Analysis ISLE OF MAN (PTII)
THE GAMING ISLE
Changes are afoot in the land-based gaming sector with a new casino licence on the cards, but it’s the Isle of Man’s online gaming industry that’s still the top draw
According to Manx mythology the Isle of Man was ruled by Celtic sea god, Manannan mac Lir who would pull his misty cloak around the island to protect it from invaders. Today, as it openly welcomes businesses to its shores, its protective shield has managed to encourage and support this development in more ways than one.
Although the Isle of Man has always been recognised as a financial hub, it was a deliberate government policy a few years ago to diversify into other areas, specifically e-gaming.
In 2010 e-gaming was responsible for 9.1 per cent of GDP which is an increase of 40 per cent from the previous year. And
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The Isle of Man is now considered
one of the top four e-gaming jurisdictions
alongside Gibraltar, Alderney and
Malta. Although a
British dependency, the Isle of Man is not within the
jurisdiction of the
UK and therefore is self governing and not bound by the laws of the UK.
with many markets still prohibiting internet gambling this of course is just a mere percentage of what it could potentially reach.
The Isle of Man is now considered one of the top four e-gaming jurisdictions alongside Gibraltar, Alderney and Malta. Although a British dependency, the Isle of Man is not within the jurisdiction of the UK and therefore is self governing and not bound by the laws of the UK. The Isle of Man is a reputable offshore jurisdiction, which has been encouraging and developing internet gambling business since the introduction of the IOM internet gambling law back in 2001, and as such, became one of the first jurisdictions in the world to introduce
specific online gaming law. The island underwent a serious re-branding process. Although it was always recognised as having a beneficial fiscal law it was not however a place where the e-gaming industry was initially drawn to. Its first entry into e-gaming was groundbreaking and was a complete learning curve, but one which has clearly paid off.
The introduction of a firm yet fair law has seen companies flock to the island whilst the ability to attract the ‘right kind’ of business has also been understood. The key element is making sure the infrastructure works 24/7, whilst tax incentives also draw companies. The gambling commission boasts a fast turn around of licences, clear and concise regulations and player protection schemes in place.
The first set of legislations passed in the
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