Gregory Petts is new gambling commission head in Isle of Man

Gregory Petts Appointed Chairman of the Isle of Man Gambling Supervision Commission

The Isle of Man Gambling Supervision Commission (GSC) proudly announces the appointment of Gregory Petts as its new chairman, effective immediately. This appointment, made by the Isle of Man Treasury, marks a significant addition to the independent statutory board in 2025.

With a distinguished background as a chartered accountant and auditor, Petts brings extensive experience in the gambling, finance, and life assurance sectors to his new role. He has served on the GSC for the past five years, contributing valuable insights into the regulatory landscape.

In his capacity as commission chairman, Petts is entrusted with ensuring that the GSC maintains the highest standards of regulation. His commitment extends to upholding accountability and oversight, striking a balance between fostering a robust gambling sector and safeguarding the integrity of the Isle of Man jurisdiction.

Petts succeeds Jon Allen, who served a commendable 15-year tenure until November 2024. David Butterworth has adeptly filled the role in an acting capacity since Allen’s departure.

The GSC issued a statement emphasizing Petts’ invaluable experience in internal audit, governance, risk management, and compliance, which is expected to strengthen their regulatory functions.

“I am dedicated to ensuring that the Isle of Man’s gambling sector remains safe and fair,” Petts remarked upon taking office. “Striking a balance between responsible growth and a strong regulatory framework is essential.” He further underscored the importance of maintaining the Isle of Man’s reputation as a trusted global jurisdiction.

This appointment follows the recent elevation of Mark Rutherford to chief executive, alongside the appointment of Nicola Libreri as deputy CEO, enhancing the GSC’s leadership team.

Addressing Emerging Global Threats

The online gambling sector is a vital contributor to the Isle of Man’s economy, accounting for the second-largest share of the jurisdiction’s GDP. The Isle of Man’s low corporate tax rate on income generated outside its borders has positioned it as a favorable hub for international gambling companies, including industry giants such as Entain and Playtech.

The GSC’s mandate encompasses the comprehensive governance of all gambling activities within the island, with core objectives to ensure fair and transparent operations, protect children and vulnerable individuals, and prevent the use of gambling as a gateway to crime or public disorder.

Petts’ appointment aligns with a strategic focus on countering new and emerging global threats, particularly in the realm of cybercrime. In the past 18 months, the GSC has made substantial investments to bolster its Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) oversight. Notable initiatives include the establishment of standalone AML/CFT inspection, enforcement, and outreach divisions, as well as the implementation of a state-of-the-art risk assessment tool, Strix.

These enhancements have led to improved risk-based supervision, resulting in civil penalties totaling £840,000 due to identified AML/CFT failings. Concurrently, the GSC has expanded its outreach efforts, offering educational resources such as webinars, drop-in sessions, and comprehensive guidance materials, thereby fostering collaboration and support within the gambling sector.

Gregory Petts’ leadership is poised to navigate the evolving landscape of the gambling industry, ensuring adherence to regulatory frameworks while promoting sustainable growth in the Isle of Man’s thriving market.