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IoM Proposes Law Change To Host Gambling Events

by Jason Gorringe, Tax-News.com, London

27 December 2011


The Isle of Man has announced plans to amend the island's gambling legislation to permit venues other than casinos to host live gambling events from the island, such as live poker tournaments.

The government said that revisions to the island's Casino Act 1986 and the Gaming Betting and Lotteries Act 1988 would add to the territory's already diverse economy.

Commenting on the proposals, the island's Minister for Economic Development, John Shimmin, said: ‘The Department has identified an opportunity to be able to attract live gaming tournaments to the island with all of the associated economic benefits they will bring in terms of increased bed nights, spend in the local economy and increased passenger numbers on aircraft serving the island.”

“At the present time the law restricts which venues can be used for such events. The proposed Casino (Amendment) Bill will give the Gambling Supervision Commission the powers to be able to grant temporary licences for these events at a wider range of possible venues.”

The government has released a consultation document on the proposals, with submissions requested no later than February 3, 2012.

TAGS: Isle of Man | tax | investment | fiscal policy | law | international financial centres (IFC) | offshore | gambling | legislation | offshore e-gaming | regulation

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