Isle of Man GSC’s New Chair Vows to Strike the Right Balance

The Isle of Man Gambling Supervision Commission (GSC) announced that the Isle of Man Treasury has named the experienced Gregory Petts as the new chairman of the regulatory body. In this role, the new appointee will make sure that the GSC is upholding exemplary industry standards.

Petts Vows to Strike the Right Balance

As a major iGaming licensing hub, the Isle of Man is always seeking to prevent fraud and champion transparency and responsible gambling. This ethos will be embraced by Petts who will be tasked with upholding the “highest standards of regulation within the gambling sector.”

This means that the GSC’s new chairman will ensure that its licensees are held accountable and required to comply with the commission’s rules. He will also be tasked with overseeing the sector and striking the right balance between the needs of the gaming industry and the safety of the market.

The GSC emphasized that this balance is a cornerstone of its philosophy and aligns with its goals to nurture an international iGaming industry that maintains strong standards while remaining fraud-free.

GSC Welcomed the Appointee

The GSC described Petts as an experienced individual who has served the commission for five years. A chartered accountant and auditor with experience in the gambling, finance and life assurance sectors, he brings a wealth of experience that would be of invaluable help to the regulator.

His invaluable experience in internal audit, governance, risk and compliance will support the GSC in its regulatory duties.

GSC statement

Petts also commented on his appointment, highlighting the importance of finding the right balance of regulation and freedom to allow the gaming sector to flourish while preventing problem gambling and gambling-related crime.

It is essential to strike a balance, maintaining responsible growth of the sector and continuing to uphold a strong regulatory framework. Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance.

Gregory Petts, chair, GSC

GSC Reinforces Leadership

Petts’ appointment comes roughly a month after the regulator named the experienced Nicola Libreri as its new deputy chief executive officer. In her position, Libreri vowed to strengthen the GSC’s focus on intelligence collaboration in order to crack down on crimes such as money laundering and terrorist financing. She promised to leverage her AML/CFT experience to make important supervisory advancements and help the GSC meet emerging threats and challenges.

Libreri’s own appointment came a few months after the regulator designated Mark Rutherford as its new CEO.