The Isle of Man’s government could reap several million pounds in extra tax revenue if two major internet gaming firms can be persuaded to relocate to the jurisdiction, the Isle of Man Today has reported.
According to Roger Raatgever, managing director of a Douglas-based firm providing software for the e-gaming industry, the Island’s government would benefit to the tune of £15 million per year in revenues if the two companies, Casino on Net and Party Poker, which are said to be looking to relocate from their current Gibraltar base, establish in the Isle of Man.
Mr Raatgever believes that both firms, which generate revenues of between $20 million and $30 million per month, would benefit from a move to the Isle of Man due to its sound technological infrastructure, skilled workforce and good transport links.
“Alderney, Cyprus and Malta are other potential locations but the Isle of Man is one of the leading contenders,” revealed Mr Raatgever.
However, to ensure that notable e-gaming firms continue to be attracted to the island, Raatgever added that it is critical that government departments liaise more closely with one another and with the private sector.
Globally, the industry is growing fast, observed Raategever. Some $21.5 billion was wagered online during 2002, and this figure is forecast to grow to $30 billion by 2005.
The e-gaming industry in the Isle of Man is governed by the Online Gambling Regulation Act, introduced in 2001. Licensing is overseen by the Department of Home Affairs.
A comprehensive report on the offshore gaming sector, including details of the regulatory regime in a number of top jurisdictions, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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