The Economic Department of the Isle of Man’s Gambling Supervision Commission (GSC) issued a statement, revealing that a series of changes has been announced. The amendments in question came in terms of licensing structure and were made after a consultation had been carried out. Feedback from the currently flourishing e-Gaming sector of the region has also been taken into account when making the changes.
The Chief Executive Officer of the Gambling Supervision Commission Steve Brennan commented on the new regulations, saying that the amendments were made in a way that corresponds to the dynamic regulatory environment on a regional and international scale.
According to Mr. Brennan, the Gambling Supervision Commission had managed to reduce the unnecessary regulatory burden imposed on licensees and to respond to the technological progress in the segment. The changes he paid more attention to were related to network partners fees removal, a simplified test certificate procedure, increasing the number of services that could be offered by licence holders to sub-licensees. The recognition of digital currencies as equal to real money and addition of digital currencies payments to the list of payment methods available is also considered as a great step for the region.
As it becomes clear of Mr. Brennan’s statement, the licensing changes adopted by the Gambling Supervision Commission of Isle of Man would concern the network licences, the test certificates, the sub-licences and digital currencies.
As for the network licences, no additional charges will be applied for network partners, and licence holders will be required to pay fees only for what licence they actually use. In terms of test certificates, the licensing structure amendments would allow the Gambling Supervision Commission to accept test certificate that has been originally issued to other gambling regulators.
As mentioned above, sub-licences have also been put in the scope of the latest regulatory changes in the region, with the full licence holders being able to offer a complete back office system to its sub-licensees. The latter would also be able to get games and lottery products.
The adoption of digital currencies would provide the operators with the chance to offer their customers a broader range of payment methods, including convertible digital currencies in order to make deposits and play on specialised gambling websites.
The Gambling Supervision Commission is an independent statutory board which dates back to 1962. It it bound to the regulation and licensing of brick-and-mortar gambling operators that run casinos, slot machines, amusement hubs, betting outlets and lotteries. In addition, online gambling activities on the territory of Isle of Man are also regulated by the Gambling Supervision Commission, with the latter significantly expanding its size and responsibilities.
The Member oft the Department of Economic Development Daphne Caine MHK also commented on the new legislation changes, saying that companies that operate in the e-Gaming and e-Business sectors had always been supported by the Isle of Man. She also described the online gaming industry as a “tremendous area of growth” for the local economy and confirmed that the Department remained committed to maintaining the sector’s trend.
- Author
Daniel Williams
