Czech Republic and Isle of Man welcome online casinos
A new report has revealed that online casinos are the fastest growing economic sector in the Isle of Man. Since online casinos were allowed to operate on the island, more than 360 jobs have been created.
At present, there are thirteen licence holders based on the Isle of Man. Eight new licences were issued in 2008 and sources at the Gambling Supervision Commission have stated that there are a further ten applications awaiting approval.
Garth Kimber, head of the e-gaming development at the Department of Trade and Industry, said that the Isle of Man was proving to be an attractive area for casino businesses. He said:
"The Isle of Man continues to attract interest from a large number of companies looking to change to, or set up in, a new jurisdiction.
Not only do businesses already on the Island continue to recruit but new companies are applying for licences month by month.
In the present climate the low duty rates of the Isle of Man become even more attractive than when times are good and we have seen an increase in interest from large well-known brands. While some of the new businesses have found it harder to obtain funding than previously, the interest from established businesses will compensate for this."
Elsewhere, The Czech Republic's Ministry of Finance has granted licences for five internet casinos to operate in the country.
The licences were granted to five land-based casinos based in the country. All five operators were required to have a series of land-based outlets where online casino players could register.