Isle Of Man Gambling License

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Isle of Man Gambling License. The country’s legislation establishes requirements for the need to obtain a license for the right to conduct gambling business, both standard establishments and online casinos, therefore, obtaining a gambling license on the Isle of Man is a necessary procedure for carrying out gambling activities. The National Lottery is the state-franchised national lottery established in 1994 in the United Kingdom. It is operated by Camelot Group, to whom the licence was granted in 1994, 2001 and again in 2007, and regulated by the Gambling Commission. The Isle of Man is a dependent territory of Great Britain, an island in the English Channel. This offshore territory is one of the most prestigious for obtaining a license for the gambling business. The first gambling regulation commission was created here in 1962, and in 2001, an organization for controlling online gambling appeared.

A license issued on the Isle of Man combines all gaming as well as Binary Options.

Gambling licenses on the Isle of Man are subdivided into:

• Basic (Full License).
• Sublicense.

Full license allows the company to earn on all available games independently and sell sublicenses to other companies wishing to enter the gambling market in Europe under the name of the existing company.

A sublicense allows to operate legally, but on behalf of another, larger licensed company.

Isle of Man licenses cover all of the following activities:

• P2P games (like poker and bingo).
• Casino games, including slots.
• Live dealer games.
• Betting platforms.
• Financial exchanges.
• Binary options.
• Cyber sports betting.
• Lotteries, including messengers and resellers.
• Mobile, desktop and tablet versions.

Taxation

The following tax rates apply to financial companies on the Isle of Man:

0% - corporate tax for residents

0% - on capital gains

0% - dividends, royalties.

Gaming Tax

The gambling fee on the Isle of Man is calculated based on profits, not turnover. The state fee is paid at either 'rates minus winnings' or 'retained earnings,' depending on the type of gaming activity.

Gaming fee rates:

Gross Gambling Profits (GGY) (million).

<£20m - 1.5%

> £20m - < £40m - 0.5%

> £40 million - 0.1%

There is no requirement to contribute to the authorized capital of the company on the Isle of Man.

Requirements for the license applicant:

• Presence of a local office on the Isle of Man.
• Presence of minimum 2 local directors.
• Local MLRO.

A licensed company is also required to:

• Preparation and maintenance of all regulatory documentation.
• Completion of monthly tax returns.
• Preparation of annual financial statements and audit.
• Ongoing administration of the company.

Timeframe: 3-4 months.

The Isle of Man is a popular destination for online casinos to ‘make base’ and the island boasts some of the world’s largest casino operators. The Isle of Man gambling regulator in charge of issuing licenses is the Gambling Supervision Commission, and they are well-known for inflicting very harsh rules and regulations on companies who wish to apply for a license (as well as those who have a license), ensuring players are kept safe at all times.

About The Gambling Supervision Commission

The Isle of Man’s Gambling Supervision Commission has a long history in regulating gambling with its formation taking place back in 1962. While originally it was formed to regulate land-based casinos, and sports betting, when online gambling became prevalent, the Commission was also given control of regulating companies wishing to operate from the territory, and any operator who wishes to offer gambling services – of any kind – must apply for a license from the Commission.

While the Gambling Supervision Commission are incredibly strict about issuing licenses (and the terms and conditions those with a license must stick to), they are known as a very approachable body, offering free advice to those thinking of applying for a license, as well as continual support throughout the application process.

Being an independent body, this is a ‘breath of fresh air’ from all the regulation and formalities Governments impose in today’s modern world, but make no mistakes; the Commission may appear friendly and helpful, but operators who breach their license’s terms and conditions face the possibly of steep fines, as well as the potential of losing their license.

Isle Of Man Gambling License

Casinos Regulated By The Gambling Supervision Commission

Isle Of Man Gaming Licensees

The Gambling Supervision Commission currently licenses hundreds of online casinos with some of the bigger names including 888 Casino, Thrills Casino, Mr. Smith Casino, Bet365 and Rizk Casino.

Rules, Regulations, And Provisos Of A Gambling Supervision Commission License

In order to apply for a license, operators must first request an application form from the Gambling Supervision Commission directly, at which point the operator will be told what needs to be filled out and completed and how the process works. A relatively simple process, as soon as the application is submitted, the Commission aims to approve or deny all licenses within 2 months – although fees aren’t cheap with a license costing £35,000 a year with a 1.5% tax on net profits up to the amount of £20,000,000.

In order receive a license, operators must meet a strict range of conditions, notably anti-money-laundering, responsible gambling, disaster recovery protocols and player protection.

Isle Of Man Gambling License Fees

Some of the key aspects the official Gambling Supervision Commission state on their website as being ‘critical’ for receiving a license are as followed:

PROBLEM GAMBLING

Isle Of Man Gambling License Cost

Operators wishing to apply for a license must prove they have sufficient steps in place to identify and help problem gamblers, and offer them a range of account services, including the ability to set deposit limits, set reality check limits, offer a ‘take a break’ function, as well as offering a permanent self-exclusion facility.

PLAYER PROTECTION

The Commission place particular importance on player’s funds, stating that all licensee holders must have a system in place to adequately protect player funds. This means that any casino which wishes to apply for a license must demonstrate they can pay all players in a timely and responsible manner.

Complaints Procedure

If you experience problems with a casino that uses a license from the Isle of Man’s Gambling Supervision Commission, there are a couple of routes for you to take. The Commission themselves recommend you only turn to these routes as a matter of last resort, and you will need to show you have tried to sort out your discrepancy with the casino before contacting the Commission.

In fact, before you contact the Commission, you’ll need to contact the casino’s IBAS (Independent Betting Adjudication Service). This is a mandatory part of the operator getting a license, and means there is an independent, unbiased third party which looks at cases. After exhausting the IBAS route, you can then make an official complaint to the Commission through their website.

Contact Details

It’s relatively easy to get in touch with the Gambling Supervision Service – although as mentioned – if you are getting in touch to file a complaint, it’s best to try and resolve it another way first. Their contact details can be found below:

• Address: Head Office, Ground Floor, St George’s Court, Myrtle Street, Douglas, Isle of Man, IM1 1ED
• Telephone: +44 1624 694331
• Email: gaming@gov.im