Following a review of its policy on developing the Isle of Man as a premier e-gaming jurisdiction, the Council of Ministers has confirmed its previous commitment to become the location of choice for this rapidly growing sector of the global economy.
In 2001, the Isle of Man opened its arms to online casinos with the creation of a new licensing regime to regulate the industry, and the island subsequently attracted some high profile names, including Littlewoods, MGM Mirage and SunOnline (whose Casino Atlantis online was later bought by Kerzner International).
However, one by one these big names abandoned their operations in the jurisdiction as they complained of a heavy-handed regulatory regime, forcing the government to rethink its e-gaming strategy and to later appoint John Gilmore, director for Rank Interactive Gaming, as an 'e-gaming ambassador' for the island.
In the meantime, the Island’s authorities have continued to review their approach to the industry and Gilmore has been made first point of contact for both existing and prospective new companies.
The Regulations associated with the Online Gambling Regulation Act have also been reviewed in the light of experience in order to make the well regulated environment more commercially attractive.
Some important changes that have resulted include: the removal of the need for all changes to software to be certified in advance; the ability to have P2P poker licensed as a regulated activity; and the removal by the Department of Home Affairs for the licence need for a £2 million bond.
In recent times, the Isle of Man has managed to attract several well-known firms in the industry, such as Betinternet, Paddypower, Chronicle, NETeller and Microgaming, and the government continues to tout the island’s sophisticated legal and accountancy support network, attractive tax regime and extensive broadband coverage in a bid to lure more firms.
Trade and Industry Minister Alex Downie commented: “I believe that the Island will be the focus of increasing numbers of companies who are looking for a well regulated and reputable jurisdiction and who are attracted by the superb telecommunications infrastructure and support services that we can offer.”
A comprehensive report in our Intelligence Report series examining offshore e-commerce and online gaming is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report6.asp
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