Time and time again throughout history it seems that countries have turned to the online casino industry during times of need. When an economy flags it seems that the go-to option is to open up the borders to the industry and reap the rewards. While it doesn’t always work out as expected, there are countless success stories of where countries and districts have turned a corner with the online casino industry’s input. Arguably the biggest success story in recent memory outside of the likes of Malta and Gibraltar has been the Isle of Man.
Online casino gaming has held a presence of the Isle of Man for some time, with it in many ways being a trailblazing nation is such regard. Hundreds of casinos have all made home on the island, and may of them are recommended on popular gaming blogs. It seems that the Isle of Man is reaping the rewards of standing by the online casino industry, as it is has had a positive impact on the island’s economy.
The reason why the Isle of Man has become a popular home for online casino business is simple, they offer up very favourable operating conditions. The pre-gambling laws that were first established were in very ways the first of its kind, meaning that it is an experiment that has clearly played off. Since its early days of legalisation the industry has now grown to encompass a robust infrastructure, an infrastructure that continuously draws in new operators.
The Continual Rise of Online Casino Gaming
What lies at the core of the Isle of Man revenue boom during 2014 and 2015 is the online casino gaming field. The rise of the genre has truly taken many by surprise, with hardly anyone believing that it would be an integral part of the isle’s economy. The latest reports to emerge show that the online casino gaming has actually now surpassed the financial services projections in the country. It is now the island’s key revenue maker and while the region’s economy has always been rosy, it is now looking greener than ever. GDP for the region recently topped £4.3 billion through 4.5% growth during 2014. The growth ranks as the biggest since 2008 and before the global economic crisis. If anything the news is showing the Isle of Man to be a true online casino industry power.
The Numbers Don’t Lie
As previously mentioned, off of the back of online casino gaming input the Isle of Man’s GDP was lifted to 4.5% officially. However, many feel that the real figure is actually 6.1%. This means that the growth level has actually doubled since 2013, as the Growth National Product has grown to 6.7%. Either which way you turn it seems to be good news emerging from the Isle of Man. While Communication and Technology fields were also contributing factors, online gambling has now grown to become the largest economic sector within the isle.
Speaking on the matter Isle of Man Chief Minister Allan Bell has said, “2014 ranks as the biggest GDP growth we have had since the ill-fated credit crunch of 2008. While the Isle has suffered a few bumps and knocks since, the latest figures show that the online casino industry has benefited our economic status”. He also said, “At this point we see no end to the growth and look forward to working with the online casino industry even closer moving forward”.