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Isle Of Man Attracts Another E-Gaming Industry Player
by Jason Gorringe
TaxNews.com
Attracted by the Isle of Man’s regulatory structure, Canadian online gambling payment processing firm NETeller, which listed on London’s Alternative Investment Market this month and was the biggest AIM listing this year, has announced its decision to relocate to the island.
NETeller, a Canadian company, provides online payment technology for some of the biggest betting sites in the UK, including William Hill and Ladbrokes. The firm said its decision to relocate to the Isle of Man was motivated by the need to find a jurisdiction where regulation is flexible and internet gambling is legal.
NETeller is the latest in a string of companies operating in the gaming sector who have moved their headquarters to the island, citing the favourable regulatory structure, tax benefits and outstanding telecommunications infrastructure.
Paddypower and Chronicle, two of the largest players in the online sportsbetting sector have recently acquired licenses and moved their operations to the island. IncaGold, the computer games licensing and development company, earlier this year relocated to the Isle of Man from Switzerland.
The developments have followed in the wake of the appointment of John Gilmore as the Isle of Man’s E-Gaming Ambassador in November 2003, whose mandate is to develop and promote the island’s e-gaming sector.
“Following our listing on the Alternative Investment Market, which was one of the largest new technology listings in Europe since March 2000, we have great plans for growth and we look forward to employing many more on Island to help develop the business,” noted Gord Horman, Chief Executive of NETeller, adding:
“Not only are the Isle of Man’s tax benefits and regulatory environment suitable for NETeller, but it is also a great place to live and bring up a family.”
by Jason Gorringe
TaxNews.com
Attracted by the Isle of Man’s regulatory structure, Canadian online gambling payment processing firm NETeller, which listed on London’s Alternative Investment Market this month and was the biggest AIM listing this year, has announced its decision to relocate to the island.
NETeller, a Canadian company, provides online payment technology for some of the biggest betting sites in the UK, including William Hill and Ladbrokes. The firm said its decision to relocate to the Isle of Man was motivated by the need to find a jurisdiction where regulation is flexible and internet gambling is legal.
NETeller is the latest in a string of companies operating in the gaming sector who have moved their headquarters to the island, citing the favourable regulatory structure, tax benefits and outstanding telecommunications infrastructure.
Paddypower and Chronicle, two of the largest players in the online sportsbetting sector have recently acquired licenses and moved their operations to the island. IncaGold, the computer games licensing and development company, earlier this year relocated to the Isle of Man from Switzerland.
The developments have followed in the wake of the appointment of John Gilmore as the Isle of Man’s E-Gaming Ambassador in November 2003, whose mandate is to develop and promote the island’s e-gaming sector.
“Following our listing on the Alternative Investment Market, which was one of the largest new technology listings in Europe since March 2000, we have great plans for growth and we look forward to employing many more on Island to help develop the business,” noted Gord Horman, Chief Executive of NETeller, adding:
“Not only are the Isle of Man’s tax benefits and regulatory environment suitable for NETeller, but it is also a great place to live and bring up a family.”