Friday June 8, 2012 : E-GAMING AN IMPORTANT ELEMENT IN THE ISLE OF MAN ECONOMY
New independent study shows that e-gaming is employing islanders and making a contribution to the economy
The Isle of Man government's activities as an online gambling regulator have brought benefits to the island, a new study of the island's economy by independent business services provider Ernst & Young shows.
Commenting on the survey, John Hopes, Partner at Ernst and Young said: “This research highlights the Isle of Man’s business friendly environment and modern regulatory framework aligned to international standards, which has proven pivotal in supporting the development of modern infrastructures and a highly skilled workforce, in turn fostering inward investments and entrepreneurial initiatives in high value added sectors with a strong competitive edge.”
The report praises the Isle of Man’s “world class” and “advanced and secure” ICT infrastructure, having served as a test bed for Europe’s first operational 3G system and boasting “one of Europe’s largest cable fibre rings” alongside “one of the most advanced digital phone networks”.
It notes that these have helped turn the Isle into an “important location for eCommerce and eGaming”.
The eGaming sector is shown to provide nearly 645 jobs, and grew 41 percent in 2010. This growth is set to continue, with the European Commission estimating that the global online gaming sector “will double in size from its 2008 level by 2013”. The report also lauds the Island’s “White Listed” status in the UK with regard to its regulatory regime, permitting its licensees to advertise in Britain.
Welcoming the report, Chief Minister Allan Bell MHK said: “This report provides an objective view of the Isle of Man’s economic strengths and the significant contribution we make to the global economy. It also emphasises the success we have had in creating an attractive base for a variety of high value non-financial sectors, and the increasing extent to which these sectors contribute to the Island’s growth as a whole.”