Isle of Man May Soon Be the Online Crypto-Gambling Destination

[alyssa85]

http://www.newsbtc.com/2016/05/01/isle-of-man-may-soon-be-the-online-crypto-gambling-destination/

True to its intention of becoming the Bitcoin capital, Isle of Man has recently decided to relax its gambling laws to include bitcoin and digital currencies.

The Gambling Supervision Commission has called for a limited consultation for a period of one month, starting April 20, 2016, till May 20, 2016, with an intention of revisiting the existing gambling regulations and updating it to meet today’s standards.

According to the document, the Gambling Supervision Commission has shortlisted 6 changes that can be incorporated to Isle of Man’s existing gambling regulations. These proposed changes, according to the document includes –

 * making changes to the regulations to allow the digital currency to be accepted just like cash

...by making bitcoin and other digital currencies legally acceptable by all online gambling services operating out of the country, the Isle of Man Gambling Supervision Commission is not only attracting domestic customers, but virtually anyone from across the globe with a working internet connection and digital currency to spare for gambling.

Until now, a full gambling license holder could only sub-license games to other providers minus the back office operations. If the proposed changes are adopted, then the licensee will be able to sub-license the back office operations concerned with the sub-licensed games along with a range of live betting and lotteries as well.

[cjmoles]

Nice!  I wonder what the impact will be on the existing gambling market.  How much would change and would those changes be beneficial to the player.  I mean, there are already countries that cater to the gambling industry so will these new markets be delusive?

[SFR10]

Great news for gambling service providers or those that are looking to be one. Surely this will make it the center for gambling specially after the recent surge of cryptocurrency gambling platforms but from what I understood, this would be more beneficiary to gambling service providers than to users itself. Regardless of who benefits more, this certainly will further increase the numbers of gambling services and as result better competition and provided services to users.

[calkob]

Why not it can bring alot of benifits to a small country like the isle of man.

[batesresearch]

http://www.newsbtc.com/2016/05/01/isle-of-man-may-soon-be-the-online-crypto-gambling-destination/

True to its intention of becoming the Bitcoin capital, Isle of Man has recently decided to relax its gambling laws to include bitcoin and digital currencies.

The Gambling Supervision Commission has called for a limited consultation for a period of one month, starting April 20, 2016, till May 20, 2016, with an intention of revisiting the existing gambling regulations and updating it to meet today’s standards.

According to the document, the Gambling Supervision Commission has shortlisted 6 changes that can be incorporated to Isle of Man’s existing gambling regulations. These proposed changes, according to the document includes –

 * making changes to the regulations to allow the digital currency to be accepted just like cash

...by making bitcoin and other digital currencies legally acceptable by all online gambling services operating out of the country, the Isle of Man Gambling Supervision Commission is not only attracting domestic customers, but virtually anyone from across the globe with a working internet connection and digital currency to spare for gambling.

Until now, a full gambling license holder could only sub-license games to other providers minus the back office operations. If the proposed changes are adopted, then the licensee will be able to sub-license the back office operations concerned with the sub-licensed games along with a range of live betting and lotteries as well.

I Think I'm moving to the Isle of Man! They are pushing forward with Bitcoin/crypto much more than anywhere else

[Slowturtleinc]

This has to be good news as the poker scene needs a kick in the pants in a bad way.
The only issue I have is the optics for a lot of gambling has altered the market.

Anything that could help bring more players to the scene or allow me back in the scene is a great thing for me.

[yayayo]

The Isle of Man is doing it the right way: Minimal regulation and incentives for crypto companies to move in. Especially a small economy like the Isle of Man can reap rich rewards if they promote free business activity in the sector. The gambling market is a huge global market which has (due to legal obstacles) often problems transacting via traditional methods of payment. By allowing companies to accept Bitcoin, Manx gambling companies could - operating on a safe legal basis - divert a significant portion of that market.

Maybe it's time to relocate to the Isle of Man.

ya.ya.yo!