Isle of Man close to new casino laws

A new bill that aims at changing the current casino regulations was recently passed by the House of Keys of Isle of Man.

Isle of Man.- A bill that is seeking new regulations regarding the casino industry in Isle of Man has been recently passed by the House of Keys, and is now waiting for the Legislative Council to be further considered.

As revealed by IOMToday, the new regulations would update the process casinos go through to obtain licenses, as well as new ways to strengthen the anti money laundering laws (AML). Moreover, the bill is seeking new measures to prevent terrorism funding and an upgrade in the way that casinos must retain a license if it changes its location.

Alfred Cannan, Treasury Minister, explained that the bill would allow the Gambling Supervision Commission to keep an eye on the territory’s casino legislation and make sure that the law complies with international standards. “While online gambling has become a significant part of the Isle of Man’s economy, the island has always supported a small but well-regulated domestic gambling sector, which includes licensed casinos,” said the official after the House passed the bill.

Isle of Man’s casino activity is currently ruled by the more than 30 year old Casino Act that would be modified to improve control over casinos in the area. The island is well known for recognising the importance of gaming regulation as, for example, it introduced some specifically drafted to control the incipient iGaming indusrty. Isle of Man has attractive fees that have turned it into a popular licensing hub in Europe. Licensees pay 1.5 percent tax on gross gaming yield (GGY) of under 20 million pounds (US$25.95 million), 0.5 percent on GGY between 20 million and 40 million pounds (US$25.95-51.89 million) and 0.1 percent on GGY of over 40 million pounds.