Gregory Petts Takes Helm as Chairman of the Isle of Man Gambling Supervision Commission
In a recent development, Gregory Petts has been appointed as the new chairman of the Isle of Man Gambling Supervision Commission (GSC), a pivotal role within the regulatory framework of the Isle of Man’s gambling landscape.
Petts joins the GSC after a remarkable five-year tenure and brings a wealth of expertise as a chartered accountant and auditor. His background spans critical industries such as gambling, finance, and life assurance. The appointment, made by the Isle of Man Treasury, marks a significant addition to the commission as it navigates the evolving challenges of 2025.
As chairman, Petts has the crucial responsibility of ensuring that the GSC adheres to, and even elevates, regulatory standards. His mandate includes striking a careful balance between fostering industry growth and safeguarding the jurisdiction’s integrity and safety.
He takes over from Jon Allen, who held the chairmanship for an impressive 15 years until November 2024. Since Allen’s exit, David Butterworth has been serving in an acting capacity.
The GSC expressed optimism about Petts’ arrival, highlighting his extensive background in governance, risk, and compliance as assets that will enhance the commission’s effectiveness in regulation.
Upon taking office, Petts highlighted his commitment to maintaining a safe and equitable gambling environment within the Isle of Man. He emphasized the importance of a strong regulatory framework that supports responsible industry growth while preserving the jurisdiction’s esteemed global reputation.
Petts’ appointment comes on the heels of notable changes within the GSC leadership, including the recent appointment of Mark Rutherford as chief executive and Nicola Libreri as deputy CEO.
Addressing Global Risks in a Dynamic Industry
The GSC’s role is vital, particularly as online gambling represents the second-largest contributor to the Isle of Man’s GDP. The island’s competitive corporate tax structures make it an attractive hub for global gambling giants such as Entain and Playtech.
The commission oversees all gambling-related activities and is tasked with ensuring operators maintain fairness and transparency. Additionally, protecting vulnerable individuals from potential harm and preventing the misuse of gambling are key components of its regulatory objectives.
Petts steps into his new role amid a backdrop of increasing global cyber threats targeting the gambling sector. Over the past 18 months, the GSC has proactively fortified its defenses against money laundering and counter-terrorist financing (AML/CFT) risks. This includes establishing dedicated inspection and enforcement units, as well as adopting advanced risk assessment tools like Strix.
In response to identified AML/CFT deficiencies, the GSC has implemented civil penalties totaling £840,000, highlighting its steadfast commitment to regulatory compliance. In tandem with these measures, the commission is increasing its outreach efforts by providing educational initiatives, guidance, and support for industry stakeholders through webinars and interactive sessions.
With Petts at the helm, the GSC is poised to navigate the complexities of the gambling landscape, ensuring a fair and secure framework while encouraging responsible growth in this dynamic sector.