Isle of Man – the New Rules of e-Gaming Excellence
Due to its strong legislative framework the Isle of Man gambling jurisdiction has always been considered a model for all legal bodies that have a right to issue online gambling licenses. Licensing of online gambling businesses is controlled by the department of Trade and Industry, thus, ensuring fair work of online gambling business operators.
Notwithstanding its being a trustful leader, the Isle of Man jurisdiction claimed to introduce new rules and regulation standards to the e-gaming licensing process and further-going control over the licensees. Head of the Isle of Man e-gaming commission Bill Mummery has announced in front of the London Stock Exchange of the new rules and laws of online gambling licensing. The changes were elaborated with support and assistance of Berwin Leighton-Paisner, the London based international law firm. The new standards are an attempt to establish a reputation of an “e-gaming center of excellence” and included such key sectors of online gambling industry as:
· software testing
· disaster recovery provision
· advertising and marketing
The software concern presupposes introducing new strict regulations, based on multi-step methodology of testing the key aspects of fair play ensuring, such as Random Numbers Generator used in card dealing and roulette spin. Moreover, continuous monitoring of online gambling business-holders work was implemented in order to guarantee high reliability, security, and responsible gaming to online gamers of chance.
As it comes to disaster recovery, the Isle of Man jurisdiction now supports all online gambling operators even those who are licensed by other jurisdictions. The jurisdiction is eager to provide disaster recovery services as well as off-line data storage facilities to support online gambling business operations world-wide.
Advertising and marketing regulations have become stricter. Informational support of online casinos and poker rooms is carefully monitored and controlled by the jurisdiction’s officers. Responsible gaming has become a keynote of this aspect of the introduced legislation rules innovations.
It is important to highlight that together with legislative changes the Isle of Man enhanced the telecommunication infrastructure that reaches the best world standards. Furthermore, zero rate corporate tax for online gambling business was adopted by the jurisdiction government. Online gaming businesses pay 0% tax, provided they do not accept bets from residents of the Isle of Man. These aspects are sure to increase the Isle of Man attractiveness from the side of off-shore Internet gambling stakes.
On a conference held with the participation of potential investors Mr. Mummery stated: “In the past year the Island has become a significant recognized force in global gaming – the industry is increasingly dynamic. These changes will help the Isle of Man to win more business and respond to the changes needed as industry develops.”
Currently the licensing application fee is £1,000. If an online gaming business was approved to meet all the jurisdiction’s new requirements, it will pay ₤35,000 license fee annually. Also it is important to mention that the tax on gross annual yield up to ₤20,000,000 is 1.5%, while yields that amount are taxed at reduced rates.
As of Spring 2009, the number of the Isle of Man licensees amounted to 16 operators.
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