Following consultation and feedback from the Island’s thriving e-Gaming industry, some adaptive changes to e-Gaming licences have been announced by the Isle of Man Gambling Supervision Commission (GSC).
“The Isle of Man offers a highly supportive environment for e-Gaming and e-Business companies. The Island continues to cut a path at the forefront of legislative developments and has succeeded in anticipating the future needs of industry on a number of occasions. e-Gaming remains a tremendous area of growth for our economy and the Department will continue to work to support the sector to maintain this momentum”, commented Daphne Caine MHK, Member of the Department of Economic Development with responsibility for e-Gaming.
The licensing changes contain several features of the regulation, as following:
- A GSC’s licensing structure will no longer include additional charges raised for network partners. A network services licence holder will now only pay for the network services licences not additional network partners.
- Isle of Man’s authorities will accept test certificates granted by foreign and other gambling regulators as long as they are under a Memorandum of Understanding with the GSC.
- Recent changes in law mean that operators may now offer customers the ability to deposit, gamble or play using convertible digital currencies, such as Bitcoin or virtual goods such as skins.
- A full license holder will have the option to offer back office system to its sub-licensee as well as the provision of games and lottery products.
Updating stakeholders, Steve Brennan, Chief Executive Officer at the GSC added: “These new regulations respond to the changing regulatory environment both locally and internationally. With the removal of fees for network partners, a simplified test certificate procedure, a broadening of the services licence holders can offer to sub-licensees and the recognition of digital currency payments we have reduced unnecessary regulatory burdens and responded to technological advancements.”
The adaptive changes and responsiveness to operators reaffirm the effectiveness of the Isle of Man for e-Gaming and operators and players alike.
Written by Marta Bellamoli, Marketing Co-ordinator