Bright Future Ahead for Isle of Man

The Isle of Man is situated off the north-west coast of England. It is a British Crown Dependency so it owes

The Isle of Man is situated off the north-west coast of England. It is a British Crown Dependency so it owes allegiance to the Queen, but at the same time the island remains free to make its own regulations and tax laws. Because of this autonomy, the Isla of Man has in recent years become a hotspot for online gambling. While online gambling in the UK is legal, British gambling laws don’t apply on the Isle of Man, so the island has been able to take their own route to internet gambling licensing and regulation.

In the last five years, the online gambling industry has created more than 500 new jobs with an average salary of £52,000. Garth Kimber of the island’s Department of Trade and Industry estimates that 160 more jobs will be generated this year alone. Right now there are 20 major online gambling firms licensed out of the Isle of Man, and 18 more are currently passing through the application process.

The island’s attraction for international online gambling companies is clear. While mainland UK levies a heavy 15% duty on gambling profits, the Isle of Man takes only 1.5%. More importantly, they impose zero corporation tax. This difference alone makes the island an attractive place to host online gambling sites in UK.

The potential for growth in the island’s internet gambling industry is enormous, and future growth is ensured by the local government’s support of the industry. Online gaming technology changes very quickly, and the government works hard to keep gambling legislation up to date to encompass these changes so that no doors remain closed. The island’s history of cooperating with international businesses, its role as a “tax haven”, and its reputation for strict regulation all work together to ensure its place in the future of online gambling.

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