Thursday 1st May 2008 Isle Of Man Streamlining Regulations
Officials on the Isle of Man have released a document outlining the proposed Gambling Duties Bill, which would streamline the island’s current gaming legislation.
The new Bill would repeal and replace the Betting Act 1970 and the Pool Betting (Isle of Man) Acts 1961 to 70 and update and simplify regulations on the administration of gambling duties, compliance of licensed operators and combating unlicensed and unlawful gambling.
According to the Treasury Department, the Bill is not intended to deal with regulatory aspects or anti-money laundering matters but would make the exchange of information between the island's gambling bodies and itself and off-Island agencies more effective in order to tackle unlawful activities.
Internet gambling on the island started largely as an extension of telephone betting but has developed into a wide range of activities including gaming, poker and bingo. The updated legislation will reflect this change after initially being postponed a number of years ago in order to allow time for the industry to develop.
“Operators on the island now have their markets throughout the world and a framework has developed to supply the essential software, financial and technological support it needs,” a spokesperson for the Treasury told IOMToday.co.im.
”The bulk of business is now done online. Gambling is a potentially important source of revenue to the island in terms of licence fees and excise duties as well generating additional banking activity, providing employment and requiring servicing by support industries.”
The island’s Government is making the consultation document available online with responses due by June 20 and anyone interested should contact the Customs and Excise Division.
Source: OnlineCasinoNews
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