bettor’s welcome offer on the licensed side for 2026.

The wider guardrails — bonuses, ads and tax in 2026

Bonuses: from 19 January 2026, wagering requirements on bonuses are capped at 10x; a £10 bonus at 50x needed £500 of bets before the cap and now needs no more than £100. Mixed-product promotions — an offer that requires gambling on two or more product types, such as an offer that bundles a sportsbook bet with free casino spins — are banned under the same rule. Whether the 10x cap applies to free bets with no wagering condition, and any cap on the face value of a bonus, are not established. The cap changes the conversation: a headline bet that looks generous now carries a ceiling on the turnover the operator can demand, and it sits underneath every welcome offer on the licensed side from January 2026.

Advertising: the regulator is the Commission, the advertising rules are not its own. Non-broadcast advertising runs through the CAP Code; broadcast advertising runs through the BCAP Code, both enforced by the ASA. CAP Code section 16 sets the headlines: marketing must be socially responsible, must not be of strong appeal to under-18s, and no one who is or seems to be under 25 may be featured gambling. Since 1 August 2019 betting advertisements are not shown on TV from five minutes before a live sporting event to five minutes after it, before the 9pm watershed (horse and greyhound racing are excluded). The Premier League’s voluntary withdrawal of gambling sponsorship from the front of matchday shirts begins in 2026/27; sleeves and hoardings stay.

Tax: the player pays no tax on betting winnings in Great Britain (general information, not tax advice; a professional gambler should ask HMRC or an adviser). General Betting Duty is the operator’s tax on gross profits, currently 15%. From 1 April 2027 a new remote betting rate of 25% applies within that duty. Whether the rate change will reach the punter in the form of narrower odds is not established; the rate change is a known future input to the operator’s price-setting, and from 1 April 2027 onward licensed operators’ gross-profit duty on remote betting will carry the higher rate. Until then the rate is 15% and the remote element is 15%, with the operators’ prices carrying it invisibly.

Frequently asked questions

Where do trusted free betting tips come from?

Public tipster communities run free picks; the betting exchanges themselves publish market depths on every match that amount to a free-form consensus on price; the racing press publishes form and trainer information that any punter can check without paying. None of these is a tip in the sense of a guaranteed prediction, and no source that is free has an edge over a punt that a paying one would tip on. A free tip is what the rest of the market is reading; it is worth what the rest of the market is worth.

Which betting site is most trusted by GB punters?

The licensed side covers every major UK bookmaker the public uses; the Commission’s public register carries each one’s licence number, and the customer can match that licence against the brand’s name on the app store listing or the website footer. A “most trusted” position in user surveys shifts from brand to brand and from year to year, and the page does not place one. The test of trust on a regulated market is the licence, the GAMSTOP membership, and the complaints route.

What are the most trusted bookmakers in GB?

Ten brands reviewed on this page carry a Gambling Commission remote licence for general betting on real events. The list is BoyleSports, 888sport, DragonBet, Kalooki Sportsbook, William Hill, Betway, NetBet, Bet600, Ladbrokes and Dabble. The licence is the entry test, not a quality mark: every brand reviewed is licensed; the variance between them on offer shape, market depth and high-stake limits is the work of the comparison table above.

How can a GB bookmaker’s licence be checked?

The Commission’s public register can be searched by business name, trading name, domain or account number. The entry names the operator and the licence holder, the activities the business can offer, and any regulatory action on the register. The register is downloadable as a dataset, and the Commission’s checks for staying safe are on its main site. A check takes seconds; an unlicensed brand has no entry.

Does GAMSTOP cover every GB-licensed betting site?

Every online operator licensed by the Commission is a member of GAMSTOP; membership has been a mandatory licence condition since 31 March 2020. The scheme’s scope is online sites and apps; it does not cover betting shops, which sit on a separate offline scheme. A GB-licensed brand is inside the perimeter; a customer who self-excludes through GAMSTOP cannot open a new account at any GB-licensed online operator for the chosen period.

What is lost by betting on a site without a GB licence?

No GAMSTOP coverage, no Commission complaints route, no British dispute resolution, no British consumer redress when funds are withheld, no 10x bonus cap, no £150 vulnerability check on the way through, no guarantee that the operator’s own complaints procedure is real. Offshore sites run on the operator’s own terms, and the offshore operator is not bound by any rule the Commission enforces. None of that is illegal to use; none of it is protection either. A licensed site pays out under a regulator’s wires; an unlicensed site pays out under the operator’s goodwill alone.

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