THE ISLE OF MAN AMONG THE LEADING IGAMING JURIDICTIONS IN THE WORLD
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According to recent statistics, about 17% of the world’s population engages in iGaming activities. These include online betting on the outcome of sports events such as football and cricket and eSports (electronic sports) like League of Legends and DOTA 2 to name a few. Playing online casino games is another iGaming activity that has contributed to the rise of an industry valued at 61.5 billion U.S. dollars in 2021.
Globally, Europe is the largest market for iGaming, followed by North America and Latin America. Despite having some of the most strict gambling laws in the world, the UK has emerged as a major industry player. According to figures released by the Gambling Commission (UKGC), the industry’s online gambling gross for Q3 (July to September) was £1.2bn in 2022. Despite being home to only one land-based casino, the Isle of Man has significantly contributed to the industry’s development thanks to its gambling jurisdiction. Established in 1962, the Gambling Supervision Commission (GSC) is an independent statutory board regulating all land-based and online gambling activities.
One of the first jurisdictions protecting the interests of iGamers
While the concept of online gambling has been around since the 1990s, it wasn’t until 1996 that the first online casino was launched. Developed by a company called Cryptologic, InterCasino was a virtual platform offering traditional games like roulette and blackjack. In the following years, more and more iGaming sites became available to the public.
The Isle of Man GSC was one of the first to regulate online gambling shortly after it emerged as a viable form of entertainment. In 2001, the commission enacted the Online Gambling Regulation Act, whose purpose was to safeguard players and provide support to operators offering iGaming services. With the Gambling Regulation Act, the GSC began granting licences to iGaming providers that met its numerous requirements.
Nowadays, the Isle of Man GSC is regarded as one of the most reputable regulatory bodies in the industry, with an extensive history of licensing and regulating both land-based and online gaming activities on the island regardless of the player’s location. Because of the Commission’s equivalent standards of safety and fairness, the IOM licence is also whitelisted by the UK Gambling Commission (UKGC), enabling licensees to market their services within the UK jurisdiction.
From issuing licences to protecting iGamers interests
The GSC’s primary aim is to ensure that gambling on the Isle of Man is conducted fairly, honestly, and free from criminal influence. To achieve this, the GSC has put in place a range of measures to protect gamblers such as issuing licences, implementing player protection measures, supervising AML/CFT compliance, conducting audits and helping to resolve disputes.
Any operator wishing to provide popular games like Starburst, Aviator, roulette and Blackjack among others, needs to get a licence. The GSC issues licences to operators that demonstrate the necessary financial, technical and operational resources to run an iGaming business in compliance with the GSC’s strict regulations. Among the various requirements is for all operators to implement player protection measures such as age verification, responsible gambling tools and funds protection.
In addition, the GSC has a robust complaints procedure in place to help resolve disputes between players and licensed operators. This includes a specialised team of investigators who investigate complaints and seek to resolve them in a fair and timely manner.
To conclude
iGaming has become a major industry worldwide, with Europe being one of the largest markets. Despite having stringent gambling laws, the UK has positioned itself as a major player in the industry, while the Isle of Man, with its Gambling Supervision Commission, has emerged as a reputable online regulator.
