Seeking to streamline the exchange of information between the Treasury, outside agencies and online casino operators, Isle of Man legislators recently proposed the Gambling Duties Bill. In essence, this bill will serve to replace the Betting Act of 1970 and the Pool Betting Acts of 1961-1970. Although it will not specifically deal with societal regulatory protocols and money laundering affairs, it will help bridge the lines of communication between the bodies responsible for doing so.
An Isle of Man Treasury spokesperson commented that the entire gambling industry has evolved into a vast "framework" of online business in need of updated regulatory provisions. And considering the large amount of potential revenue derived from online casino licensing fees, it will definitely serve Isle of Man's relatively small economy in a major way. Strictly overseeing the licensing of online casinos and setting forth the consequent tax scheme is the Gambling Regulation Act of 2001.
Online gambling has come a long way since the days of telephone betting. In addition to online casinos, the jurisdiction regulates online poker rooms, bingo rooms and sports betting sites. And for any country, that spells a stimulate economy with increased banking activity and many jobs from both within the online gambling industry and the IT sector.