Isle of Man Online Gambling License

Introduction

1. The Online Gambling Regulation Act 2001 defines online gambling as:-

   • Any gaming, where any player enters or may enter the game, or takes or may take any step in the game, by means of a telecommunication,
   • The negotiating or receiving of any bet by means of a telecommunication, or
   • Any lottery in which any participant acquires or may acquire a chance by means of a telecommunication

2. A person “conducts” online gambling where —

   • In the case of gaming or a lottery, he takes part in its organisation, management or promotion;
   • In the case of a bet, he carries on any business involving the negotiating or receiving of the bet; or
   • He maintains, or permits to be maintained, in the Island any computer or other device on or by means of which the game or lottery is operated, or the bet is received, as the case may be.

Legal Requirements

Categories

Entity Requirements

A company limited by shares and incorporated in the Island

Director’s Requirements

The license will need at least 3 (three) natural person Fit and Proper Directors of any jurisdiction. One director must be a resident

Shareholder requirements

• The Gambling Company will need at least one shareholder.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.

Compliance Officer

The License must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.

Local Office

The applicant must have premises acceptable to the Isle of Man Gambling Supervision Commission. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.

Auditor

The license shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant or some other professionally qualified accountant, satisfactory to the Isle of Man Gambling Supervision Commission.

Local Office

The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.

Insurance

The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator

Minimum Capital Requirements

Ongoing Obligations

• Filing of Audited Accounts: A licensee shall within three (3) months of the end of the financial year forward the audited financial statements to the Commission, unless prior written approval for an extension has been granted by the Commission.
• The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s online gaming business