Isle Of Man Gambling Commission
Situated in the Irish Sea, the Isle of Man is a British Crown dependency with its own government. The island embraced remote gambling back in 2001 when the Gambling Supervision Commission began issuing gaming licences to companies from around the world. The Gambling Supervision Commission was originally founded in 1968 and is an independent statutory board that regulates both land-based and online gambling.
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License Application
Gaming operators are attracted to the Isle of Man due to its relatively simple licence application process. As the process is much the same for each type of gambling, this suits companies offering different types of gaming. Potential licensees are required to complete a number of forms outlining the licensee's background and criminal record as well as the company's financial stability. From start to finish, the gaming licence application process takes around 10 - 12 weeks.
Fees and Duty
An administration fee of £5,000 is required to be paid when the initial application is made. If the application is successful then a fee of £35,000 per year is charged to get and retain the licence. Duty must also be paid on top of that. The amount of tax due depends on the amount of profit made by a company. For example, businesses with a gross gaming yield of up to £20 million per annum pay 1.5% of their profits in tax. For those yielding between £20 million and £40 million per year, the tax is 0.5% and companies with a gross gaming yield in excess of £40 million pay 0.1% of their profits.
Audits
In order to keep their licence, all licensees must be open to regular audits being undertaken by the Gambling Supervision Commission. These audits happen as a matter of routine and inspect the company's records. If any sign of corruption, non-payments or having insufficient funds available is found then the licence may be revoked.
Government Support
The government in the Isle of Man is keen to promote the gambling sector on the island. The Department of Economic Development has an eGaming section that encourages companies to base their business in the Isle of Man and supports them through the application process, helping them to get started. The government also offers financial assistance in the form of grants or loans for start ups and companies relocating to the Isle of Man.
Current Licensees
The Isle of Man has a great reputation for gambling licensing and as such, plenty of operators are happy to be licences through this jurisdiction. If a company holds an Isle of Man licence then players can be sure that the site is reputable and can be trusted. In order to discourage fraudulent sites claiming to be licensed in the Isle of
