The Isle of Man announced on Friday that it had granted an online gaming license to Action Online Entertainment (IOM) Limited, a pioneer in the legal e-gaming industry based in the Isle of Man. Action Online Entertainment received the license, only the fifth so far issued, after the Island's regulatory body satisfactorily completed extensive reviews of the company and its management. Other licensees are MGM Mirage, Sun International, Littlewoods and Rank.
Action Online Entertainment is the only non-public, non-land based operator to be given a license. It has entered into a branding relationship with A&S Leisure, the largest privately held gaming operator in the United Kingdom.
"We are very pleased to be awarded a gaming license in the Isle of Man and look forward to success," company Director Jim McKennon stated. "We chose to apply for one of these prestigious licenses because the leadership and regulation in the Isle of Man for the e-gaming industry represents the highest standards of jurisdictional control."
Action Online Entertainment has opened its first Regional Marketing office in London and has full business operations in the Isle of Man, including casino operations, accounting and Customer Service Centre. Initial market rollout will be in Europe and expand to other parts of the world as e-gaming continues to develop. Action Online Entertainment will be operating its online casino under the URL www.clubfiore.com .
Action Online Entertainment was created to participate in the rapidly expanding on-line gaming industry, which has grown dramatically since its inception in 1997. Immediately after demonstrating its system complies with Isle of Man regulations, Action Online Entertainment will launch its ClubFiore online casino.
The Isle of Man, an autonomous British Crown dependency, provides a strict regulatory environment and a competitive tax regime that has attracted a rush of applications from large casino and gaming operators around the world searching for a safe, well regulated base for their proposed online casinos. The primary legislation, the On-line Gambling Regulation Act, came into force in May 2001. Four sets of Regulations were approved by Tynwald in June.
The application fee is £1,000 and the licence fee is £80,000 per annum; in addition licence holders are required to deposit £2 million as a guarantee for the payment of customers and to establish a formal reserve for gaming based on a stated formula. Direct taxation of gaming revenues is limited to 2.5% of 'gross gaming yield', and the Treasury has stated that it considers all gaming revenues to be outside the scope of VAT.
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