Compliance Updates
The Indispensable Importance of an Isle of Man Software License
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].
Compliance Updates
Comtrade Gaming Obtains Romanian License to Distribute Games
Comtrade Gaming’s CG Games division has announced its approval for the distribution of casino content in Romania.
The license will allow players in Romania to access a range of games from the CG Games portfolio, including Sweet Treasure, Crash Soccer, Wild Miner, Diamond King, Break the Bank and many more.
“This is a key step for CG Games. We have been very successful in the Romanian market for many years, with our iGaming Platform, and this extension of our license means we can increase our offering to our partners. It also now allows us to work with all operators in that market, regardless of the platform they use, and we are very excited to bring our games to this market,” said Comtrade Gaming’s Chief Commercial Officer, Steven Valentine.
Compliance Updates
Betsson Group shortlisted for 4 awards at the Global Regulatory Awards
Betsson Group has managed to secure four award nominations for the 8th edition of the Global Regulatory Awards. Held annually since 2017, the awards hosted by Vixio, a leading provider of regulatory intelligence solutions, recognise the achievements of individuals, teams, and organisations in the gaming industry that have excelled in compliance, corporate social responsibility, and safer gaming.
According to the official website of the Global Regulatory Awards, Vixio received a record number of submissions this year, making 2024 their most competitive year by far.
The 2024 Global Regulatory Awards ceremony is scheduled to take place in London on 4th December 2024.
Betsson Group is shortlisted for three company awards and one individual award.
1. Commitment to Compliance by an Operator
This award celebrates a leading compliance initiative by a gambling operator that has significantly improved internal expertise and set a new standard for industry best practices. The judges will look for an initiative that demonstrates transformative improvements in processes, technology, reporting, and training, while also promoting best practices across the sector.
2. Chief Compliance Officer of the Year – Corinne Valletta
This award celebrates an exceptional compliance leader who consistently exceeds expectations, expertly navigates regulatory challenges, and has significantly elevated the compliance standards within their organisation through pragmatic solutions, operational transformation, and thought leadership. The award seeks a leader who actively collaborates with management, their team, and regulatory bodies to foster a culture of compliance. Judges will look for concrete examples of the nominee’s impact, including industry conference appearances, introduced training initiatives, and demonstrations of thought leadership.
3. Compliance Team of the Year
This award honours a compliance team within an organisation that actively fosters a culture of compliance, responding effectively to regulatory changes and driving their organization to lead in new compliance standards. Judges will evaluate how the team has cultivated a compliance-focused culture, collaborated across the organisation, initiated training, and influenced business practices and industry engagement, including with trade associations. Special consideration will be given to teams that have led their organisation into new compliance jurisdictions in emerging markets.
4. Legal Team of the Year
This award recogises a legal team that protects the company’s reputation by ensuring compliance with regulations, demonstrating exceptional problem-solving, analytical, and organisational skills, and proactively advising management. Judges will assess how the team promotes best practices, keeps the business ahead of regulatory changes, and minimises the impact on both the bottom line and daily operations.
In conclusion, the above nominations highlight Betsson’s strong compliance culture and commitment to raising its standards in compliance to ensure a safe and stable business.
Compliance Updates
St8.io granted Isle of Man licence
The next-generation content aggregator St8.io has been awarded an Isle of Man OGRA Software Supplier licence, as the company continues to expand its regulated footprint worldwide.
The licence, granted by the Isle of Man Gambling Supervision Commission, will allow St8 to supply its product to other IoM-licensed B2B and B2C partners, as well as other Tier 1 operators.
“This is another important step in our mission to serve regulated markets worldwide,” said Vladimir Negine, founder and CEO at St8. “We’ve been really impressed by the robust licensing process of the Isle of Man Gambling Supervision Commission, which allows us to deliver innovative technology in a manner that protects both our partners and the end user. As we expand our presence into more regulated markets, the proven reputation that comes with an IoM licence will serve us well.”
Lyle Wraxall, Chief Executive at Digital Isle of Man added: “I would like to congratulate St8 for gaining their Isle of Man Software Supplier Licence and look forward to them joining the thriving business community. St8’s decision to expand its operations here reinforces the Isle of Man’s position as a leading hub for the digital and gaming industries.”
St8 was guided through the licensing process by specialist consultancy Amber Gaming.
“We are thrilled to congratulate our valued partner St8 on securing their licence with the support of our advisory services. This achievement underscores our commitment to delivering expert guidance and driving success together,” said Jade Zorab, Managing Director at Amber Gaming.
Vladimir Negine added: “We chose Amber Gaming because we needed a partner with a complete understanding of this process, a flawless reputation and an efficient approach that matched with our timelines. They delivered perfectly on all of these, and I’d like to thank Lee-Ann, Abi and the entire Amber Gaming team for their fantastic support.”
St8.io’s Isle of Man licence is just the latest that the content aggregator has acquired. Last year, it was granted a licence from Romania’s National Gambling Office, and in June secured a recognition notice from the Malta Gaming Authority.
The company continues to bring world-class innovation to the aggregation space, including a recent major update to its St8 Art Kit, which now features animated thumbnails for high-performing games.
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