Isle of Man Gambling Supervision Commission License Casinos
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The Isle of Man is a small self-governing island that belongs to the Great Britain. The independence that the Isle of Man has with respect to its laws and rules, allows the island to offer some very appealing advantages to local residents, individual and companies alike. It’s no wonder then why many online gambling companies choose to locate to this place.
In 2001, The Isle of Man’s Government was one of the first territories to legalize and design legislation specifically to aid online gambling companies and to ensure safety to their players. And in recent years these licensing and regulatory controls have been made even more responsive to the needs of the online gambling industry.
The Isle of Man Gambling Supervision Commission (GSC) is the regulatory body that grants gaming licenses to casino operators. The basic requirements and documents that the GSC mandates its applicants to provide for it, to get their license, are the following:
- Proof that the owners of the company have no criminal record
- Authenticated copies of passport(s)
- Bank references of the owners
- Copies of utility bills
- In-depth description of the games offered
In addition to these requirements, the applicants of the license must also give their fully detailed business plan to the GSC and provide an estimation of their costs and profits for the casino that they are founding. They must also be able to prove that they have blocked access to minors on their website.
Isle of Man Gaming License Fees
The license fees for the Isle of Man’s gaming license aren’t as high as they are for many other licenses. Casino operators must pay initial license fees of 5,000 GBP for their application. The annual license fees then run at 35,000 GBP each year. Gambling companies must then also pay some gambling taxes based on the scale of their businesses. Casino operators must pay 0.1 – 1.5% in gambling taxes based on a metric called gross gaming revenue. Based on this metric the tax rates for casinos are as follows:
- GGR up to £20 m - 1.5% per year;
- GGR £20 m - £40 m - 0.5% per year;
- GGR over £40 m - 0.1% per year.
The main attraction for online gambling companies to get the Isle of Man’s gaming license is however, that they don’t have to pay any corporate taxes for running their operations under it. And that’s why many casino operators ultimately choose to pick it as their license.
Many casino players trust the Isle of Man’s gaming license, and for a good reason. It provides players with tax-free winnings and it guarantees the safety of a casino to players. To find all the online casinos with this license, please visit the casino reviews page.