Isle of Man online gambling industry grew 30 percent last year

The decision years ago by the Isle of Man government to create an online gambling hub and regulatory jurisdiction continues to pay economic dividends, with the latest government figures showing that growth has been strong in the last year, and that the industry is now among the most significant in the island economy, generating jobs and tax revenues.

The publication Isle of Man Today reported this week that online gaming made up 16.7 percent of the British Crown dependency’s economy during 2013-14, growing by 30 percent and overtaking insurance (at 14.6 percent) as the biggest sector.

Only the technology sector grew more rapidly at 58 percent… and island e-gaming officials appear confident that growth will continue, despite tax changes in neighbouring UK and Ireland.

The island’s government took early action to assist companies operating there, introducing Double Duty Relief to ameliorate the additional costs flowing from the changes.

Other major contributors to the island economy, which generated Gross Domestic Product up 4.5 percent to GBP 4.32 billion last year, included banking at 7.7 percent, and financial and business services at 10.1 percent.

Chief Minister Allan Bell told the newspaper that the figures represent the biggest percentage increase in gross domestic product since 2008, when the international financial crisis began, and attributed the continued success of the local economy to diversification.

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