What does a gambling licence actually oblige a casino to do?

A licence imposes concrete duties: segregating player funds from operating funds, publishing terms, using tested random number generators, running age and identity checks, offering deposit limits and self-exclusion, and reporting suspicious transactions. Regulators such as the UK Gambling Commission or the Malta Gaming Authority can fine operators, impose licence conditions, suspend or revoke the licence, and in some cases direct that a player be paid. What a licence does not do is guarantee good service or fast payouts. Enforcement strength varies sharply between jurisdictions, so check which authority issued it and whether that regulator publishes a register and enforcement record.