The Isle of Man is one of the most progressive and liberal jurisdictions in the world when it comes to gambling. The government realizes the prospects of this area by supporting gambling companies and creating innovative infrastructure for gambling. Gofaizen & Sherle will provide qualified support in obtaining a Gaming License in the Isle of Man with guaranteed results
If you are planning to open a gambling business in the Isle of Man - the first thing you need to do is to license your business. Gaming Isle of Man license holders have a significant advantage over competitors due to the image of this jurisdiction, which is a member of the World Trade Organization and is on the white list of the Organization for Economic Cooperation and Development. Moreover, license holders have the right to use marketing tools in the UK to attract new customers.
The Isle of Man, although it has signs of self-government, is under the British Crown. This means that the local government can introduce its own rules of business development and regulation, and create loyal taxation with rates much lower than in Britain. However, the influence of the UK favors the stability of the economic sector and protects the jurisdiction from blacklisting.
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The Isle of Man has established itself as a pioneer in the control of the gambling industry, which confirms the high competence of the regulatory authorities and the reliability of the sector. History was formed with the establishment of the first Gambling Supervisory Commission back in 1962. Then, in 2001, a specialized organization was established to regulate online gambling. Such measures demonstrate the seriousness with which this jurisdiction takes control and regulation of gambling activities.
The first thing to do is to register the company with the local registry. It is for it that the license will be issued.
To do this, you need to appoint at least 2 directors, rent a local office and collect a package of necessary documents. The company registration period is up to 48 hours at a cost of about $130. For an additional fee, there is the possibility of incorporation in 2 hours.
For fast and efficient company incorporation, we advise you to contact Gofaizen & Sherle.
Once the company has been incorporated, you need to open a bank account. To do this, you need to choose a suitable bank, collect the necessary documents and sign the relevant agreements.
We will help you to find a bank with a good reputation and open accounts as soon as possible.
You need to hire local employees for key positions and sign a local office lease.
Before applying for an Isle of Man Gaming License, you need to gather a package of properly executed documents. Among them: developed business plan, corporate policy, software documentation, articles of incorporation, completed personal declarations by directors and shareholders, proof of criminal record of founders, copies of passports of owners, financial statements, detailed description of all games, RNG certificate, policy on the exclusion of minors and players with gambling addiction.
The package of documents may be supplemented depending on the type of license and services. If it is collected incorrectly or incompletely - the regulator may request additional information. This may increase the time of obtaining a license, so it is better to delegate the preparation of documents to professionals.
The application to the regulator is submitted together with the collected documents.
It is important to stay in touch to promptly answer possible additional questions from the regulator. It is also necessary to pay a basic fee of about £36,750 (about $47,000) and an application fee of £5,250 (about $6,700).
Typically, the review time takes up to 3 months.
If all steps are completed correctly, you will be authorized to legally operate in the Isle of Man in the form of obtaining a Gaming License.
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The Isle of Man rules regarding license qualification are different from many jurisdictions, as each license (sub-license) allows for different gaming services. There is no need for separate licenses for online casinos, betting, lotteries, etc.
The only difference between the available licenses is the company's activity and its goals: B2B, B2C, subsidiaries, ownership of copyrighted game content, or formation of a personal player base.
The license validity period is 5 years and for the regulator not to revoke the license, it is necessary to comply with all the requirements and rules.
There are 4 types of licenses in the Isle of Man:
A master license includes a standard set of permissions, giving the holder the ability to conduct B2C activities. They can register players on their platform and collect and store their data. In addition, master licensees can offer a White Label solution, providing operators with a platform, games, and all necessary business solutions.
Master licensees also have the right to partner with multiple sub-licensees, offering them access to their games and software. They provide all the support and conditions for obtaining a sub-license from the Commission. However, there is a certain fee of £5,250 (about $6700) for each new partnership of sub-licensees.
The master license relates to the operation of the owner's principal company and all of its subsidiaries. It provides the right to collect and store player data, use proprietary technology, and the ability to conduct B2C operations on each of them.
For those who want to enter the gambling industry without prior experience, obtaining a sub-license may be a suitable option. This type of license provides the opportunity to create their online casino for companies that already have a base of potential players, but lack their gaming products.
A sub-license comes at a more affordable cost and consists of an exclusive partnership with the holder of the main license. All players of the sub-licensee will be able to play on the main licensee's platform and enjoy all features and rights like other players. Please note that you can only enter into a partnership with one licensee. However, you will always be able to obtain a primary license for full operation.
A sub-license provides flexibility and the ability to develop your online casino based on ready-made solutions provided by the main licensee.
The features provided by this license include the same rights and rules as a full license, but with an additional advantage. The license holder can accept players who have registered with licensed casinos in other jurisdictions without the need for additional registration. This simplifies the process of transferring player data to the Isle of Man server, bypassing complex verification and identification procedures. Cooperation between the main licensee and sub-licensee is based on a commitment to provide fair and transparent services. Adding new partners to the network does not require an additional fee, but their activities must comply with the Isle of Man legislation.
This license provides the ability to carry out B2C activities, collect and store player data, serve players of other platforms, use its platform and games, and cooperate with other sub-licensees.
B2B software license
A software license is not a prerequisite for software vendors in the Isle of Man, but it offers significant advantages to developers. Obtaining such a license helps to reinforce the positive image of the company and allows it to be included in the prestigious list of professionals on the island.
Software developers must undergo testing and certification processes to be licensed and listed on the GSC Commission's games register. This confirms compliance with high-quality standards and simplifies integration by eliminating the need for additional certification.
This provides opportunities for B2B activities such as software development and delivery.
The regulator of the Isle of Man, the Gambling Commission (GSC), has a wealth of experience and provides strict oversight of the gaming industry. The main legislation governing gambling activities on the island is the Gambling Licensing Act 2001. This is a piece of legislation that sets the rules and standards for gambling operators on the island. It covers aspects such as the licensing process, control mechanisms, protection of players' rights, anti-fraud, restrictions on minors, and other key elements of the gaming industry.
In addition, the Commission is also governed by other laws and regulations, including the Online Gambling Act 2018, the Anti-Money Laundering and Counter-Terrorist Financing Act, and other applicable laws and regulations Under these laws and regulations, the Commission supervises, controls, and regulates gambling activities in the Isle of Man. It has the power to issue, revoke and supervise gambling licenses, conduct inspections and audits of the gambling industry, and take enforcement action.
The Isle of Man Commission offers various types of licenses for operators, including full licenses, sub-licenses, and software licenses. Obtaining a license requires strict adherence to high standards, as well as compliance with financial monitoring and anti-money laundering requirements.
Tax rates depend on the level of annual gambling income:
up to 20 million pounds - 1.5%
from 20 to 40 million pounds - 0.5%
from 40 million pounds - 0.1%
When calculating taxation, net profit after deducting all expenses is taken into account. Thus, tax rates vary depending on the profitability of the casino, which provides flexibility in the taxation system.
In addition, there is no corporation tax or capital gains tax, which provides additional financial advantages for licensees.