With the act, the commission could legalise online gambling operations by issuing licences to companies.
The island is not a part of the United Kingdom but it is a self-governing Crown Dependency.
It is located in the Irish Sea, between Great Britain and Ireland.
The island is 221 square miles large and has a population of 84,000.
The primary currency on the island is GBP and the official language is English.
Now onto the interesting part.
The Island has no capital gains tax, wealth tax, inheritance tax or stamp duty.
There is income tax, which is capped at a maximum of 20%.
Online casinos can also benefit from the competitive tax policy.
Gambling Licences
There are four types of licences that the Gambling Supervision Commission can issue.
The sub-licensed company can at any point decide to go independent by acquiring a full OGRA licence.
This allows the operator to add new partner operators to its online grid, bringing in more content.
However, these partner operations need to provide proof that their services meet the requirements of the Commission.
This is a B2B licence.
Software providers can supply their games to the Isle of Man market.
The Commission requires all gaming content, both existing and new, to be tested and certified for fairness.
software
All applicants need a physical presence on the island too.
The Commission reserves the right to turn down applications that want to simply take advantage of the tax policy.
The fees are broken down into the following:
With the software fee, personal documentation must be submitted.
Taxation
These rates are extremely low.
Supports Cryptocurrency
Regulation changes in 2017 permitted operators to offer convertible and non-convertible currencies to players.
This not only covers tokens and virtual currency but also opened the door to the world of cryptocurrency.
Isle of Man-certified casinos and sportsbooks can support cryptocurrency, so keep your eye out for them.
The more websites a parent company launches, the bigger the competition will be.
This can result in even better deals and bigger bonus packages to grab your attention.
Not as Reputable
The Gambling Supervision Commission is not one of the most reputable regulatory bodies.
Online operations need to provide tools by which players can self-exclude.
No Spread Betting
Spread betting and betting on stocks are not covered in the OGRA.
They can also open their business to even more jurisdictions across the world with the web connection Services licence.
Conclusion
There are many positives to read from an Isle of Man Gambling Supervision Commission licence.
Operators that obtain a licence can supply virtually any jot down of game or bet.
In addition to that, they can open numerous websites and therefore expand their business.
