Changes To E-Gaming Rules Paying Off For IoM

by Jason Gorringe, Tax-News.com, London

28 May 2004

Recent changes in the regulatory structure of the e-gaming sector in the Isle of Man have been successful in attracting some big name players to the jurisdiction, the government has announced.

“The recent reduction in our licensing fee together with revisions that allow peer-to-peer gaming and pooled jackpots have removed significant barriers to e-gaming business,” observed Trade and Industry Minister Alex Downie, according to IoM Online, who added:

“These changes, based on feedback from the industry, will allow the Island to offer a much more attractive proposition for those e-gaming enterprises looking for an offshore location for their business and headquarters.”

In the last year, the government has issued six gaming licences to firms such as Paddypower and Chronicle, two of the largest players in the online sports betting sector, attracted by the island’s favourable regulatory regime and low duties.

Canadian online gambling payment processing firm NETeller, which provides online payment technology for some of the biggest betting sites in the UK including William Hill and Ladbrokes, is one of the latest firms to bring operations to the jurisdiction, citing tax benefits and the regulatory environment as the primary reasons.

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