Conister Bank Launches Island's First eGaming Banking Product

Conister Bank Launches Island's First eGaming Banking Product

In a groundbreaking move for the Isle of Man's online gambling industry, Conister Bank has announced the launch of the Island's first ever eGaming dedicated banking product.

Conister Bank ProTect has been created specifically for the Island's eGaming operators, following approval from the Isle of Man Gambling and Supervision Commission (GSC).

It has been structured so that Conister Bank can accept gaming operators' funds and place them on a fiduciary service with other banks. The product also meets the player protection requirements of the Online Gaming and Regulation Act (OGRA) which requires player funds to be segregated from operational accounts.

The new service was officially launched to nearly 200 delegates at the recent KPMG Isle of Man eGaming Summit, where Conister was one of the major sponsors.

Conister Bank's Managing Director, Juan Kelly, believes that ProTect was exactly the type of tailor-made banking solution the Island's eGaming industry had been calling for. "The eGaming sector has been under-served historically" he said. "It is now high time for positive action and I am proud that Conister Bank is the first bank on the Island to step up to the plate."

Explaining the planning that had gone into the product, Mr Kelly said there were two key issues that had to be addressed. "One was our ability to take funds on our own balance sheet and the other was to provide a fiduciary service or conduit for eGaming companies. We now have a compliant, transparent and efficient system in place which protects both player funds and the reputations of eGaming operators" he explained.

"Whilst international banking groups might be constrained in their ability to accept funds from eGaming operators, Conister has sought to overcome all these constraints with the assistance of the GSC and the Isle of Man Government. We are now at the point where we can offer an attractive Isle of Man banking solution for this truly dynamic industry. We are also confident ProTect will help attract more eGaming businesses to our shores" he said.

Mr Kelly also suggested that Conister Bank, which was founded on the Island over 75 years ago, from where it is still locally headquartered and controlled, could provide a support service for other banks looking to enter the sector.

Despite the growing numbers of Isle of Man eGaming licensees over the last couple of years, the GSC and the Government's Department of Economic Development has warned that the shortage of local banking facilities was potentially dissuading new eGaming businesses from coming to the Island.

GSC Chief Executive, Steve Brennan, said the Commission fully endorsed the new initiative. "I am pleased to see Conister coming forward with this product. This is a major step in the right direction for the Isle of Man" he acknowledged.

Conister Bank ProTect has also been welcomed by John Shimmin, MHK, Minister of Economic Development. "This will help the Isle of Man attract more eGaming companies looking for a bank that can offer credible services" he said.