A government report from the Isle of Man has confirmed that online gaming has become the largest economic industry on the island, having recently over taken the long standing #1 sector of insurance. There has been an unprecedented growth in the industry that saw the income going from £529 million in 2012/2014 up to almost £700 million in 2014.
“We have been working with industry to ensure that we bring in robust regulation that provides consumer protection as well as maintains the flexibility needed for innovation,
I believe that the growth will continue on the Isle of Man as we show more people that the Island is the ideal location not only for the business, but also for staff to live and work.”
- Mark Robson, Isle of Man’s Head of eGaming
This is great news for the gaming industry as it goes from strength to strength proving itself to be a solid industry across the world. In Malta, it’s currently the second largest industry after tourism and it seems to be only a matter of time before it levels up with tourism or even out stretches it.Â
eGaming has the power to bring valuable revenue from taxes paid by the company on profits, to taxed paid on salaries, as well as bringing qualified, high earners into the mix who go on to spend cash in the form of property and general daily living, all of which is vital to any nation, but even more so to the small islands around the world.Â
There is a huge list of online casinos who hold a license from the Isle of Man Gambling Supervision Commission, such as Paddy Power, who recently announced a merger with Betfair, as well as the game developer Microgaming. A license from the Isle of Man is not yet one of the most respected in the industry, still standing a little way behind the UK and Malta, but it’s popularity is rising for casinos who are looking for a general license to operate in non-regulated countries. Of course, if a country wishes to operate in the UK then they will also need a UK license and the same goes for Italy and Spain.