Click Now!

Isle of Man Unveils New Network Services License

The Gambling Supervision Commission of the Isle of Man made headlines this week after adding a new licensing category to its existing portfolio. The Network Services License represents the latest B2B certification to enter the industry and will be issued in accordance with the terms of the 2001 Online Gambling Regulation Act.

The system, which has been some months in the making, sets out to encourage business to business relationships between existing online operators – allowing organisations to promote their platforms to consumers throughout the globe. Industry members are also hoping that the venture will attract large scale corporations to the Isle of Man itself.

The Gambling Supervision Commission of the Isle of Man has introduced a new B2B License for gaming operators.

The Network Services license, which has already been welcomed by members of the gaming community, looks set to cost operators in the region of £50,000 per year. A further £5,000 will be added per overseas customer whilst a taxation rate of 1.5% will be applied to profits.

Speaking of the license, head of online gaming development, Garth Kimber, said that the license had the potential to accommodate a range of gambling business models. A Network Services License will, he said, help operators t bring their platform capabilities to other firms whilst the Standard License and the Sub-License will assist companies dealing directly with customers. “The level of license required is dictated by the type of business-to-business relationships a company intends to pursue”, read the jurisdiction statement. Kimber went on to say that such developments would continue to operate alongside the organisation’s ongoing commitment to regulation. Operators will no doubt be keen to find out more in the months ahead.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments