Global Bets Could be Worth Millions for IOM

Tax-news.com

05 October 1999

In a late effort to influence the proposed Betting Offices Bill, Isle of Man bookmakers held a seminar to discuss potential regulatory changes that would allow the betting industry to be more competitive in the UK and global markets. The bookmakers concluded that the globalization of the betting industry through improvements in the Internet, E-commerce and telecommunications coupled with regulatory changes such as a reduction in betting duty could attract major betting companies to relocate to the island. The seminar heard that under the correct conditions the industry could generate up to £150 million in international revenue and £500 million from local and UK bets per year, with up to £15 million going to Customs and Excise. The bookmakers called for consultation with the local industry on their proposed changes before the Bill is passed. The Seminar chairman, Mr Lawrence Keenan, said that "the local industry is supportive to the introduction of new legislation that comprehensively deals with the betting industry, both local and international, and feels it can significantly contribute to the forming of the necessary legislation". He also said that such legislation should "ultimately be a benefit to the Island’s economy while at the same time enhancing its reputation as a responsible and regulated financial and commercial centre."

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