The Isle of Man Today newspaper reported that Internet gambling will provide new business and new jobs on the island in the near future. Over 360 jobs have been created in the last three years, with major names in online gambling setting up offices on the island.
Currently there are 13 license holders with eight new licenses issued in 2008. The Gambling Supervision Commission has more than twenty applications at various stages of preparation and approval. Granted licenses were Fastbet and NYX Interactive.
Low duty rates on the Isle of Man in a climate of difficult times has attracted the larger well known brands to set up business on the island.Garth Kimber head of e-gaming development with the department of Trade and Industry stated that these companies are looking to change to and or set up in a new jurisdiction.
The location of the well known operators such as NYX Interactive and Fasbet to the Isle of Man has also created an interest from other new types of businesses that are offering their services to operators. These include companies locating their recovery systems in the data centres, as well as payment solutions firms.
The result of the new growth is bucking the trend toward an economic slowdown. Microgaming, Pokerstars and Playtech have already moved onto the island stimulating the Isle of Man’s new and booming on line gaming industry. This is good news for the islands inhabitants, as jobs in business management, marketing, technical and sales, are created. The trend is expected to continue in 2009 as more licenses are granted and more companies find the Isle of Man an attractive place to locate their operations.