PokerStars has surrendered its Isle of Man gaming licence however it is business as usual for players and staff.
As per the Isle of Man’s Gambling Supervision Commission, the licence, held by parent company Rational Entertainment Enterprises, ended on 8 March having been held since 2005.
Despite the news, PokerStars has confirmed that players and employees on the island will not be impacted by the change and instead, it is simply part of an “optimisation programme”.
A spokesperson for Flutter Group, the owners of PokerStars, told the Isle of Man Today: “As part of an ongoing programme to optimise PokerStars’ operating model, it has been decided that it no longer needs an Isle of Man B2B licence.
“Players will continue to play under the UK B2C licence as they do today and will not experience any changes. PokerStars has found the Isle of Man regulatory relationship constructive and mutually beneficial over the years.”
PokerStars’ headquarters have been situated on the Isle of Man since 2005 and it holds licences with a number of jurisdictions.
IoM gov warns of Southeast Asian “exploitation”
The Isle of Man, due to its established financial sector and links to the UK, is often the destination of choice for operators seeking regulatory approval.
However, the Island’s Cabinet Office has urged those in the region to be vigilant against the threat of Southeast Asian crime groups and called for increased due diligence when conducting business linked to the region due to its “complex and sophisticated criminal landscape”.
As such, the Island’s authorities are seeking to improve its defences from threats through “significant and wide-reaching actions”, including investment in law enforcement and investigation capability and strengthening the Island’s immigration system and processes.
Jane Poole-Wilson MHK, Deputy Chief Minister and AML/CFT Lead for the Isle of Man Government, commented: “The Isle of Man Government and the Island’s authorities take the illicit actions by transnational organised criminals to exploit the Island’s business environment and immigration security extremely seriously.
“These actions aim to ensure that any vulnerabilities are identified and that urgent action is taken to mitigate vulnerabilities, thereby strengthening the Island’s countering financial crime regime for the future. We will not tolerate the use of the Island for criminal activity and will not hesitate to act to disrupt and prosecute those responsible.”
