Not many institutions provide licensing services to gambling brands. The Isle of Man regulatory body is one of them. Since 2001, it has authorised the whole plethora of operators. Now, the question is whether its licence is legitimate or not.
Casino Market experts will tell you more on the matter in this article.
Market Status
The gambling institution on the Isle of Man has a positive background. It has been operating for 2 decades, which is more than enough to collect valuable experience and gain the acknowledgement of the iGaming audience.
Being part of the British Isles Network of Excellence, the jurisdiction stands next to other reputable institutions like Gibraltar and the United Kingdom. Its approach to licensing operations relies on the highest international standards.
Regulatory Mechanism
A well-organised monitoring system ensures legal work in the gambling area. This way it protects players from possible inconveniences. Thus, licence holders are obliged to stick with strict policies no matter what.
Some of the mandatory practices include but are not limited to:
- problem gambling prevention;
- ensuring player safety and security;
- eliminating illegally gained proceeds;
- providing a smooth user experience.
The Gambling Supervision Commission (GSC) takes responsibility for implementing these practices. It stays in close contact with brands to perform regular audits and ensure transparent online activities.
Tax System
A stable economic situation creates a business-friendly atmosphere. International companies are welcome to make investments to strengthen their presence in the European region. The island has reasonable taxation rules, which is perfect for the gambling sector that wants to keep its expenses as low as possible.
Final revenues do not fall under a corporate tax. Meanwhile, the highest fee makes up 5% of the Gross Gaming Yield (GGY), which indicates a difference between the funds wagered and obtained throughout the gameplay.
Licensing Routine
The GSC keeps the application proceedings fast and clear. Gambling brands can submit an online form on the special portal. If applicants have any difficulties doing that, professional advisors can guide them throughout the procedure. Once it is done, the GSC needs a few weeks to handle an online request and announce its verdict.
The Isle of Man has everything to be called a leading regulatory body. With the current features, it will manage to keep its reputation glowing for a long time. So, private companies are free to apply when attempting to legalise their operations.
Make your platform safe and secure for the iGaming audience. Contact Casino Market for further legal assistance. We will help you keep your content legit.
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