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Gambling Licenses

The Isle of Man Gambling Commission: Bringing Transparency

The Isle of Man is a secular respected online gaming license authority. It produced its first gambling permit back in 2001. Any gaming industry authorized by the Isle of Man is, in most cases, legitimate and safe to engage in online gambling and earn real money. Besides, unlike other gaming permits that are got from other countries, one from The Isle of Man has high recognition in security. The Isle of Man is among the few licensing gaming commissions whitelisted by the British Gambling Commission. What does this mean? The UK government is comfortable with the depths and standards of investigation involved while issuing applicants with permits. Therefore, such companies have the right to provide online gaming services to all citizens of the United Kingdom!

The Isle of Man Gambling Commission: Bringing Transparency
Ground Floor St George's Court
Myrtle Street, Douglas
The Isle of Man, IM1 1ED
Telephone:+44 1624 694331
E-mail: gaming@gov.im
Website:http://www.gov.im/gambling
 

Benefits of Having a Gaming License from The Isle Of Man

  1. Simple application process

The business-friendly nature allows a system of licensing that protects the consumer and helps in growing the business. It has one type of gaming license that mostly covers all such activities. As an applicant, The Isle of Man Gaming Authority ensures that you’re fully supported through the entire application process.

       2. Financially Attractive

Every country contains different rules and regulations when it comes to online gambling and licensing. Therefore, Isle of Man gaming authority provides a single permit option having low duty levels ranging from 1.5% to 0.1%. However, such is on gaming yields and not on the turnover!

Other attractive financial measures include:

  • There is no inheritance or capital gains tax

  • Licenses come with desirable personal tax and allowance rates.

  • Good grant assistance
     

       3. World Class infrastructure

The Isle of Man has an enhanced and improved telecommunications system. In fact, it's so interesting that other emerging technologies use the one from Isle of Man as a test bed.

Player’s Protection

One of the primary objectives of the gaming commission is to make sure that it adequately protects its players. In doing so, it maintains the legitimacy and security of the gaming process. Here is how it manages to accomplish these tasks:

  • Ensuring that all operators use the right system to protect funds from online players

  • Following the laws of Isle of Man, all winnings and deposits are kept in a secure location

  • The gaming operators hold a guarantee with a bank of their choosing, such that, if the gambling industry cannot pay its online players, the bank comes in to solve the situation

  • Establishing a trust fund to control the entry and exit of money in the operator's bank account

  • The gaming commission conducts impromptu audits to make sure that the money kept in the trust fund and bank go hand in hand with the player's accounts

  • All online gambling sites should be audited by a powerful and independent company for fairness and randomness winnings in the online slots

  • The gaming authority carefully watches the policies and advertising policies of all operators

  • The Commission receives and investigates complaints from players

The Licensing Process & Fees

Obtaining a full online gaming license from The Isle of Man is complete after submitting the application, paying the required fees and going through the much-needed investigations. Applicants who wish to have such permits should first create a Manx Company, keep at least two locally based contacts and keep all gaming accounts in a suitable Isle of Man bank.

After accepting the application, the gambling authority performs an investigation that touches on the background of all people in operation. They look at factors such as:

  • History of individuals having a 5% stake or more

  • The costs of the operation

  • Terms and other conditions

  • The gaming rules and regulations

  • The business plan

  • Internal controls

  • Software providers

All the relevant paperwork is commonly found on The Isle of Man gaming website. It contains an excellent in-depth vetting procedure that ensures that persons have access and control over their gambling industry.
 

Fees:

  • Fee for application: 5000 Sterling Pounds

  • Yearly license fee: 35000 Sterling Pounds 

What does this mean for all online slot players?

It’s clear that any gambling website with a license from The Isle of Man is a good start of playing and earning real money online. The gambling authority does not simply issue gaming permits to anyone. All websites must be financially stable, properly organized and have reputable and reliable people in its management.

Also, you can check the gaming commission website for a comprehensive list of the current permit holders. Such will help you know it the site or person is legal.

Conclusion

Are you looking to apply for a gaming license from the Isle of Man? You may also be searching for additional information on their type of services.

Simply visit their site at www.gov.im/gambling/ or contact them through phone or via e-mail, and they'll be more than happy to provide you with the assistance you require.

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