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Online Casino News - November, 2008

Isle of Man Passes Bill to set up Gambling Commission

 

 

  Seed Newsvine

by Devon Chappell, News Staff Writer

November 29, 2008

Opening the door to more universal online gambling regulation standards, the Isle of Man has passed the Gambling Supervision Bill 2008. With the primary objective of making the Gambling Supervision Commission a statutory board under the Treasury, the new bill does not impose any regulatory changes to legislation already in place.

In fact, the Isle of Man has long been on the UK Gambling Commission's whitelist of online gambling regulatory jurisdictions permitted to allow licensees to advertise in the UK. With thirteen active license holders, three inactive approvals and six more applications currently being considered under the Online Gambling Regulation Act of 2001, the Isle of Man has managed to establish itself as a respectable online gambling jurisdiction over the years.

What a Treasury appointed Gambling Supervision Commission will do is essentially give current regulations more credence, as well as enable better communication between regulatory officials and both current and potential licensee holders. In other words, a statutory gambling board is a must if the Isle of Man is to be held in the same company as say the UK Gambling Commission.

So as to avoid any conflicts of interest and ensure complete transparency, appointments to the commission will be strictly overseen and handled by the Treasury, contingent upon final approval by the Parliament. Upon these appointments, the Commission will uphold a mission to ensure online gambling is conducted fairly and transparently, that children and at-risk people are protected, that organized crime is prevented from developing as a result of gambling activities, economic stimulation is incurred and that the Isle of Man establishes itself as a leading international finance sector.

Thus far, things are looking very promising for the Isle of Man. Two recent licensees - Fasbet and NYX Interactive - are likely to create over one-hundred jobs on the small island within the next five years. The head of Isle of Man's e-Gaming Department (under the Department of Trade and Industry), Garth Kimber, said that Fasbet and NYX are the types of companies that the Isle of Man is looking to license and regulate, not to mention provide the necessary infrastructure and technology resources for large, home-base operations.

Creating a regulatory environment that is compatible for a wide range of online gaming businesses, including online casino operators, software companies and payment services, the Isle of Man is very likely to be a new home to both operators and existing companies seeking relocation.



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