Whilst other governments around the world only adapted online gaming laws, the Isle of Man was one of the pioneers to create new legislation specifically targeting the online market. The main purpose of implementing the Online Gambling Registration Act (OGRA) of 2001 was to attract entrepreneurs to the island.
The current gambling laws were created by the Isle of Man Gambling Supervision Commission (GSC) in 1962 and the commission has been actively encouraging online gambling and e-gaming on the island. Nevertheless, it should be noted that the despite the Isle of Man is a British dependency, it does not lie within the UK’s jurisdiction.
With a population of about 85,000, the commission has two official languages, English and Manx. Other than regulating the gambling department, the commission of the Isle of Man issues licenses to international gambling operators willing to carry out their activities on the island.
The Roles and Responsibilities of the GSC
As a leading regulator in the gambling world, GSC has earned a great reputation as a result of their strictness and fairness. They are guided by three core principles:
- Keeping the gambling industry free of crimes and other malpractices.
- Protecting the young and the vulnerable
- Verification of the facilities provided by the license holders to ensure that they are fair
Moreover, they also offer relevant legal information to any gambling company(S) as well as cooperating with the Treasury and the Department of Economic Development of the great Isle of Man gambling territory.
Basic Requirements for Obtaining the License
The process of acquiring a license from the Isle of Man only takes three months but in order to qualify for a license from the Isle of Man, there are certain requirements which must meet by the applicant. The following documents will be required:
- Notarized copy(s) of your original passport
- A certificate of no criminal record of the owners of the company or the applicant which is not older than three months
- Bank references of the owner(S) or applicant
- A detailed business plan
- Copies of the utility bills, not older than three months
- Verification of Random Number Generator (RNG) to ensure that all offered games are fair
- The target geographical area or market
- Information about the software being used
- A description of all the games that will be offered
- The site’s servers need to be located within the Isle of Man jurisdiction.
Making a Complaint to the GSC
GSC values every one of their players that is why they employ a team of legal experts who work around the clock to verify any information you may be in need of. They are also involved in dispute settlement between gamblers and the gambling operators. Complainants must enter all the necessary information such as residence, the name of the bookmaker and the nature of the
complaint being filed.
Player’s Protection
The primary objective of GSC is to ensure that all players are safe at all times. To accomplish this, the following must be done:
- Ensuring that all operators use the required system to protect the player’s funds
- All player deposits and winning are safely kept in accordance with the laws of the Isle of Man
- Establishing a trust fund to control to deposit and withdrawal of money in the operator’s account
- All online gambling platforms must be audited regularly by a reputable independent for fair and random results
- The commission is in charge of investigating all complaints from players
- The GSC monitors all the advertising procedures and policies of operators.
Advantages Obtaining a License in the Isle of Man Jurisdiction
- The process of application is simple and relatively fast
- It is financially attractive
- Has world class infrastructure, not mentioning the business-friendly environment
- They offer affordable license package at low tax rates
- It is among few jurisdictions accepting bitcoin as one of the payment options
The Isle of Man Fees and Taxes
Like other licensing authorities, there are some fees to paid before the license is handed over. But before the payment, the willing license holder must first open a Manx Company, store two locally based contacts and safely keep all gaming accounts in a relevant Isle of Man bank. As at now, the application fee is 5000 pounds and an annual license fee of 35,000 pounds.