Internet casino regulation is coming closer to reality for the Isle of Man government. The
Online Gambling Regulation Bill recently went through its second reading and heads for the clauses (or third reading) stage tomorrow, two weeks ahead of schedule.
Home Affairs administrator Julian Lalor-Smith estimates that the bill could very well be enacted by July at the very latest.
Officials estimate that the Internet casino licenses would cost £80,000 each, and the holders would be charged an undetermined amount of tax on the company's gaming yield, as well profits. While the number of licenses is initially limited to three, once the regulatory system "finds its feet," the Council of Ministers would be able to increase that number if required.
The island government is also waiting for royal ascent for the Betting Office Bill, which will open up bookmaking licenses to an unlimited number of companies.
"We've received lots and lots of calls from companies interested in obtaining a license here," Lalor-Smith said. He wasn't sure when royal ascent would be given.