Why do gambling sites get licenses?
Many sites choose to obtain a license to help govern how they conduct business. It's a way of protecting customers, investors and business partners as a license helps to assure the site operates lawfully and in compliance with country specific gambling laws.
So why an Isle of Man license?
The Isle of Man is one of the most stringent jurisdictions in the world with extremely high ethical standards for the owners and investors. This makes it one of the toughest licenses to acquire. The Isle of Man Gambling Supervision Commission gives out the fewest licenses per year.
Securing this license was no easy feat. It took us a considerable amount of time and money. Maintaining the license is a cumbersome, ongoing effort. Why do we do this? To make sure you and other esports fans are protected.
What protection does an Isle of Man license provide me?
Glad you asked. The license does a lot to protect customers. Some of the key points include:
- Protected Customer Funds - When you deposit $10 on Rivalry, we're required to take that $10 (and a little extra) and put it in a separate bank account that we cannot touch. This account is overseen by the Isle of Man regulator. If for some reason we went out of business, your funds would be protected. You'd get your money back.
- Audits, Audits, Audits - Not exactly our favorite past time but incredibly important. We are continually grilled by our regulators to make sure we're compliant with all of their rules. This helps to make sure our book is operated fairly, customers are paid on time, no unsavory business is conducted, and much more.
- Diligence on Owners - The Isle of Man has very high ethical standards for the owners of Rivalry. Extensive background checks and due diligence is performed. We are all legitimate human beings without criminal records or other nonsense.
If you have any questions about what an Isle of Man license is all about and how it may impact you, feel free to hit us up!