The Isle of Man is an online gaming license authorizing body which issues gambling permit. It was established in 2001. The casinos authorized by this regulating bodies are known to be safe and that the payouts are reliable and fair. Unlike other gaming permits, the ones awarded by the Isle of Man are known for their security and legitimacy.
Jurisdiction
The Isle of Man does not fall under the United Kingdom jurisdiction though it is a British dependency. It works as a self-governing entity. Since it does come under the UK jurisdiction, the operating requirements and standards might differ than those that are located within the United Kingdom.
Basic Information
One can reach out to the Isle of Man Gambling Commission by sending an email to gaming@gov.im or calling +44 1624 694331. The players can also visit http://www.gov.im/gambling for more information.
Anyone who is planning to apply for a license from the Isle of Man Gambling Commission will need to submit all documentation, pay the licensing fee, and submit to thorough investigations by the regulating body. The applicants will need to create a Manx Company and maintain all the accounts in an Isle of Man bank.
Some good news
The Government of The Isle of Man assigns the gaming responsibilities to Gambling Supervision Commission (GSC) for both online and land-based gambling. The Gambling Supervision Commission is very serious about ensuring fairness and maintaining proper treatment of the players.
The Isle of Man uses three systems to make sure all the funds are secure at all times. It is also one of the very few gaming commissions that are whitelisted by the BGC which means that the UK government trusts the investigation procedure involved while approving gaming permits. Hence, all the companies holding a license from The Isle of Man can provide gaming services to the UK citizens.
A great advantage of this regulating body is that it has always kept up with the technology and the legal updates where many other licensing bodies and jurisdictions failed to amend their guidelines for years on end.
The licensing procedure here is quite simple which is a major pro for many applicants. Isle of Man gaming authority offers a single permit with low duty levels. This is applicable to the gaming profits and not the turnover. Other great financial benefits include no capital gains tax and help with grants.
The payouts are guaranteed as the law forces all the operators to keep the funds from the players and their winnings in a bank. If the operator is not able to pay the players, the bank steps in. The Commission also conducts sudden audits to ensure that the money is maintained in a trust fund.
The Bottom Line
Unfortunately, The Isle of Man imposes higher revenue taxes when compared to other licensing jurisdictions. Though it is an important factor while considering to obtain a license, it is better if you do not let it stand in the way as the pros far outweigh the cons.
Regulated Developers
There are several developers that hold license and regulated by this authority. The main ones include:
