New B2B License Introduced Isle of Man
The Network Services License is a new type of B2B license the Isle of Man internet gambling jurisdiction has decided to implement.
This new level of license available under the present Online Gambling Regulation Act 2001 (OGRA) is offered in recognition of the business-to-business associations that many gambling vendors are using, and it provides Isle of Man-based internet casinos the opportunity to attract potential players from across the globe.
Many experts are of the opinion that this new business model has the potential to attract many businesses into the Isle of Man and to increase its current businesses and to foster sound relationships with companies from around the world.
The price of the new license comes with a hefty price tag and will cost new operators GBP 50,000 per year plus GBP 5,000 for foreign customers. Retained profit duty will be paid at a maximum rate of 1.5 percent.
The Isle of Man’s e-gaming development chief for the government Garth Kimber, said, “The inception of this level of license enables us to satisfy every model of gaming business in the Isle of Man from those selling their platform capabilities to other businesses to those with direct customers. Our system now has three tiers; Network Services License, Standard License and Sub-License.
“The level of license needed is dictated by the type of business-to-business relationships a company intends to pursue and covers all gaming activities from sportsbook to poker and involves the same application process.
“The creation of this new license indicates our aptitude to keep pace with the dynamism of the e-gaming industry without over complicating licensing. Many activities remain such as software downloads and marketing for example, which can be carried out without the need for a license since our main focus is on key issues such as proper regulation, player protection by ensuring their funds are safe and that games are fair.”
Lastly, the Isle of Man Department of Economic Development is also rendering financial aid to internet casinos that contributes toward economic development and sustainability within the jurisdiction.[addtoany]