Recent changes to betting tax rules have encouraged overseas
gambling companies to consider relocating their on-line casinos in
the Isle of Man.27 Jul 2001
The Isle of Man government announced on 21st May that it would change the way in which it calculated the basis for taxing internet gambling operations. It will now only tax the total amount of all bets or stakes made and the price of the chances sold, less the value of all the winnings and prizes due. A similar method of calculation was recently announced by the UK Chancellor during his Budget speech.
According to Silicon.com, the Isle of Man has received eleven new applications for on-line casino licences, including one from US gambling giant MGM Mirage. The news web site also recently reported that Irish bookmaker Paddy Power will be moving its on-line betting services to the UK following the abolition of betting duties in the UK.