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Why Is the Isle of Man So Popular With Casino Operators?
By Shane Addinall May 01, 2022 IndustryWhat makes the Isle of Man such an attractive jurisdiction for gambling providers, and why is there a marked increase in licence applications in the region? Other legislators should take note.Successful igaming legislation relies on transparent, predictable, and reasonable practices with a solid foundation provided by the regulator. This approach makes the Isle of Man's jurisdiction extremely attractive and a sensible choice for igaming operators and providers.
The British Isle region experienced a resurgence of gambling licence applications in the last couple of years, thanks to its robust offering to the online gambling sector. Industry experts believe instability within other preferred jurisdictions channels tier-one providers to the Northern Island. Existing licensed operators testify of the jurisdiction's ability to solve business-critical issues.
Another big attraction is Isle of Man's forward-thinking approach to cryptocurrency. The jurisdiction was a pioneer in crypto-gambling and continues its contribution to the decentralised currency industry.
Prime Gambling Regulation
Digital Isle of Man, an executive agency within the government's Department for Enterprise, interviewed Nick Wright on the increased popularity of igaming licences from the island. Wright previously held a position with the jurisdiction's Gambling Supervision Commission (GSC) and is currently the COO of a licensing solutions company.
Wright revealed that Isle of Man licensees agree that the region's transparent and stable political approach is a significant advantage. Operators believe the GSC and government provide crucial access to emerging markets, banking, and positive acquiring charges. Casino operators deal with numerous jurisdictions and face challenges of regulation changes and instability, and the Isle of Man is the one-stop solution to these.
According to Wright, the lawmakers from the island consider the crucial needs of operators when improving legislation while maintaining player protection standards. Wright explains:
"One of the things the Isle of Man does so well is introduce new legislation to support growth within the sector."
Instead of taking an authoritarian approach, like many established and new regulators do, the Isle of Man's GSC seeks participation from licensees which produce relevant and practical laws.
Reputable and Predictable
The region experienced an influx of igaming providers who previously held Curacao licensing. Wright ascribes this shift to the Isle of Man's treasury efficiencies. Tier-one operators require stable and trustworthy financial services presented with competitive processing fees. Curacao's fall from grace and Isle of Man's whitelist reputation makes the move an obvious choice.
Because of the Isle of Man's forward-thinking approach, tech-based companies account for 30% of the island's economy. Operators and software developers have the advantage of a highly-skilled, professional workforce with two decades of experience in online gambling. Partnered with the region's tax benefits, stable political climate, and pro-business supportive government, it is no surprise that more top brands choose the Isle of Man.
Crypto-Gambling Pioneer
The Isle of Man is a top choice for crypto-based casinos and gambling platforms that provide cryptocurrency payment solutions. The region's contributions to the crypto industry date back to the first licences issued for crypto gambling. They proudly claim regulatory stability for crypto-based businesses, and Wright believes the region is the perfect base for leading crypto brands.
All licences from the Isle of Man allow for the use of cryptocurrency. This legislation has been in place since January 2017. Initiatives like the Accelerator Programme demonstrate the region's dedication to innovation within the Fintech and DeFi markets, and crypto companies enjoy unsurpassed support for their blockchain businesses.
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