Authorities in The Isle of Man have reported that applications for licenses are up 30 percent year-on-year – due to what it described as “proposed changes to regulation and structure in some jurisdictions.”
Of those that have been approved there have already been 21 more companies relocating in the past 12 months in comparison to 8 licence approvals in 2019.
The figures came to a surge with the recent regulatory changes in other jurisdictions, and the Island’s firm handling of the pandemic. “We are exceptionally busy at the minute processing a significant rise in the number of applications for online gambling operator,” said CEO of The Isle of Man Gambling Supervision Commission, Steve Brennan.
“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 licenses to supervise.”
The news comes shortly after Isle of Man-based services provider Affinity Group said in October that an increasing number of Asian-facing iGaming companies were considering moving their operations back from the Philippines due to tax hikes on POGOs and generally more febrile environment.
The UK is also changing its corporation tax structure in the wake of vast national debt to pay for the coronavirus pandemic – meaning those registered on the mainland will pay far more. The IoM offers a flexible regime with a famously pragmatic regulator, which is especially valued global uncertainty and regulatory overhaul in many jurisdictions.