ECONOMIC Development Minister Allan Bell has responded to a UK government statement issued today to change the licensing system for online gambling companies.
In a today’s statement, John Penrose MP, Minister for Tourism and Heritage, announced the UK Government’s intention to move to a point of consumption regulatory regime for remote gambling.
Under this change any online gambling company selling into the British market would need to be licensed by the UK Gambling Commission. The measure is designed to ensure a more consistent and higher level of protection for UK online gamblers.
Mr Penrose said; "The Gambling Commission will ensure that regulatory good practice is recognised so that overseas based businesses in trusted jurisdictions such as the white listed countries, will have much lighter touch approach and, for example, will not have to duplicate regulatory work."
Responding to the announcement Allan Bell said, "It is encouraging to see that Isle of Man based companies will have a much lighter touch approach and have been ensured continuity of business throughout the period of change.
"Under the automatic transitional licence Isle of Man based companies will have a streamlined point of entry and significantly reduced administrative costs when they obtain a UK licence.
"In my recent conversation with Minister Penrose I received assurances that the UK Gambling Commission has no wish to duplicate the work that our Gambling Commission does in regulating our operators.
"It has been clear from my representations on behalf of Isle of Man operators to Minister Penrose that these provisions are a direct recognition of the confidence the UK has in our high standards of regulation and consumer protection.
"The eventual timescale for these proposals to enter into force are not yet determined and before the proposals become law we will remain in close dialogue with the UK Government to ensure that the interests of our sector continue to be heard.
"Alongside this the Isle of Man Gambling Supervision Commission will work with its counterpart in the UK to establish how they will work effectively together under the new regime."
