B2B License from Isle of Man
Online casino players often ignore the news from online gambling jurisdictions because it does not impact them directly and immediately. But keeping track of such news will help them in the long run because they will get a sense of where online gambling is headed. Isle of Man is a leading jurisdiction for online gambling and has just made an important announcement.
The Gambling Supervision Commission of Isle of Man has introduced a new class of B2B license named the Network Services License. This license will be issued under the existing Online Gambling Regulation Act 2001. Over the last few years the business-to-business relationships between online gaming operators have been growing. The new B2B license will recognize and encourage this relationship. This license will permit Isle of Man based online gaming operators to offer their platforms to business customers around the world.
The new B2B license will cost operators £50,000 per year plus £5,000 per overseas customer. A duty will have to be paid on retained profit at a maximum rate of 1.5%. These details were revealed by a Gambling Supervision Commission spokesman this week. The objective behind introducing the B2B license is to attract new and larger businesses into Isle of Man and also provide increased opportunities to the existing licensees.
Commenting on the launch of the new B2B license, Garth Kimber, head of online gaming development at the Isle of Man government said that the jurisdiction now had the ability to cater to every model of online gambling business. The licensing system was now in three tiers. There was the Network Services License for those gaming operators desiring to sell their platform capabilities to other businesses. The Standard License and the Sub-License was for those operators who dealt with direct customers. Kimber added, "The level of license required is dictated by the type of business-to-business relationships a company intends to pursue and covers all gaming activities from sports book to poker and involves the same application process."
Kimber went on to say that the online gaming industry is going through a dynamic phase. The Gambling Supervision Commission maintains the ability to keep pace with the dynamism but without getting involved in a complicated licensing policy. For example it offers financial assistance through the Department of Economic Development to online gambling operators that create economic value in Isle of Man. The government's online gaming development team is already talking to a number of interested parties for availing the new B2B license. While expanding the range of business activity Isle of Man will continue to remain focused on the key issues of regulation, such as "protecting players by ensuring their funds are protected and that games are fair"