Having an Isle of Man gaming licence has many advantages, including a straightforward application procedure, an environment that is conducive to business and a workforce that is highly skilled. The existence of offshore gambling businesses contributes significantly to the Isle’s GDP.
The Isle of Man is located between Great Britain and Ireland, close off the northwest coast of the United Kingdom. It is a self-governing British Crown Dependency, which means that some laws are created and upheld by the British parliament even though it is not a part of the UK and has the authority to legislate on local issues.
This section will give you all the information, statistics, and suggestions you need to assist you decide whether or not to apply for an Isle of Man gaming licence.
Benefits on an Isle of Man Gaming License
Possessing an Isle of Man gambling licence has many advantages. You’ll be relieved to learn that Brexit had no effect on the gambling sector because the Isle never belonged to the EU. Furthermore, it did not receive any funds from the EU, but it did gain advantages from membership in the EU customs union. The Isle continues to welcome new online gaming enterprises even if several have relocated or opened headquarters in other countries. An Isle of Man gambling licence has the following main advantages.
The infrastructure of the Isle of Man is of the highest calibre and standard. The telephone and internet are quick and dependable, and gaming organisations partner with competent and relevant local businesses for their ancillary needs. The personnel is also educated, skilled, and experienced in the iGaming industry. This makes it simple to hire locally, which lowers prices.
The Isle of Man’s gambling regulator and licence both enjoy excellent international reputations. They are renowned for upholding strict standards and making sure that business owners follow the law. The Isle is a member of the World Trade Organization and is also listed on the OECD White List. This enhances its reputation as a top country for online gambling. The Online Gambling Regulation Act also permits any ancillary gaming operations, such as marketing, skill games, and software development, to be hosted locally and to be conducted without the requirement of a separate licence.
Political, social, and economic stability are all features of the Isle of Man. As previously said, online gambling accounts for a sizable portion of the country’s GDP, and it is unlikely that the business would undergo any changes that might impede its expansion. A business can be guaranteed that it will operate in a secure and friendly atmosphere if it chooses to obtain an Isle of Man casino licence.
Isle of Man Gaming License Requirements
Each and every authorised person, including an officer, director, shareholder, beneficial owner, and ultimate beneficiary owner, must meet the following requirements and submit the following materials in order to be eligible for an Isle of Man gambling licence:
- No more than 3-month-old bank references
- A certificate of clean record that is no more than 3 months old
- Notarized passport copies
- A thorough business plan
- Copies of recent (within 3 months) utility bills
- An explanation of the games available
- Location and target market
- Verification of the fairness and applicability of the RNG (3rd party certification)
- Information on the programme used and, if available, a TST (or comparable) report
- Servers have to be collocated in the Isle of Man
- Every document must be written in English and must be no more than 90 days old. Documents that are not in English must have certified translations into English.
Other Helpful Facts
When it comes to financial advantages, the Isle of Man is a desirable jurisdiction. There is no tax placed on gambling enterprises incorporated there, and taxation is straightforward. Instead of being based on overall income, the gaming tax ranges from 0.1% to 1.5% of the gross gaming yield.