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casinos!
New Regulations for Online Casinos on
Isle of Man
Trying to stay
up-to-date with global changes concerning the world of online casinos,
the Isle of Man has made steps to improve their regulatory framework of
the jurisdiction of online casinos. The government announced several
changes to the Online Gaming Regulation Act (OGRA), which was
established in 2001. The changes will relate specifically to three
aspects of online casinos: disaster recovery provision, advertising &
marketing and software testing. All these changes were announced this
week at the International Casino Exhibition.
The regulatory requirements for holding a gaming license in the Isle of
Man did not change to keep up-to-minute with the rapid growth in the
online casinos, and the island soon became less of a draw as an offshore
centre for the industry. These recent changes should make the island
more attracted to business once again.
The changes are mostly focused on software testing. The aim will be to
simplify the online casinos process of licensing and to reduce the
costs, by shorten the process of software approval. These changes were
recently agreed on by the Malta and Kahnawake jurisdictions to in their
closer relationships with the private standards body eCOGRA.
The disaster recovery adjustments will allow licensed and regulated
online casinos operators to take advantage of the top quality telecoms
infrastructure and IT expertise, which is available on the Isle of Man,
to provide a high level of disaster recovery.
There will also be some new regulations concerning advertising and
marketing. New specialized activities of advertising and marketing will
be organized, controlled and managed from the Isle of Man, to support
the clients of online casinos.
The Head of e-gaming development for the Isle of Man Government, Bill
Mummery, stated that the island had managed to attract big online
casinos to the island in the last couple of years. Mummery believes that
the legislative changes, made with help of Berwin Leighton-Paisner (a
London-based international law firm) and the head of its gaming and
betting practice, Hillary Stewart-Jones; will increase the competitive
benefits for the economy of the island and the online casinos.
Mummery added that these are exciting and dynamic times and the Isle of
Man with its 0 percent corporate tax strategy and nil capital gains will
continue to be a leading jurisdiction for supporting the online casinos
industry and its operators.
A spokesperson of the government of Isle of Man claims that the aim of
the changes is to make it more attractive to licensees to locate
themselves here and to develop the online casinos sector and the
contribution it makes to the Isle of Man’s economy.
Since 2003, the Isle of Man has been marketing itself to the online
casinos sector and it has adopted a groundbreaking approach to
regulatory matters in its attempt to attract online casinos to its
shores. Together with the attractions of listing an Isle of
Man-incorporated company on AIM, this campaign has made the island an
offshore centre industry of online casinos.
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