Island offers Licenses

The Tropical islands of Seychelles form a group of about 115 islands that are located in the Indian Ocean located near the coast of Kenya. The group of islands recently became a licensing jurisdiction for online casinos that are currently operating under the Interactive Gambling Act. The ILBS.com website confirmed the island’s new online casino licensing capabilities. The regulations of the Interactive Gambling Act are very strict and are very similar to the internet gambling regulations of Australia. The regulations that the online casinos that operate in the islands licensing jurisdictions will be required to be audited annually. The annual auditing process would involve gaining access to the operator’s accounts and financial statements and then they would have to submit a copy of the audit to the authority regulating their company.

The Authority that keeps online casinos in business does have the right to approve or not approve any of the online casino software and control systems. The Act that does license these online casinos takes many variables into consideration when the applications are being processed for internet gambling licenses. An online casino owner has to have specific characteristics and the business associated with it would need to be approved before obtaining a license. The act will approve people who are not Seychellois for a license but the corporation has to confirm at least one person from Seychelles to act as an agent for the online casinos to gain its licensing. If the company is granted a license, the agent that was appointed will remain the licensee.

The Act provides inspectors to have the power to search the online casino and their monitoring randomly to make sure that they are in constant compliance with the act. The legislation formed by the government on the islands will definitely develop a good amount of tax revenue and benefit the people of Seychelles. They are now in a good position to become a force in the online casino industry while they continue to grow the amount of online casinos that make Seychelles their home base. The technology on the islands is getting much better and so are the telecommunications services; which will only help the online gambling industry.