The Isle of Man has piqued the interest of the global gambling industry through its proposed reforms, low taxes, and advanced IT infrastructure.
Isle of Man Sees Surge In Interest From Global Players
Following proposed reforms to legislation and structure in some jurisdictions, the Isle of Man has seen a significant rise in demand from multinational gaming operators. Over the last year, an increasing number of online gaming firms from around the world have shown interest in relocating to the crown dependency.
In the last year, the Isle of Man has issued operating licenses to a total of 21 businesses. In contrast, only 8 operators were licensed in the area in 2019. The Gambling Supervision Commission currently oversees 55 gambling operators, with several more licenses in the works.
The surge in interest was sparked by several recent developments, such as the recent regulatory changes and the Island’s competent handling of the Covid-19 pandemic. The Isle also recently introduced a new software supplier, which has helped attract more companies in search of strong regulation around player protection.
The Isle of Man Gambling Supervision Commission’s Chief Executive, Steve Brennan, said that the authority was currently processing a large number of applications for online gambling licenses. He pointed out that by the time the Gambling Supervision Commission finishes processing its pending applications, it will have a total of 60 licenses to oversee.
Isle of Man Offers Stable and Favorable Environment For Operators
Though recent events on the Isle of Man have sparked international interest, they are not the only reason why operators are flocking to the area.
The Isle of Man has proved to be at the forefront of the more prominent iGaming jurisdictions, according to Jade Zorab, Director of Amber Gaming. She listed the region’s stable political and economic environment, favorable taxes, advanced IT infrastructure, and a cluster of experienced and dependable organizations in particular. The combination of these factors, according to Zorab, creates a compelling proposition for gaming companies.
The Island also offers a flexible licensing regime with a pragmatic and efficient regulator, Zorab continued. According to her, this was especially valuable during a time of so much global uncertainty and regulatory changes in other jurisdictions. Furthermore, Zorab stressed that the jurisdiction’s strong reputation and its innovative approach in the gaming landscape also play a substantial role in attracting companies.
One of the most appealing qualities of the Isle of Man, according to Lyle Wraxall, Chief Executive of Digital Isle of Man, is its commitment to the growth and continued success of the local gaming industry. Wraxall went on to say that the Isle of Man has proved to be a stable and prosperous environment for companies to flourish and prosper. He went on to say that the jurisdiction also offers a safe, stable economy with no market restraints.
“As businesses licensed elsewhere seek security and continued business growth, the experience and expertise based in the Isle of Man is the logical next step for businesses to mature and grow.”Lyle Wraxall, Chief Executive of Digital Isle of Man