Obtaining a gambling license in the Isle of Men.
The Isle of Man is an island in the Irish Sea. It is a part of the British Crown Dependencies governed by its own legislation. This is one of the most prestigious gambling jurisdictions positioning itself as the best territory to locate, manage, and regulate gambling and betting activities.
Advantages of the Isle of Man jurisdiction for the gambling business
Among many benefits granted by this jurisdiction’s license we can point out the following:
- A prestigious jurisdiction;
- Stable economy and political situation;
- Only 1.5% of gambling income tax;
- 0% of corporate income tax and capital gains tax;
- A single license for all types of games of chance (poker, bingo, online casinos, slots, cybersport, betting, lotteries, baccarat, etc.);
- A regulator loyal to iGaming operators;
- Modern telecommunication infrastructure for the smooth operation of online casinos;
- Business support programs.
Types of the Isle of Man gambling licenses
Our company has extensive experience assisting companies in obtaining both main and sub-licenses. The former are issued to large corporations, whereas sub-licenses are granted to smaller casinos that may operate on behalf of larger independent organizations. This type is advisable for gambling business novices.
A sub-license can be supplemented by a so-called network services license that allows the permit holder to conclude agreements with other operators and offer games of chance on their website to users outside the Isle of Man. At that, no re-registration is required.
How to obtain a gambling license on the Isle of Man
To obtain a gambling and betting permit, you need to apply to the regulatory authority of the Isle of Man – Gambling Supervision Commission (GSC). The commission will require you to:
- Register a company on the Isle of Man;
- Open a bank account;
- Employ two directors who are the Isle of Man residents;
- Locate your servers on the island;
- Provide certification for all the games provided by the operator;
- Provide a detailed description of the games and software;
- Implement KYC and AML policies;
- Draft a business plan;
- Pay £5,000 of the application fee.
It usually takes the regulator 2-3 months to consider your application provided you have complied with all the requirements. The license is valid for 5 years with the possibility of extension.
Cost of the Isle of Man gambling license
The application cost for a gambling license in this jurisdiction ranges from EUR 25,000 to 50,000. The amount does not include:
- Authorized capital deposit;
- State fees and duties;
- Accounting and auditing services;
- Office rent;
- Employment of local personnel;
- Merchant accounts opening;
- Certification by gambling laboratories;
- Drafting of additional policies for the website;
- Drafting of customer agreements.
To find out exactly how much a gambling license in the Isle of Man will cost for your project specifically, please, contact our lawyers.
Where to book the Isle of Man gambling license
SBSB FinTech Lawyers legal firm has years of hands-on experience in applying for the Isle of Man gambling permits. We work on a turn-key basis and can help you obtain licenses in other prestigious jurisdictions (Kahnawake, Malta, Curacao, Alderney, etc.). You can also be interested in opening an online casino in Costa Rica, a country that does not require licensing.
To start our partnership, please text us on our website messenger or call the numbers quoted in the “Contacts” section. We will give you an exhaustive consultation, organize the whole application process up to the moment of license issuance, and provide full legal support at all stages.