Increased demand in Isle of Man licence applications
Isle of Man has seen a massive increase in the amount of licence applications it has received from gaming operators across the world as of late, after some modifications to the regulations were suggested in many different jurisdictions.
Throughout the past year, an increased number of operators have been looking into relocating to Isle of Man after some unpredictabilities were uncovered through some political and jurisdictional changes and modifications that were made.
The Isle of Man Gambling Supervision Commission chief executive, Steve Brennan, stated:
“We are exceptionally busy at the minute processing a significant rise in the number of applications for online gambling operators. We continued to work throughout lockdown, and over the last 10 months, we have received or completed a considerable number of applications. By the time we have closed those out and added recent applications, we will have 60 licences to supervise.”
Reports have emerged revealing that there has been a massive 30% increase in the demand of these licences, and the number licencees who are currently being supervised by the Commission have attained 55, and there are many more on the way.
Jade Zorab, director of Amber Gaming, commented on this increase and explained:
The Isle of Man has proven to be at the forefront of the more notable e-gaming jurisdictions over the years. It has a combination of a stable political and economic environment, low tax and advanced IT infrastructure in addition to a cluster of experienced and reliable professional organisations – all of which has created a compelling proposition for e-gaming companies both locally and further afield.
The island also offers a flexible licensing regime with a pragmatic and efficient regulator, which is especially valuable during a time where there is so much global uncertainty and regulatory changes in several other jurisdictions which brings the prospect of significant operational challenges.
Some of the more changes in regulations that were made in alternate jurisdictions as of late, along with the area’s methods of dealing with the pandemic, as well as the introduction of a brand new licence for software suppliers, has surely provided a massive increase in the amount of applications being presented, since businesses are now looking for strong regulation concerning player protection.
Digital Isle of Man chief executive, Lyle Wraxall, said:
A key strength of the Isle of Man is its commitment to the development and continued success of the egaming companies domiciled here. Digital Isle of Man supports this by striving to build and maintain solid foundations for our island businesses to flourish, offering quick fire advice and tackling obstacles to ease business decisions and burdens along the way.
We have strong heritage and credentials in the egaming sector and are renowned for our premium regulation which is becoming more and more important to businesses. As businesses licensed elsewhere seek security and continued business growth, the experience and expertise based in the Isle of Man is the logical next step for businesses to mature and grow.