Isle of Man gambling regulator appoints Gregory Petts as chairman
Petts has been with the mbling Supervision Commission for five years.
UK.- The Isle of Man Treasury has appointed Gregory Petts as chairman of the Gambling Supervision Commission (GSC). Petts is a chartered accountant and auditor and has been part of the commission for five years. The GSC said his experience in internal audit, governance, risk and compliance would support the GSC in its regulatory duties.
Petts said: “It is essential to strike a balance, maintaining responsible growth of the sector and continuing to uphold a strong regulatory framework. Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance.”
The appointment comes at a challenging time for the regulator. An Isle of Man gambling licence has held appeal for some operators due to the island’s zero corporate tax rate, zero capital gains tax and gambling duty based on profit ranging from 0.1 to 1.5 per cent. However, at least 13 operators have surrended their licences this year.
According to local newspaper Isle of Man Today, this is causing financial challenges for the GSC, which faces a projected shortfall of £778,000 due to lower-than-expected licence fees and new business applications. The regulator had expected to have 109 licensees for the new 2025-26 financial year, down from a previous forecast of 148. However, the regulator’s register now lists just 80 active online gambling licensees, along with three bookmakers, five controlled machine suppliers and one casino operator.
Other factors include more unsuccessful licence applications than expected and the revocation of the licences of King Gaming following police raids in April 2024 amid allegations of fraud and money laundering. An upcoming evaluation of the Isle of Man by the Council of Europe’s anti-money laundering and counter-terrorism financing body MoneyVal could also influence the regulatory environment.
Earlier this month, Celton Manx gave up its gambling licence ahead of the white-label operator TGP Europe‘s pull out from the British market. All 15 of TGP Europe’s brands have been left without licences after the company ceased operations due to the a £3.3m penalty issued by the British Gambling Commission. Celton Manx operated the online sportsbook SBOBet and SBOTOP and had been licensed by the GSC since August 2008.
In January, Mark Rutherford was promoted to become the new CEO of the GSC. Previously deputy CEO, he has been with the gambling regulator since June 2013, initially serving as director of policy and legislation.
