The Isle of Man is a reputable regulatory and licensing jurisdiction country of online gambling. The Government actively supports local gambling business as well as online gambling companies. The regulatory body on the island is the Gambling Supervision Commission which functions under the Department of Trade and Industry. The Commission supports fair gaming by creating a strong regulatory environment while offering much business perks.
As a result, the Isle of Man provides a world class gambling model and even offers support for the industry. The Commission follows a few core principles including:
- Keeping the online gaming industry crime-free
- Protect new businesses and those at risk
- Ensure fair services
- Ensure players receive their winnings
The Commission consists of a Director that manages the entire operation, a Policy Officer, five Gaming Inspectors and two Secretaries that have greater than 60 years of licensing, regulation and operational experience in the gaming industry. These are the primary reasons for their excellent reputation.
Founded in 1962, The Isle of Mann Gambling Supervision Commission began focusing on internet gambling in 2001 with the passage of the Online Gambling Regulation Act. However, this has not been an easy nine years. In 2003, the gambling market crashed on the island resulting in no licensing from that jurisdiction for the year. Therefore, the Commission restructured its regulations.
One step was reorganizing the fee structure which made it much more affordable for smaller operations to startup. Since 2005, the Isle of Man does not charge a corporate income tax to online gaming providers. The only condition is the operator cannot provide services to local residence or else they will be taxed. In the past three years, the country has added ten amendments to the Online Gambling Regulation Act covering topics like advertising and disaster recovery.
click here to see most Popular PagesThe two strongest areas of the regulatory body are protecting the player and managing problem gambling. To protect the player, it is a requirement for those regulated by the Commission to ensure the player’s funds are secure, this is enforced by law. Additionally, software must be tested by independent testers pre-approved by the Commission. Furthermore, every aspect of online gambling companies is constantly reviewed for fairness and consistency.
The strict guidelines from the Online Gambling Regulation Act are one of the reasons the Isle of Man is the best jurisdiction to be regulated. Many upcoming casinos are waiting just to be reviewed by the Commission for licensing.
