The Isle of Man is one of the premier locations for regulated online gaming in the world and Simcocks has developed specialist skills to keep pace with this vibrant and constantly evolving sector.
The internet has revolutionised online gambling and eGaming is now an international business phenomenon. The Isle of Man was one of the first jurisdictions to introduce legislation designed to regulate gambling, eGaming firms and protect customers.
As a result, Simcocks lawyers have partnered with key players in the industry to deliver creative but practical advice on the Isle of Man gambling law, regulations and the wide-ranging commercial issues connected with this sector.
Within this practice area, typical activities in which Simcocks has been involved include:
- Dealing with regulators in connection with the grant of licences and clarifying activities for which licences are not required
- Providing and obtaining opinions on the legality of structures, including sourcing legal opinions in other jurisdictions
- Negotiating and drafting commercial partnership agreements including agreements for the management of companies engaged in eGaming
- Preparing terms and conditions for companies engaged in eGaming activities
- Advising and preparing agreements in connection with the purchase and licensing of software relevant to eGaming
- Negotiating and preparing agreements in connection with the infrastructure for eGaming activities, including arrangements for payment to participate in games and for the transfer of winnings, including the integration of payment mechanisms and referral arrangements
- Dealing with matters ancillary to egaming activities, including contracts for the employment of skilled personnel, and acquiring and selling freehold and leasehold premises
- Assisting with relocation to the Isle of Man both for new set ups and transferring existing business including employment contract related issues.
Simcocks’ technical legal capabilities and resources are complemented by the legislative framework of the Isle of Man which, as a leading financial and commercial jurisdiction, provides a tax efficient environment in which to hold and exploit intellectual property rights relevant to eGaming. The Isle of Man is also supported by efficient telecommunications facilities.
The Island has been energetically encouraging the development of the sector and has some generous 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 percent 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 the London Stock Exchange’s Main Market listing, and Simcocks has experience in advising companies in respect of stock market listings.