Isle of Man Proposal Looking at Regulations

May 10, 2008

There is currently a proposal out there that would seek to streamline the online gambling regulations, so that there would be a kind of oversight committee to ensure all follow the rules and abide by them. The Isle of Man proposal would give them a regulatory and supervisory framework to come from so that all forms of online gambling would be covered by it.

The new online gambling legislation is supported by the Treasury Department of the Isle of Man, and is called the “Gambling Duties Bill.” It would cover both land based and online gabling operations, and would add protections that are not currently in the laws that they work from in regards to the industry. The old laws were put in place before online gambling existed, so they are aware of the fact that they need to update their regulations.

Many online gambling companies that are licensed out of the Isle of Man such as the Microgaming network, currently fall under the rules of the Online Gambling Regulation Act 2001 and pay their online gambling duties. The new legislation would add provisions not envisioned when they first wrote the legislation and would include land based casinos as well.

Land based casinos are currently covered under the Betting Act of 1970 and the Pool Betting Acts of 1961-70. The new legislation will simply update outdated legislation. It will also assist them with the exchange of information to make their communications with off-island jurisdictions more effective.

As a leader in the online gambling industry, the Isle of Man is likely to be emulated by many countries once they see the final product. The fact that this will undoubtedly streamline their online gambling and land based operations will push them forward in the industry.




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