The Isle of Man Manx eGaming Association has released its annual report on the gambling sector for the island crown dependency, noting that the industry employs 900 people on the Isle with an average salary of £50,000.
Online betting delivered 13.5% of all Isle income in the latest results, with the report claiming that the online betting sector has matured and the rapid growth rate has slowed. With that being said, the country is expecting that those working in betting on the Isle of Man should grow 5-8% this year.
Although there are many people employed on the Isle of Man, the number of companies employing those people are relatively few. The report goes on to state: "On the Isle of Man a very large proportion of eGaming jobs and income is provided by a handful of large companies. Major corporate plans are closely guarded secrets, however the increasing tendency of global companies to look throughout the world for new places to locate staff and services means that there can be no room for complacency."
"Those large companies with an established presence on the Isle of Man display the greatest growth potential, both in terms of staff numbers and infrastructure investment, strong reasons for ensuring that the business and living environment on the island remains attractive to them. Some medium sized companies have also continued to expand with rising revenues and increased staff numbers, while start-ups and smaller enterprises have been more susceptible to the difficult business environment."
The report also goes into the area of warning the Isle's government to not be complacent when it comes to luring operators to do business with the Manx, as betting firms are looking for cost effective solutions. The report urges the government to continue with low tax incentives to bring those firms abroad.
With that being said, it appears that the Association is rosy on the current prospects of the IoM as being a spot that betting firms will continue to see out.
"It is heartening to note there continues to be widespread agreement and cooperation between the public and private sectors; this close relationship is envied by our competitors and is one reason why the island continues to respond quickly to the changing needs of the world’s business community," the Association concludes.