Applicants must be able to adhere to strict rules and regulations so that their license will not be confiscated...
The Isle of Man is known as a reputable licensing office that caters to the legitimacy of the gambling industry abroad.
Since Isle of Man has the power to provided regulations under the e-gaming business, it implements thorough investigation of applications who want to operate gaming websites in the online world.
When gaming invaded the internet, Isle of Man is already in the making noise in the industry as it has captured the attention of game operators by storm. The Isle of Man turned into one of the pioneers in the regulations of gaming which were created especially for the common good of the online companies and gambling in general.
The Isle of Man commission has gone to great lengths to see to it that customers were safe and served well. Since 2001, there are new rules and policies which were implemented to make website owners aware of the right procedures in conducting their gaming operations.
In 1962, the Gambling Supervision Commission of Isle of Man was founded. This governing body implemented many changes in every corner of the globe. Both government and private sector work together in creating more strategies in making business more profitable thereby promoting growth in the economy. As a result, protection for players has been Isle of Mans top priority.
Nowadays, Isle of Man became a template for countries that are in implementing their own e-gaming structure or those who want to acquire for a license to operate business. In spite of this, there were drawbacks that occurred. In 2003, no licenses were given to operators due to the market’s downfall.
Because of this, rules and regulations were improved and restructured. As a result the Department of Trade and Industry supervised the licensing procedures. There was a renegotiation of the $2,000.000.00 security bond which resulted to a fairer fee in the acquisition of licenses for smaller operators.
The Isle of Man set improvements in the laws and regulations in 2005. During this year, income tax was no longer collected from the e-gaming sector. This resulted to the approval of licenses for 20 operators who were able to achieve success in the online gaming industry.
In order for operators to acquire licenses, they are required to pay a non-refundable fee 1,000GBP. When fee has been paid, a thorough inspection is facilitated to check if the operators are credible enough to rub their website under the standards of the Online Gambling Regulation Act of 2001.
There are a number of requirements for applicants such as the following: ability to settle for pay-outs that is why enough money should be reserved, establish fair gaming methods and procedures and create a reputable name in the gaming community.
Applicants must be able to adhere to strict rules and regulations in order for their license not to be confiscated. In the case of being approved, they must be able to meet all of the fees accurately as well as game tax rates. They must also strictly follow rules under the anti-money laundering act and country restrictions.