Isle of Man Economy with Record Gambling HighsPublished September 27, 2015 by Sol FH
Online gambling is becoming the biggest line item in the Isle of Man's economy and residents are coming to terms with the bustling business.
Online gambling has been present in the Isle of Man for many, many years. The isle has been a desirable location for many of the biggest names in online gambling like bgo Vegas, Dublinbet Casino, Trada Casino and hundreds more. The isle is very popular because of its pre-gambling laws and the incomparable online gambling infrastructure and quality support teams therein. This year, the Isle of Man has seen record highs in online gambling revenues, making it the largest single sector in their economy.
The Rise of eGaming
eGaming has been on the rise in the Isle of Man for many years, but few ever thought it would be the most important part of their economy. Well, the latest reports presenting the tiny UK isles' economy graphs and projections, indicate that eGaming has surpassed financial services as the isle's biggest revenue maker. For well over forty years, the Isle of Man economy is in the green, as Gross Domestic Product has reached £4.32bn in 2013-14 after real growth of 4.5 per cent over the course of the year.
This growth is their biggest since 2008 and it is continuing to shock people around the world. Allan Bell, Chief Minister of the Isle related, "This was the biggest increase in annual GDP since 2008, the year of the credit crunch." With no end in sight, Bell is projecting continual growth, with thanks to online gambling in the region, and the Isle of Man is happy to receive the billion's in tax revenue and other industry-related income.
The facts on the ground show that the Isle of Man's GDP rose 6.1 per cent, or 4.5 per cent in actual terms. This is almost double the growth from 2012/13. Gross National Product grew by 6.7 per cent compared to 4.8 per cent in 2012/13.
Alongside eGaming, Communication and Technology were the biggest growth engines for the Isle of Man over the course of the year. eGaming has become the largest single economic sector with growth of over 30 per cent.
Online gambling has a permanent home in the Isle of Man and with budget increasing across the board, the industry is keen on growing much more in the future.