- Isle Of Man Gambling Supervision Commission 2019
- Isle Of Man Gambling Supervision Commission Questions
WILMINGTON, Del., Feb. 10, 2021 /PRNewswire/ -- 5Dimes, aleading global online gaming brand, today announced the launch ofits online sports betting and casino products in the Isle of Man market, a prime jurisdiction foronline gaming. In 2001, the Isle of Man Government was one of thefirst jurisdictions in the world to introduce legislationspecifically designed to benefit gambling and e-gaming firms andfully protect customers. The Isle of Man Gambling SupervisionCommission awarded 5Dimes a license in February 2021.
Established in 1962, the Isle of Man Gambling Supervision Commission is an independent statutory board responsible for overseeing the licensing and regulation of both land based and online gambling entities. The Commission consists of a chairman and four members.
IoM Gambling Supervision Commission is the competent regulatory authority in the Isle of Man. This authority is responsible for all gambling in the region, including casino games, sports betting, lotteries and other gambling activities. It is responsible not only for land. The Isle of Man is known for being an important online gambling jurisdiction, and the Isle of Man Gambling Supervision Commission is at the core of that. They’ve been around since 1962, and they eventually became more well-known for their regulatory actions surrounding online gambling than they are for their land-based gambling activities. The Gambling Supervision Commission The Gambling Supervision Commission, established in 1962, is a body that was originally responsible for dealing with licensing and regulatory issues relating to land-based gambling operations. Isle of Man The Isle of Man is a Crown Dependency of the United Kingdom and is a low-tax jurisdiction with a robust online gambling industry and burgeoning fin.
This license allows 5Dimes to establish a comprehensiveinternational operation, excluding theUnited States, in the Isle ofMan and conduct legal and regulated gaming activities infull compliance across multiple jurisdictions.
The Isle of Man Gambling Supervision Commission has aninternational reputation for enforcing high standards toensure operators are in full compliance with all rules andregulations. The Isle of Man isincluded on the Organization for Economic Co-operation andDevelopment White List, for jurisdictions committed toimproving transparency and establishing effective exchange ofinformation in tax matters, and is a member of the World TradeOrganization.
'This licensure is an exciting milestone for the 5Dimes brand,'said Laura Varela, Member of 5DimesSportsbook's Board of Directors. 'The Isle of Man is a Tier-1 jurisdiction, knownfor its advanced approach to gambling and e-gaming legislation andits exceptional reputation in the international gamingcommunity. The Isle of Man sets high standards for its gamingoperators and players, and we look forward to upholding the samelevel of principles and innovation with the launch of 5Dimes.'
5Dimes is a leader in online sports gaming with strong brandrecognition and more than 20 years of experience. The launchprovides players full access to 5Dimes' robust gaming platform withcustomized applications, a diverse offering of lines, and othergambling options. Known for its reliability and loyal customerbase, 5Dimes is focused on becoming one of the leadinginternational e-gaming platforms, catering to all players from thesmall wager bettor to the larger players across multiple regulatedjurisdictions.
5Dimes will establish a management and operations team base inthe Isle of Man to support keyfunctions such as compliance, finance and operations.
'This undertaking in the Isle ofMan is a first step towards relaunching the 5Dimes brand inall legalized jurisdictions around the world,' continued Ms.Varela. 'We are excited to welcome back many of our loyal customersto our top-of-the-line gaming experience while keeping our eyes seton future expansion opportunities in additional legal and regulatedmarkets in the near future.'
This venture is possible because of a public settlement inthe United States in September 2020, which freed the Company toexplore expansion options, including, but not limited to, licensingthe 5Dimes brand to conduct legal, regulated gaming activities inthe United States andinternationally.
The licensing process in the Isle ofMan was made possible with the support of the Wilton Group,an independent professional services firm with offices inLondon'sMayfair, the Isle ofMan, Dublin, Dubai, and Bristol.
About 5Dimes
5Dimes is the leader in online sports betting, casino and livein-play betting. 5Dimes is the gold standard in online gaming,dedicated to providing its customers with a rewarding, exciting,and secure environment for online wagering. With top-of-the-linesoftware and unique gaming opportunities, 5Dimes takes its playersto the next level in online gambling. Established in San Jose,Costa Rica—where sports betting is legal—our first casino waslaunched in November of 1996. Since then, 5Dimes has surpassedother operations by offering a giant selection of lines, some ofthe best odds, 24-hour customer service, reliable payouts, andsecure transactions.
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SOURCE 5Dimes
VISIT ISLE OF MAN GOVERNMENT
Isle of Man Gambling Supervision Commission is a regulatory body that supervises the gambling operations on the island. It is one of the oldest regulatory bodies for gambling in the world established in the year 1962. It has jurisdiction over all the land-based and online gambling activities on the island.
Casinos have to prove their trustworthiness and secure nature of operations to get a license. Players have faith that the Commission will safeguard their interest through its regulations and guidelines.
The Isle of Man Gambling Supervision Commission was established with the aim to offer a crime-free gambling industry on the island. They have strengthened the system to ensure the safety of all the players. It discourages the addiction to gambling and encourages safe gambling practices for a healthy gambling industry to thrive.
Obtaining a License
Isle Of Man Gambling Supervision Commission 2019
The Isle of Man Gambling Supervision Commission has come up with stringent gambling regulations and procedure to get a license for online casinos. The license received from the Commission is held in high regard in the gambling circuit. It has emerged as an enabler of serious, competent, stringent and transparent gambling. It offers high-level security to the players by ensuring proper digital infrastructure for the online casinos. These and many more factors form the eligibility criteria for a license from the Isle of Man Gambling Supervision Commission.
Here are the criteria for obtaining a license are:
Isle Of Man Gambling Supervision Commission Questions
- The business has to provide detailed information about the clear ownership of the casino.
- The business has to keep a separate player’s fund for their winning amount. This fund excludes the cost of business operations and maintenances.
- The business and the owner/s should not have any link with any kind of crime in any form.
- They should be competent enough to handle online casino and related matters.
- They should be equipped with a sophisticated tool for cybersecurity.
- They should state accurate and adequate papers stating sufficient funds to run an online casino.
Other licenses used by online casinos
Benefits of Licensing
- Player protection – Isle of Man Gambling Supervision Commission ensures that the money and the data provided by the players are protected and secured. The commission monitors and makes it a point that the casinos are equipped with all the necessary infrastructure to provide security against cyber attacks.
- Fair gaming – Isle of Man Gambling Supervision Commission monitors the gambling industry on the island with piercing eyes. They ensure that casino games are hosted in a fair and transparent manner. The casinos or the providers do not control the results of the various games. With unbiased games, the players get a real chance of winning.
- Operator accountability – The Isle of Man Gambling Supervision Commission keeps a tab on the operations of the online casinos diligently. They ensure that the online casino is accountable for their actions and there are no misgivings or false promises made by the casino to lure the players.
Conclusion
The Isle of Man Gambling Supervision Commission is among the oldest gambling regulatory bodies established in 1962. Since its inception, the Commission is known for its strict regulations and laws to safeguard the player’s interest.
They regulate and monitor the gambling industry on the island and ensure that it stays free of frauds, and each casino runs a legitimate operation.