Isle of Man, Financial Center Turned Online Gaming Haven
The Isle of Man has a very favorable location and tolerant policies which make it an ideal financial and gambling center. Most of the UK companies register their companies there in order to enter London’s Alternative capital market.
Being a British dependency, but not part of the UK law system is another benefit that overseas entities want to utilize. Because the Isle of Man offers a zero tax rate for online gambling, it makes it one of the most appealing jurisdictions for registering an online casino.
The regulator of gambling activities is called the Gambling Supervision Commission and it is the body that provides the licenses for the willing applicants. The GSC was founded back in 1962 and one of the key objectives and most important one is protection of the player’s interests. It is governed by the Online Gambling Regulation Act 2001 or short the OGRA.
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Licenses
The Gambling Supervision Commission started to give out licenses for online gambling in 2001. It is one of the first jurisdictions to start providing licenses of this type. In recent years the authorities have become more responsive to the needs of the licensees and the gambling industry overall.
They provide the potential applicants with useful information about the rules and regulations they need to follow and the requirements they need to fulfill in order to become eligible for a license, and upon granting the license what should the holders do to keep the license.
In other words, the applicants are guided before and after getting the license, however, no legal advice is offered by the Commission.
The AAA accreditation
The Isle of Man is a holder of the AAA accreditation which is a proof that they really have put a lot of effort to be where they are today. Aside of gambling, as we already said the Isle of Man is a financial center. This reputation can be maintained only with the greatest of attention to detail and that all activities are conducted according the law and the relevant regulations.
On top of that, one of the major objectives of the Commission is to protect and improve the player’s experience, safeguard them from scams and to protect the young from gambling.
