Isle of Man Gambling Commission was started in 2001 making it one of oldest Authorities in the gambling business. Isle of Man is located in between the Ireland and England in the Irish Sea. The Isle of Man has been mistaken to be part of the UK but it is part of the British dependency. This means that the Commission is listed by the British Gambling Commission. The UK government is confident with the procedures and the methods used before any operator is issued with a license by the Commission. The Commission works together with the UK government to offers services on legal matters when disputes arise. The Isle of Man Gambling Commission has been issuing licenses for online gaming activities since it was established in 2001. The licenses are issued by its supervisory arm referred to as Gambling Supervision Commission. It is worth noting that the Isle of Man Gambling Commission was actually started in 1962 but begun offering licenses officially in 2001. In 2012, the Commission joined arms with Malta Gaming Authority to become one of the biggest jurisdictions globally. You can be sure that the gaming site is legitimate and safe if you play with sites licensed by the Commission as it is recognized worldwide given its topnotch security.
Goals of the Isle of Man Gambling Commission
For any commission and authority mandated with the task of regulating online gaming businesses, the key goal is to ensure that the players are protected no matter what. Once this primary goal is achieved, the safety and transparency of the gaming activities are upheld and maintained. Other goals of the Commission include:
- Ensure that the gaming operators have separate banking accounts where funds from wins and deposits obtained from players are kept securely.
- Ensure that the licensees have encrypted systems to secure funds from the consumers
- Implement the agreement that if the gaming operators are not in a position to pay their players, the bank will take over and make the payments instead. The gaming operator is given the freedom to choose their preferred bank.
- Create a trust fund that regulates the deposit and withdrawals from the operator’s account.
- To conduct audits that ensure the games are fair at all times, the audits are conducted by independent and external bodies.
- To ensure control of the advertisements placed by the operators.
- To table, solve and investigate complaints raised the players in the industry.
Licensing procedure and Licenses issued by Isle of Man Gambling Commission
The Commission issues several licenses to various online gaming sites in the gambling industry. Some of the licensees included online casinos, online poker rooms, sports betting and electronic gaming websites. So how do licensees obtain websites from the Commission?
You can only acquire a license from Isle of Man Gambling Commission after you fully complete the due process. You will need to submit the application forms, make a payment of the required fee and allow the Commission to complete their investigations fully. Business operators who wish to have a permit will be required to create a Manx company, ensure they have two local referees and bank all the gaming accounts into their choice Isle of Man Bank.
Once the Commission has accepted the application, the Commission goes on to carry out thorough investigations that will also involve background checks of all the people involved in the gaming operation. All the requirements for the licensing process can be found on the Commission’s website. The application fee for the license is about 5000 sterling pounds. Once the application is successful and the operator has been issued with a license, he or she will be required to pay a yearly license of not less than 35000 sterling pounds. The commission will dig through:
- History of persons with more than 5% shares in the company
- All the company’s operational costs
- The rules and regulation for the gaming laid on by the business
- All the terms and conditions that follow the gaming process
- Control of the internal affairs
- Licenses and credibility of the company providing software to the company
- The company’s business plan
Advantages of obtaining the Isle of Man Commission license
- The licensing process is pocket-friendly.
The Commission has duty rates between 1.5% and 0.1% for every single permit that it issues to the licensee. Given that different nations have different rules and regulations in matters pertaining online gaming, the commission has one of the best and most affordable processes. After you have obtained the license, you will not be required to pay any inheritance tax or even capital gains tax. You will also receive amazing grant packages along with allowance rates as well as personal tax.
- Not-so-complex application procedures
The Commission ensures that they have a friendly environment for businesses by allowing a licensing system that meets the needs of the player and aids in cultivating the business in the long-term. The Commission has a single gambling license that sums all of the activities. You do not have to hassle through the application process alone; they will guide you to the end of the process.
- Top of the world set-up
Over the years the Isle of Man Gambling Commission has evolved with the technological advancements. It has embraced all the communication and information technology that is in line with the online gambling business. The Commission stands as a benchmark for any upcoming Commissions that are looking to utilize modern technology.
The bottom-line
If you are looking to start making money from online gambling platforms, then you can go for sites licensed by the Isle Man Gambling Commission. Before a site receives a license from the Commission, it has to go through a deep investigative process to ascertain its legitimacy. If the site is not financially stable, is poorly organized and the management is questionable; it is immediately discredited. The licenses are listed on the Commission’s website and you can quickly check on this to ensure that you are playing with a legitimate online gambling site.
