The Isle of Man is one of the most unique Europe and the British Isles. It is culturally, historically, linguistically, and geographically different from all the other islands which surround it. The island is smaller than Singapore and slightly larger than Guam with a population of about 80,000 people. Outside of the UK and Ireland, most people know very little about the Isle of Mann and very few people have visited.
The Isle of Man is not members of the European Union, but they use the British Pound, and the UK has the responsibility of the defense of the island. Because it is not part of the UK, it is often used as a tax haven for the British. The Island boasts of a very high standard of living with an equally high Per Capita income. The island is extremely favorable for business as it has 0% Corporate Income Tax.
It is considered as a banking and financial services hub with tourism also making a significant contribution to the economy. The largest sectors by gross national product of the Isle of Man are insurance and igaming with 17% of the GNP each and ICT and banking with 9% GNP. The online gaming industry in the Isle of Man tripled in size between 2006 and 2011 and became of the largest industries, apart from insurance, of the Isle of Man.
The gambling sector is employing over 1,400 people, nearly 2% of the island’s total population while adding £300m to the country’s budget. The Isle of Man is emerging as one of the foremost pro-cryptocurrency jurisdiction, with the Department of Economic Development announcing that a framework shall be introduced regulating digital currencies and promoting business opportunities.
The government of Isle of Man offers casino operators, software and service providers in the gambling industry, with a gambling license that allows gambling operators to conduct business related to casino, lotto, and other gaming-related activities. Isle of Man Gambling License is one of the most popular licenses for online casinos worldwide.
While other countries around the world adapted existing gambling laws for online gaming, the Isle of Man was among the first places to create new legislation specifically for the online market. The main piece of legislation that governs online gambling in the Isle of Man is the Online Gambling Regulation Act (OGRA) of 2001. It was the introduction of this legislation that ultimately signaled the intent of the Isle of Man Government to provide an environment that was attractive to online gambling operators.
Other pieces of legislation that are relevant to the industry include the Gambling (Amendment) Act of 2006 and the Gambling Supervision Act of 2010. Any gambling site licensed by the Isle of Man can be considered a safe and legitimate place to play real money games. Unlike some of the other gambling licenses that can be obtained in other parts of the world, a license from the Isle of Man holds weight in terms of safety and legitimacy.
This is one of the few licensing authorities whitelisted by the UK’s Gambling Commission. What that means is the UK government is satisfied with the standards and depth of investigation that go into issuing licenses to operators. Any company with a license from the Isle of Man is able to advertise and offer services to citizens of the UK.
Online gaming firms, not only from neighboring countries but from around the world, especially the Asian market, find the Isle of Man to be an attractive proposition, mainly due to the tax breaks the island offers. Beyond offering a suitable home to online casinos and bookmakers, big-brand game development companies have offices there too, as do gaming software solution firms.
Isle of Man’s infrastructure offers a wide array of services for online gaming operators and providers, such as high-capacity private racks, private cloud services, custom dedicated servers amidst other hosting options. The Isle of Man has long been recognized as one of the preferred locations for Online Gambling operators to base their operations. This success has been due to a combination of factors, such as a progressive legislative system, political stability, first-rate telecommunications facilities, and a well established financial services industry. A wide range of gambling sites operates out of Isle of Man including sports betting, casino sites, poker, bingo, and more.
Isle of Man Online Gambling Regulations
The Isle of Man Government fully supports the growth of the Online Gambling sector on the Isle of Man and there is a team within the Department of Economic Development, which is responsible for providing hands-on support to companies and individuals wanting to do business in this sector. The Gambling Supervision Commission is the body responsible for regulating those gaming operators who require a license in the Isle of Man.
The Gambling Supervision Commission is an independent statutory board established in 1962. In addition to the licensing and regulation of land-based gambling operations, the Commission also regulates all online gambling activities, which have grown significantly in recent years. The commission’s primary objective is to ensure the protection of players in order to maintain the legitimacy of licenses issued by the Isle of Man.
Since 2010, the Gambling Supervision Commission operates under oversight from the Department of Economic Development. A network services license is required for operators who wish to allow gamers registered in foreign jurisdictions to join games in Isle of Man servers without requiring any re-registration. National Anti-Money Laundering Regulations, Unusual Transactions Act, Counter-Terrorism Financing Regulations and Know Your Customer Policies are applicable to all Isle of Man Gambling Companies.
As part of its duties, the Gambling Supervision Commission monitors gaming businesses and services to ensure that they operate according to the standards and regulations of the Government of Isle of Man. Compliance audits are conducted on a regular basis to ensure that the terms of the license are met. Licensees must maintain a complete audit trail for each player making a deposit with an operator, including financial transactions and individual bets.
Gaming systems, including back-end software logs, must be made available to third-party auditors. Gaming rules, results of games, and pay-outs are to be made available to the Gambling Supervision Commission for five years.
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How to Start An Online Gambling Business in Isle of Man
When starting an Isle of Man Online Gambling Business, first of all, it’s important to think about one of the most essential procedures, that is company registration and acquisition of the license. Isle of Man Gambling License gives many excellent opportunities to each licensee and makes their business profitable.
Licensed Gambling companies in the Isle of Man may qualify for tax-exempt status, meaning they do not have to pay any income tax. Due to its independent status, the Isle of Man is able to offer companies a number of incentives, including VAT exemption, 0% corporation tax, and low duty on the gross gaming yield 0.5% on the next £20 million per annum and then 0.1% on anything above £40 million.
The Isle of Man has political stability, first-rate telecommunications facilities, and a well-established financial services industry. In addition, it maintains an attractive environment for international online gaming companies. Isle of Man Gambling License is recognized by many countries all over the world, so you will have a large potential customer base after getting it.
In order to obtain an Isle of Man Gambling License, the decision to approve the application is at the discretion of the Gambling Supervision Commission, based on the documentation submitted by our experts. The Isle of Man issues one Online Gambling license which covers all gaming operations, igaming service providers, network operators, affiliates, white-label operators, and igaming software suppliers.
With this Isle of Man Gambling License, online gaming companies can operate legally. Each applicant undergoes a thorough assessment, ensuring that licenses are only awarded to those applicants who are able to demonstrate such a financial standing and integrity as to preserve the international reputation of Isle of Man as an online gambling hub.
In case something does not correspond to requirements, the Gambling Supervision Commission will provide a checklist of necessary improvements. An Isle of Man Gambling License covers all forms of online gambling including Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Horseracing, Bitcoin Casino, Fantasy Sports, Games of Skill, and other gaming-related activities without being required to obtain one license for each individual product. Isle of Man Gambling License enables companies to operate all over the world.
Isle of Man Gambling Requirements
Residence in the Isle of Man. Operators wishing to offer their services to Isle of Man gamblers must be residents of Isle of Man, EU, or EEA and they must obtain the relevant licenses and authorizations from the Isle of Man Gaming Commission. In case the company is a foreign entity, it must appoint a local authorized representative, whose domicile is in the Isle of Man, to deal with the competent authorities in the country and have the power to conclude contracts on its behalf
Opening of a bank account with one of the banks in Isle of Man where the operator would need to deposit the players’ money. Licensed remote gaming operators will only be allowed to make payments to players through the payment processors that have been approved by the licensor
Requirements regarding the minimum share capital of the company depending on the type of game it offers
A monthly declaration giving details regarding income from games of change as well as the fees due will have to be submitted to the licensor on a standard form
Compliance with the principles regarding the protection of minors as well as with the content of the promotional material used and the locations where they can be displayed
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