Updating the market, the Isle of Man Gambling Supervision Commission (GSC) has announced a series of changes to its licensing structure following consultation and feedback from the Island’s sector stakeholders.
The regulatory changes have been backed by Steve Brennan, Chief Executive Officer at the GSC who detailed to stakeholders: “These new regulations respond to the changing regulatory environment both locally and internationally. With the removal of fees for network partners, a simplified test certificate procedure, a broadening of the services licence holders can offer to sub-licensees and the recognition of digital currency payments we have reduced unnecessary regulatory burdens and responded to technological advancements.”
The GSC licensing changes include the following provisions:
- Network Licences: There will no longer be additional charges raised for network partners. A network services licence holder will now only pay for the network services licences not additional network partners.
- Test Certificates: The Isle of Man has played a pivotal role in developing cooperation between jurisdictions to promote common testing standards. The GSC introduced regulatory changes that will allow it to be able to accept test certificates issued to other gambling regulators (if they have a Memorandum of Understanding with the GSC).
- Digital Currencies: Recent changes in law mean that operators may now offer customers the ability to deposit, gamble or play using convertible digital currencies, such as Bitcoin or virtual goods such as skins.
- Sub-Licences: A full licence holder is now able to broaden the services that it offers to its sub-licensee. A full licence holder may now offer a complete back office system to its sub-licensee as well as the provision of games and lottery products.
Updating stakeholders, Daphne Caine MHK, Member of the Department of Economic Development with responsibility for e-Gaming commented:
“The Isle of Man offers a highly supportive environment for e-Gaming and e-Business companies. The Island continues to cut a path at the forefront of legislative developments and has succeeded in anticipating the future needs of industry on a number of occasions. e-Gaming remains a tremendous area of growth for our economy and the Department will continue to work to support the sector to maintain this momentum.”