Compliance Updates

The Indispensable Importance of an Isle of Man Software License

Published

1 year ago

September 13, 2023

The Indispensable Importance of an Isle of Man Software License

Reading Time: 3 minutes

In our weekly series’ second installment focusing on the Isle of Man, we feature insights from one of our regulatory collaborators, Mark O’Neill, the Director of Global Gaming Solutions. In this piece, Mark discusses the advantages of securing a Software Supply license in the Isle of Man.

The Isle of Man is internationally recognised for its robust regulatory standards, thereby making a license from this jurisdiction a symbol of trust and transparency. Such a license is a powerful testament to a software supplier’s commitment to providing a quality, reliable, and secure service to its clients. With regulatory changes on the horizon across multiple jurisdictions, software providers, aggregators, and resellers have never had a better time to obtain such a robust and credible license.

Here are some key points that software providers should be aware of:

12 weeks license turnaround;
Operators with an Isle of Man license are more successful at securing banking in comparison to Curacao, Kahnawake, Costa Rica and Malta operators;
Competitive tax regime including 0% corporation tax and 0% capital gains tax;
Isle of Man B2C operators can deploy B2B licensed games on their site without requiring an RNG testing certificate;
No requirements relating to player registration such as; server location, KYC and AML for B2B licensees;
25% of Isle of Man license holders are currently targeting LATAM markets;
Blockchain token software licensing.

Protecting the Integrity of Operations

Acquiring an Isle of Man Software Supply License demonstrates that a company operates under a trusted and proven regulated framework, significantly enhancing its reputation amongst both content providers and clients. This license is a testament to the company’s dedication to industry best practices. It is a clear indication that the software supplier abides by internationally recognised standards and respects the legal and regulatory requirements of its operations.

Enhancing Client Trust and Confidence

In a world where business transactions are often conducted virtually, trust becomes a valuable commodity. Both clients and suppliers often consider a company’s licenses and certifications when determining their trustworthiness. A Software Supply License from the Isle of Man is more than just a piece of paper; it is a confidence booster for clients, assuring them that they are dealing with a reliable, well-regulated, and internationally recognised business entity. It has become increasingly apparent over recent years that software suppliers need to demonstrate to key stakeholders that they operate to high standards of corporate governance. As a result, we are seeing an increased amount of software providers, aggregators and resellers applying for an Isle of Man Software Supply License.

Ensuring Legal Compliance

The Software Supply License also serves to enforce compliance with the Isle of Man’s legal requirements. These regulations help to ensure the ethical conduct of businesses and create a level playing field within the industry. Licensed software suppliers are required to adhere to the principles of fairness, transparency, and security, thereby protecting the interests of all stakeholders.

Driving Business Growth

A Software Supply License from the Isle of Man can also significantly impact a company’s growth trajectory. It opens doors to new domestic and international business opportunities as other jurisdictions and potential partners recognise the value and credibility associated with this license.

A Commitment to Quality

Ultimately, securing a Software Supply License from the Isle of Man signifies a company’s commitment to quality, safety, and fair business practices. It offers a competitive edge in an ever-expanding global market, inspiring trust and confidence from clients, stakeholders, and industry partners alike.

In conclusion, an Isle of Man Software Supply License is a strategic asset that underlines a company’s credibility, instils trust among clients, assures legal compliance, and drives business growth. Acquiring this license is a crucial step for any software supplier aiming to excel in the global market.

For additional information, please visit Global Gaming Solutions website at www.globalgaming.solutions. If you wish to speak directly, please email Mark O’Neill, Director of Global Gaming Solutions, at [email protected].

