Gregory Petts has been named the new Chairman at the Isle of Man Gambling Supervision Commission (GSC).
Appointed by the Isle of Man Treasury, Petts will now ensure that the organisation withholds high standards of regulation in the gambling sector, as well as accountability and oversight to balance needs with safety.
The new Chair has had a diverse career, having worked across finance, charities and gaming for many years. His most notable tenure in the latter came at The Stars Group, itself an Isle of Man-based enterprise, working as Senior Director of Internal Audits from 2006-2020.
Petts commented on his new role: “It is essential to strike a balance, maintaining responsible growth of the sector and continuing to uphold a strong regulatory framework.”
A Chartered Accountant and Auditor, Petts has been a Commissioner at the Supervision for almost five years with extensive experience in gambling, finance and life assurance.
“Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance,” the new Chairman added.
Recent threats to the sector
Petts’ appointment comes at a crucial time in keeping Isle of Man’s betting sector safe. The island’s government has recently emphasised caution of overseas criminal threats, noting targeting by international criminal organisations.
Criminal networks in East and Southeast Asia have been of particular concern to the island’s government, which is wary that its extensive and ‘well established’ financial and gaming sectors are a target of exploitation.
The island’s geographical and constitutional links to the UK as one of the three Crown Dependencies of the British Isles, the others being Jersey and Guernsey, and the international reach of Isle of Man-based and registered businesses, further illuminate the island as a criminal target, the government believes.
Gambling is a key industry on the Isle of Man, with many companies registered on the island operating in the UK, internationally, or both. Not all of these businesses operate under a IOM GSC licence, however.
A recent development which shined a spotlight on the Isle of Man’s gaming sector was TGP Europe’s licence surrender. Although headquartered in Douglas, has not held a licence there for five years.
It has instead operated its white label partnerships through a UKGC licence, which it gave up earlier this month, subsequently being issued a £3m ($3.8m) penalty by the British regulator.
“The GSC cannot comment on decisions made by ex licensees,” the GSC responded to SBC’s queries when asked about the TGP Europe domain name closures. “TGP are no longer licensed with the Isle of Man Gambling Supervision Commission and surrendered their licence on 15 May 2020.”
Don’t forget to subscribe to our Telegram channel!
