Isle of Man summit hails success of eGaming

than 200 leading lights from across the global gaming industry descended upon the Isle of Man for the sixth annual KPMG eGaming Summit at the Villa Marina in Douglas.

The sector has become the largest part of the island’s economy after growing 3.2% in the past year to surge ahead of financial services.

eGaming now accounts for 16.7% of the economy and Laurence Skelly, minister for the Department of Economic Development, hailed its continued success.

Organiser Micky Swindale of KPMG said: “KPMG is proud to once again have the opportunity to bring together industry leaders for one of the premier thought leadership events for this sector.

“Despite facing some well-publicised challenges, it is clear that this key area of the Isle of Man economy continues to go from strength to strength.”

The challenges include the introduction of a point of consumption tax in the UK, but delegates agreed that there are still many benefits to operating out of the Isle of Man.

Jennifer Houghton, managing director at gaming firm Annexio, said: “One of the key strengths of the Isle of Man is its approach to customer protection. The segregation of player’s funds from that of the company is not just good practice, but also a sure winner when it comes to describing the situation to potential customers.”

KPMG teamed up with the International Masters of Gaming Law to deliver three masterclasses: “The International Legal Viewpoint”, “Financing the Consolidation Boom”, and “International Direct & Indirect Tax Considerations”.

Mark Robson, head of eGaming at the Isle of Man Government, and Mark Rutherford, deputy chief executive at the Isle of Man Gambling Supervision Commission, provided an overview of regulation and economic development in the local sector.

A range of other panel talks covering many sectors of the industry also took place.

David Shapton, partner at Akur Capital commented, said the future looks bright for online gaming companies and investors are seeing it more and more as a viable venture.

He said: “With increased regulation, more and more private investment houses are becoming comfortable with the idea of investing in online gambling companies, which wasn’t the case five years ago.”