In December last year Tax-news reported that the Isle of Man's Online Gambling Regulation Bill had been approved by the Council of Ministers and was due to move on to the Parliament's House of Keys for further debate.
The Online Gambling Regulation Bill has now received its first and second readings in the House of Keys and will proceed to the clauses stage by the end of this month. The Bill permits Internet gambling along with similar forms of online and interactive gaming, but its emphasis is largely on regulation, constructing a secure regulatory regime involving the Gambling Control Commission, the Financial Supervision Commission, Data Protection, Customs and Excise and the Isle of Man Constabulary.
In a bid not to overburden the new regulatory system as it gets underway, only three operations will initially be granted a licence to manage online gambling businesses at a fee of around £80,000 each. However, this number is likely to increase as the system becomes more established.
In a press release issued last week, the Isle of Man government stated: 'Companies will have to be registered in the Island, their designated officials will have to be resident here, and licence holders must maintain sufficient financial reserves. Regulations will protect players' privacy, prohibit sales to minors and residents of jurisdictions where Internet gambling is currently not permitted, and prevent money laundering.'
It is expected that the bill will extend the Island's economic base and attract a further source of income without adding to pressure in the employment market. The Isle of Man government claims that the Bill will make the Island a world class leader in the regulation of Internet gambling, providing 'an important opportunity for the Island to benefit from a growing e-commerce market. The Isle of Man is ahead of the competition and in the advantageous position from which it can benefit by attracting the best of the industry to the Island by providing a well regulated jurisdiction.'
More detailed information on the Updated Online Gambling Regulation Bill can be found at: http://www.gov.im/infocentre/docs/DHA_gamblingbill4A.html
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