New Online Gambling Licensing Jurisdiction - Seychelles

February 03, 2009 | News Category: Casino Banking

0 Comments

Well-known online gambling licensing jurisdictions has become synonymous with the likes of places like the Caribbean, Costa Rica and the Isle of Man. The good news for the online gambling industry is that a new regulating licensing jurisdiction has started in the island chain, the Seychelles. The Seychelles is situated northeast of Madagascar in the Indian Ocean. It is around one thousand miles off the Kenyan coast. The Seychelles island chain is the most recent addition to the gambling industry's regulatory landscape. It is welcomed to the industry as the newest online casino licensor.

Seychelles is the smallest country in the world to have their own currency. Unfortunately, while being very small and independent, they have managed to build up huge debts. The GDP per capita is around 123%. This may explain the current decision to choose to regulate and charge taxes to the online gambling world.

Visitors to the Seychelles experience a "paradise" chain of coral islands, fairly undeveloped with white beaches and blue waters to greet them, along with a tropical climate. A place like the Seychelles can certainly put to good use the tax money it could collect from online gambling companies.

In conjunction with the online gambling regulatory practices, the Seychelles telecommunications industry is also being liberalized. The plan is that they would like to attract not only licensors, but also to attract some online casino operators to set themselves up in the Seychelles, and thereby create jobs for locals, and in this way, and through taxation to boost the economy.

The main points of the Republic of Seychelles' new Interactive Gambling Act has regulatory guidelines and protocols which seem to have been directly derived from gaming legislation in Australia.

Under the Interactive Gambling Act, licenses can be applied for by betting site operators. The licenses, when granted, allow the operators to legally operate real money betting sites, which are supervised under a Seychelles regulating authority. Anyone can apply for a license from the Seychelles regulating authority, however, they may only operate through an agent who lives in Seychelles, and has been appointed on behalf of the licensee. Those applying for licenses are very carefully screened, and background checks of all connected with the gaming operation are done. Apart from this, the software platform needs to be approved.

In order to comply with regulatory laws in a going forward manner, all licensees will be required to undergo annual audits. The regulatory authority has the power to conduct investigations and enforce the compliance of operators.