Isle of Man to Change Online Gambling Legislation - 04-30-08

April 30 - In a bid to meet the demands of a fast-growing online gambling market that operates on the Isle of Man, authorities have begun making plans to repeal and replace the forty year old Betting Act and the even older Pool Betting Acts (Isle of Man).

The proposed new Gambling Duties Bill, will streamline existing legislation and simplify laws that deal with the administration of gambling duties, the compliance of licensed operators and the efforts to combat unlawful gambling in the region.

It is hoped that by streamlining the legislation, it will become simpler for authorities to coordinate more efficiently with off-island agencies and Treasury in a bid to clamp down on any unlawful activities, such as money laundering.

The gambling sector on the Isle of Man has exploded into a multinational industry that is operated mostly on the internet. A Treasury spokesman said: "Operators in the Island now have their markets throughout the world and a framework has developed to supply the essential software, financial and technological support it needs. The bulk of business is now done online."

The spokesman explained that the gambling industry is an extremely important source of revenue for the Island. It provides employment to its citizens and requires the servicing of support industries situated on the Island. Online gambling also generates banking activity, directly contributing to the economy.

The online gambling industry on the Isle of Man started off largely as an extension of the telephone betting services that were offered for many years in the area. It is hoped that the new Gambling Duties Bill will allow authorities to deal with the boom in the industry and lead it into a more efficient future.

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