The Gambling Supervision Commission (Isle of Man) has been keeping the gambling industry safe since 1962. Licensed Bitcoin casinos must follow the office’s rules to protect its players.
There are three principles that the Gambling Supervision Commission follows. These three help to ensure that the industry is crime-free and everyone gets a fair game.
Gambling Supervision Commission (Isle of Man)
The Gambling Supervision Commission (Isle of Man) began its work in 1962 in the Isle of Man. The office sets the rules for casinos, lotteries, and other gambling companies in the country. Over the years, the office changes its rules to fit online real-money and Bitcoin casinos.
One of the three principles that the Gambling Supervision Commission (Isle of Man) follows is to ensure that its license holders are free from crime. This is why the office sets an anti-money laundering rule in its casino. The rules will help prevent criminals from using the business to clean its finances.
Another principle of the Gambling Supervision Commission (Isle of Man) is to stop minors or people at risk from playing on the website. Licensed casinos must have a system in place to keep minors from signing up on the website. This is usually in the form of a consent box that is on the registration page.
The third principle of the Gambling Supervision Commission (Isle of Man) is to have its casinos offer a fair game to its players. To do this, any casino owners who are signing up for a license must have his games go through a series of tests. A third party will test the games and casino system.
As part of the third principle, casino owners must have the funds to give a player his true winnings. Casino owners that have a license must have a system to protect its funds at all time. The office will give the final approval to a casino’s system.
The time and money it takes to get a full Gambling Supervision Commission (Isle of Man) Bitcoin or fiat licnece from the Isle of Man office can stop most rogue operators from signing up. Simply applying for a license will cost £5,000. The full license, on the other hand, is £35,000 and a casino owner will need to pay this every year to continue offering fiat and Bitcoin slot games and more.
The office will also give a careful check on everyone who signs up for a license. It will check to see if a casino owner has the equipment and money needed to run a gambling website. The office will work with local authorities to make sure it has all the details it needs on any future license holder.