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The Isle of Man is one of the premier locations for regulated
online gambling in the world and Simcocks has developed specialist
competencies to keep pace with this vibrant and constantly evolving
sector. In 2007 the Island was placed on the UK's e-Gaming
White List, a list of jurisdictions approved to advertise in the
UK.
The internet has revolutionised gambling and e-gaming is now an
international business phenomenon. The Isle of Man Government was
one of the first jurisdictions to introduce legislation designed to
regulate gambling, e-gaming firms and protect customers. As a
result Simcocks lawyers have partnered with some of the key players
to deliver creative but practical advice on new legislation and the
regulatory and commercial issues connected with this sector.
Simcocks has software and intellectual property specialists,
particularly important in the Isle of Man which, as a leading
financial and commercial jurisdiction, provides a tax efficient
environment in which to hold and exploit intellectual rights.
The other areas where our team can help is with obtaining
licences, dealing with regulators, negotiating commercial
partnerships and obtaining multi-jurisdictional opinions on the
legality of new schemes.
The Island has been energetically encouraging the development of
the sector and has some unique incentives. It offers a zero rate of
corporate taxation, no Capital Gains tax, low personal tax and low
betting and gaming duty.
Government funding of up to 40 per cent is available towards the
costs of relocation, marketing, hardware and software. Annual
government funding of up to 50 per cent can be available for
training and grants can be applied for on an annual basis. The Isle
of Man is also an ideal jurisdiction for AIM or FTSE stock market
listing.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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