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Compliance Updates

IAGR confirms new Board members

Published

19 hours ago

November 14, 2024

George Miller

Reading Time: < 1 minute

The International Association of Gaming Regulators (IAGR) has announced the appointment of four new trustees to its Board, each bringing unique expertise and leadership to strengthen IAGR’s global regulatory efforts:

Anders Dorph, Danish Gambling Authority (Europe)
Peter Kesitilwe Emolemo, Gambling Authority of Botswana (Africa)
Kevin Mullally, General Commercial Gaming Regulatory Authority (Asia/Oceania)
Louis Rogacki, New Jersey Division of Gaming Enforcement (North America)

IAGR President Ben Haden said, ‘I’m delighted to welcome our four new trustees to the IAGR Board. Their diverse expertise and leadership across different jurisdictions will bring fresh perspectives to our work, further strengthening our global approach to gaming regulation.

‘I look forward to collaborating with Peter, Louis, Kevin and Anders as we continue to foster innovation and drive forward effective, responsible regulation for the benefit of the global gaming community.

‘We also extend a big thank you to Trude Høgseth Felde and Mabutho Zwane for their dedicated service as they complete their terms on the Board, and I’m pleased to announce that Jason Lane will continue for another term as a Trustee.’

As a leading forum for gaming regulators worldwide, IAGR enables members to meet, share information, discuss legislative developments, exchange views and learn best practices in gaming regulation.

In recent news, IAGR has also confirmed that its 2025 annual conference will be held in Toronto, Canada, from 20 to 23 October 2025, with registrations opening in early 2025.

Compliance Updates

MGA Issues First ESG Code Approval Seals to Licensees

Published

4 days ago

November 11, 2024

Niji Narayan

Reading Time: < 1 minute

The Malta Gaming Authority (MGA) has awarded its first-ever ESG (Environmental, Social and Governance) Code Approval Seals to licensees in the online gaming sector, marking a milestone in the Authority’s commitment to promoting responsible and sustainable industry practices.

This initiative follows the launch of the voluntary ESG Code of Good Practice last year, which invited licensees to submit their ESG disclosure returns. The Code, which covers 19 topics categorised under Environmental, Social and Governance pillars, offers a strategic roadmap for online gaming companies to streamline their reporting efforts.

Following the first annual reporting cycle, 14 gaming operators have been awarded the ESG Code Approval Seal. The Code supports two levels of reporting: Tier 1, which establishes foundational ESG standards, and Tier 2, which represents a more aspirational approach.

Seals are valid for one year, with flexibility for renewal in the subsequent reporting period, allowing operators to advance or adapt their reporting tier year by year.

“We believe this initiative will significantly enhance the industry’s reputation and sustainability credentials,” MGA CEO Charles Mizzi said.

“By integrating ESG considerations into their operations, gaming companies not only contribute to the wellbeing of society and the environment but also strengthen the trust and confidence that consumers, investors, and regulators have in the industry. This initiative sends a clear message: sustainability, in the broadest sense of the word, is integral to the future of the gaming sector.”

Compliance Updates

Turkish Football Federation to Penalise Clubs Promoting Illegal Betting

Published

4 days ago

November 11, 2024

Niji Narayan

Reading Time: < 1 minute

The Turkish Football Federation (TFF) has introduced new regulations to crack down on illegal betting advertisements in professional football.

According to the TFF, clubs found violating the new rules will face fines and, in case of repeated offenses, the deduction of points.

Under the updated guidelines, any club in the Turkish Super League involved in unauthorised betting promotions will face a tiered penalty system.

The first violation will result in a fine of 2 million Turkish Liras (around $58,000), and the second offense will incur a 5 million lira fine and a third violation will see the fine increased to 10 million liras. For subsequent breaches, clubs will be fined 10 million liras for each offense, along with a three-point deduction from their league standings.

“It is forbidden to promote or advertise betting organizations not licensed by competent authorities. This includes any media, billboards and other equipment used within stadium,” the TFF stated.

The TFF emphasised that the ban also applies to entities affiliated with these betting organisations, including those involved in promoting and advertising activities in a way that suggests endorsement of illegal betting.

The global scale of the illegal betting market is staggering, with the United Nations Office on Drugs and Crime estimating its worth at $1.8 trillion. In Türkiye alone, the sector is projected to exceed 100 billion liras, according to the Financial Crimes Investigation Board.