The economy of the Isle of Man is bucking the current global trend and is expanding thanks to the number of online gaming firms relocating to the self-governing Crown Dependency.
According to a report in Isle of Man Today, in excess of 360 jobs have been created over the last three years as some of the biggest names in the online gaming industry including PokerStars and Playtech set up offices on the island. The newspaper stated that this number is anticipated to grow significantly this year with the community continuing to attract interest from companies in the sector.
”The Isle of Man continues to attract interest from a large number of companies looking to change to, or set up in, a new jurisdiction,” said Garth Kimber, Head of eGaming Development for the Department of Trade and Industry.
”Not only do businesses already on the island continue to recruit but new companies are applying for licences month by month.”
He revealed that there were currently 13 licence holders after the jurisdiction issued eight last year with ten applications pending before the Gambling Supervision Commission. In addition, two licenses granted to Fasbet and NYX Interactive are expected to go live soon, creating up to 45 jobs over the next year.
”In the present climate, the low duty rates of the Isle of Man become even more attractive than when times are good and we have seen an increase in interest from large well known brands,” said Kimber.
“While some of the new businesses have found it harder to obtain funding than previously, the interest from established businesses will compensate for this.
”Gambling business tends to slow a little in difficult times, being seen as recession hardened rather than recession proof, although little data exists for the online industry. The performance of the sector is bucking this trend because of the volume of new business coming to the island.”