Gregory Petts takes over as chairman of Isle of Man gambling regulator
The Isle of Man Treasury has appointed Gregory Petts as the new Chairman of the Isle of Man Gambling Supervision Commission (GSC), which oversees regulation of the island’s gambling industry.
Petts will be responsible for ensuring the Commission maintains strong regulatory standards and holds operators accountable. He will also work to balance the needs of the gambling sector with the safety and integrity of the Isle of Man.
Brings financial and regulatory experience
Petts is a Chartered Accountant and auditor with experience in the gambling, finance, and life assurance sectors. He has been part of the GSC for five years and has expertise in internal audit, governance, risk, and compliance, which will support the Commission’s work.
The GSC is focused on upholding international standards and continues to invest in resources and cooperation to address threats such as Money Laundering, Terrorist Financing, and Proliferation Financing.
“It is essential to strike a balance, maintaining responsible growth of the sector and continuing to uphold a strong regulatory framework,” said .
“Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance,” he added.
Part of wider leadership updates
The appointment follows recent changes at the GSC. Last month, Nicola Libreri became Deputy Chief Executive Officer, with a focus on intelligence and tackling financial crime.
Earlier, the GSC also appointed Mark Rutherford as its new Chief Executive Officer, continuing the Commission’s efforts to reinforce its leadership team amid an evolving regulatory landscape.
Regulator faces financial pressure amid licence drop
The appointment comes at a difficult time for the Gambling Supervision Commission, as the number of licensed operators continues to fall. The Isle of Man has long attracted gambling businesses with its zero corporate tax, no capital gains tax, and low gambling duty of 0.1 to 1.5 percent based on profit.
However, at least 13 operators have surrendered their licences this year. As per local reports, this decline is creating financial strain for the regulator, which is now facing a projected shortfall of £778,000 due to lower-than-expected licence fees and fewer new business applications.
The GSC had anticipated 109 licensees for the 2025–26 financial year, a revision from an earlier forecast of 148. As of now, the regulator’s register shows only 80 active online gambling licensees, in addition to three bookmakers, five controlled machine suppliers, and one 바카라 operator.
