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Isle Of Man Reconfirms its Commitment to Well Regulated Tier One Online Gaming Jurisdiction

5 Jan 2005

ISLE OF MAN -- (PRESS RELEASE) -- The Council of Ministers has reviewed its policy on the development of the Isle of Man as an online gaming jurisdiction and has confirmed its previous commitment to become the location of choice for this rapidly growing sector of the global economy.

The Isle of Man was a leading jurisdiction in establishing a regulated environment for online gaming. Companies such as MGM Mirage, Rank, Littlewoods, Sun International and Action Online were attracted by the strong legislation and the Island's world class telecommunications infrastructure.

As the market place developed and moved on, the Island's authorities reviewed their approach to the industry and have taken the following steps to ensure that the Island remains at the forefront of competitive jurisdictions:

*John Gilmore's appointment, with his considerable knowledge and experience in the gaming sector is now the first point of contact for both existing companies and prospective new businesses.

*The Regulations associated with the Online Gambling Regulation Act have been reviewed in the light of experience in order to make the well regulated environment more commercially attractive

Some of the important changes include:

*The removal of the need for all changes to software to be certified in advance the ability to have P2P poker licensed as a regulated activity

*The removal by the Department of Home Affairs for the licence need for a £2million bond

*At the expiry of the current Commissioners term of office, a new membership will be appointed with a new and expanded remit. At the same time the Commission will be transferred from the Department of Home Affairs to the Treasury, the latter being one of the two main revenue earning departments of Government

The Island's commitment to continue as a tier one jurisdiction is confirmed by the strict controls in the Online Gambling Regulation Act which help to guard against money laundering, under age gambling and problem gambling.

The Island is experiencing increased levels of interest from prospective online gambling companies who are attracted to the Island as a result of:

*the Islands excellent international reputation

*the well regulated environment for online gambling

*the growing sophistication of the legal, accountancy and other professional support services

*the state of the art telecommunications infrastructure provided by Manx Telecom. Manx telecom and Cable and Wireless are able to offer two self healing fibre rings guaranteeing 24x7x365 connectivity with virtually unlimited bandwidth

* a committed and supportive Government

*a commercially attractive and competitive tax regime

Companies associated with this industry who have already been attracted to the Island include:

*Betinternet

*Paddy Power

*Chronicle

*NETeller

*Microgaming

*BelgaBet

*Regents Market

*Isle of Man Tote

*BoyleSports

In reconfirming the Island's commitment to the online gambling industry, Trade and Industry Minister Alex Downie MHK said that

"I believe that the Island will be the focus of increasing numbers of companies who are looking for a well regulated and reputable jurisdiction and who are attracted by the superb telecommunications infrastructure and support services that we can offer"

 
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