'Reassuring news' for eGaming sector

It looks as if the Isle of Man's eGaming sector won't be too affected by changes to the United Kingdom's gambling regulations.

In a statement today (Thursday) UK Minister for Tourism and Heritage John Penrose MP announced any online gambling company selling into the British market would need to be licensed by the UK Gambling Commission.

However, Mr Penrose said overseas-based businesses in trusted jurisdictions such as the 'white-listed' countries - which includes the Isle of Man - would be treated with 'a much lighter touch' and, for example, wouldn't have to duplicate regulatory work.

Minister for Economic Development Allan Bell says its reassuring news for eGaming firms in the Isle of Man.

He says: '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.

'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.'

It's not yet known when the United Kingdom's proposals will become law.