Seychelles: Law of Offshore
Electronic Gambling Law
The Interactive Gambling Act, 2003 provides for the licencing and regulation of any internet gambling business carried on in or from Seychelles. The Act conforms to strict international regulatory norms and draws heavily from solid Australian legislation.
"Interactive gaming" under the new Act extends to where:
- a prize of money or something else is offered, or can be won, under the rules of the game;
- a player enters, or takes a step in, the game by means of a telecommunication device (including interaction via a computer) and pays or undertakes to pay money or other valuable consideration to enter the game; and
- the winner is decided wholly or partly by chance; or by a competition or other activity in which the outcome is wholly or partly dependent on the player's skill.
The Act provides for the creation of special "players' accounts" whereby the operator can hold funds of a player on trust for them and with the operator having the right to debit the amount of a wager in an authorised game. Winnings may also be paid directly into these players' accounts. This option ensures that the player does not have to produce credit card and personal information for every wager, only when "recharging" his or her account. Player protection is afforded through these trust accounts, as well as operator and player security. An operator cannot provide credit to a player.
The regulatory authority will only grant licences to fit and proper persons and retains the right of approval of the gaming software and control system. The Act requires the annual auditing of an operator's accounts and financial statements; and submission of a copy of the audit report to the regulatory authority. The Act also provides for inspectors who will have powers of entry and search in the course of monitoring or enforcing compliance with the Act.