Gregory Petts has been appointed as the chairman of the Isle of Man Gambling Supervision Commission (GSC). His appointment, made by the Isle of Man Treasury, comes as part of a series of recent changes within the independent statutory board in 2025. Petts, who is a chartered accountant and auditor with extensive experience across the gambling, finance, and life assurance sectors, has been involved with the GSC for the past five years.
In his new role, Petts is tasked with ensuring the GSC maintains high regulation standards. He is also responsible for balancing the needs of the gambling sector with the safety of the jurisdiction, emphasizing accountability and oversight. Petts succeeds Jon Allen, who served as chairman for 15 years until November 2024, with David Butterworth stepping in as acting chair since Allen’s departure.
The GSC stated, “Gregory’s invaluable experience in internal audit, governance, risk and compliance will support the GSC in its regulatory duties.” Upon his appointment, Petts expressed his dedication to ensuring that the Isle of Man’s gambling sector remains safe and fair.
“It is essential to strike a balance, maintaining responsible growth of the sector and continuing to uphold a strong regulatory framework,” Petts remarked. “Maintaining the Isle of Man’s international reputation as a trusted and respected jurisdiction is of the utmost importance.”
Petts’ appointment follows closely behind the recent leadership changes at the GSC, including the arrival of Mark Rutherford as the new chief executive four months ago and Nicola Libreri’s appointment as deputy CEO a month prior.
The Isle of Man's online gambling sector significantly contributes to the island's GDP, making it an attractive base for international businesses due to its low corporate tax rates on foreign income. Notable gambling companies located in the Isle of Man include Entain and Playtech. The GSC oversees all gambling activities on the island and focuses on ensuring that operators engage in fair practices while protecting children and vulnerable individuals from potential harm.
Petts' appointment coincides with ongoing initiatives aimed at addressing new global challenges related to cybercrime. The GSC has been active in enhancing its anti-money laundering and counter-terrorism financing (AML/CFT) measures over the last 18 months, establishing independent inspection divisions and incorporating a new risk assessment tool named Strix. Through improved risk-based supervision, the GSC has issued civil penalties totaling £840,000 in response to identified AML/CFT shortcomings. Additionally, the GSC is expanding its outreach efforts by offering webinars, guidance, and support, collaborating closely with the sector.
