Despite only having been operational in terms of the offering of gaming licenses to companies throughout the globe, the Gambling Supervision of the Isle of Man has in fact been in operation since 1962 to ensure regulations were placed on land based gambling.
Already a formidable licensing authority, the Isle of Man became one of the largest on the planet when, in September 2012, it entered into partnership with the Malta LGA, which was also already an authority of high standing beforehand.
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There are several different e-gaming types that are licensed within the Isle of Man, including sportsbooks, online casinos, and online poker rooms. Unlike many jurisdictions who have specific and complex licenses relating directly to each gaming type, licenses in the Isle of Man are almost identical across all online gaming companies, making a license far easier to obtain for those who offer multiple services across the e-gaming industry.
In order to obtain a license in the Isle of Man, a number of forms must be filled out. This paperwork is designed to verify the licensee’s identity, criminal history, and financial stability, or lack thereof, before a license is granted.
If the licensee’s application is approved by the reviewing committee after examining the forms and performing all necessary checks, there is then a charge for the license.
A full license to operate in the Isle of Man costs £35,000 a year, along with a cut of between 0.1% and 1.5% of annual gross profit.
It is important that licenses in the Isle of Man ensure that they continuously adhere to all of the regulations set out in the license agreement. This is enforced by the Gambling Supervision Commission, who carry out routine audits and inspections on the business records of all casinos and related sites that carry licenses in the country.
If any evidence is found of license breaching, including, but not limited to, fraud, lack of payment, or a company having insufficient funds to cover winnings, then the license may be revoked by the Commission.
A genuine Isle of Man license is a clear indication that a specific casino is a safe place to play. Due to the ability to fraud the majority of certifications online, it is necessary to have a second way to validate a license.
The Isle of Man Gambling Supervision Commission combats this issue by having a full list of all licensees on their website, which is accessible to anyone who visits the site, to ensure that players are able to verify the licenses before handing over any personal details to an online casino.
This is also a dispute resolution service provided by the Isle of Man Gambling Supervision Committee which is put in place to ensure that players who have complaints or disputes have the ability to have these heard, and a suitable resolution reached.
It should be pointed out that the majority of complaints or disputes do not get that far, being resolved before an unbiased third-party has to be brought in to assist.