About Isle of Man Gambling License
The Isle of Man is an internationally respected authority in the field of online gambling, having first licensed a site in 2001. Any gambling business licensed by the Isle of Man can be considered a secure and reputable location to play real money games. A license from the Isle of Man has more credibility than other gaming licenses because it is based on safety and legality.
This is one of the few licensing bodies that the Gambling Commission has endorsed. What this implies is that the UK government believes in the quality and breadth of background research undertaken by license issuers. Companies with Isle of Man licenses can advertise and provide services to residents of the United Kingdom.
The Isle of Man is home to some of the most well-known names in online poker, sports betting, and gambling. PokerStars, Paddy Power, and Full Tilt Poker are just a few of the notable firms based on the island.
Benefits on an Isle of Man Gaming License
There are several advantages to obtaining a gaming authorization from the Isle of Man. You will be relieved to learn that the gambling industry was not disrupted by Brexit since the Isle was never a part of the European Union. It didn’t get any money from the EU, but it did take advantage of being inside the EU customs zone. Some businesses relocated or established offices in other locations, but the Isle of Man is still welcoming to new internet gambling enterprises. Here are some of the key advantages of having an Isle of Man gaming license.
High-quality infrastructure
The Isle of Man has an excellent and high-quality infrastructure that is among the best in the world. Telephone and internet connections are quick and dependable, while gaming firms collaborate with knowledgeable and experienced local companies when it comes to ancillary needs. Furthermore, the workforce is English speaking, well-educated, and experienced in the iGaming industry, making it simple to hire locally. As a result, costs are kept low.
Financially attractive
The Isle of Man has an extremely competitive corporate tax rate. The corporate tax rate in the Isle of Man is zero percent. Rather than imposing a total turnover limit, the Isle of Man authorities have established a gaming tax that all gaming companies must pay but which ranges from 0.1% to 1.5% of gross gaming yield rather than the whole turnover. There are also no capital gains taxes for license holders.
Reputation
The Isle of Man gaming license and the regulatory body have a solid reputation across the world. They are recognized for holding operators to high standards and ensuring that they follow the rules. The Isle is also on the OECD White List, as well as being a member of the World Trade Organization. This further enhances its reputation as a desirable location for online gambling. Furthermore, any peripheral gaming activities such as marketing, skill games, or software development may be done in-territory without requiring an additional license under the Online Gambling Regulation Act.
Simplicity
The application procedure is not as difficult as it is in some other jurisdictions, but it is also not the simplest. There’s just one license to obtain and apply for, and it covers all gaming and betting operations within the state. The procedure takes between 12 and 16 weeks, and while many papers must be submitted, your business services provider will aid you along the way.
Stability
The Isle of Man has a long history of political, social, and economic stability. As previously said, online gambling is an important component of the economy there, and any modifications to the industry are unlikely to have a detrimental impact. A firm that opts for an Isle of Man gaming license may rest confident in knowing it will operate in a stable and nurturing environment.
Conclusion
The Isle of Man is a well-regulated and respected jurisdiction for online gambling. It offers many benefits to those who choose to apply for an Isle of Man gambling license including low taxes, a good reputation, and simplicity. If you are thinking of setting up an online gaming company, the Isle of Man should definitely be on your radar.
