Isle of Man licence applications jump by 30% in 2020
Igaming hub attracts 21 new licensees in 2020 as regulation tightens across European markets
Isle of Man (IOM) licence applications rose by 30% during 2020, according to the latest data from the Isle of Man Gambling Supervision Commission (GSC).
Twenty-one new licence applications were received by IOM regulators during 2020, after just 8 new licences were approved in 2019.
The total number of licensees on the island now stands at 55.
The introduction of a new software supplier licence is thought to be the principal reason behind the increase in demand, as well as a perceived flexibility in licensing standards.
In addition, regulatory changes in other jurisdictions across Europe, combined with the island’s 0% tax rate, has made setting up shop on the island more attractive to operators.
Speaking about the influx of applications, GSC CEO Steve Brennan said: “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,” Brennan added.
Several international gambling firms maintain offices on the Isle of Man, including Gamesys Group, PokerStars, Playtech, Microgaming and Yggdrasil.
Discussing the island’s igaming success, Digital Isle of Man CEO Lyle Wraxall highlighted its commitment to developing domiciled operators.
“We have strong heritage and credentials in the igaming sector and are renowned for our premium regulation which is becoming more and more important to businesses,” Wraxall explained.
“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.
“The Isle of Man has a track record of being a safe and secure place for businesses to grow and boasts a confident, stable economy, with no market restrictions, ensuring minimal disruption to business progress and opportunities,” he added.