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£2m gambling profits hit Alderney's bank account

£2m gambling profits hit Alderney's bank account

Sunday 05 June 2022

£2m gambling profits hit Alderney's bank account

Sunday 05 June 2022


The Alderney Gambling Control Commission "ploughed" almost £2m of profits back into the island’s bank account last year.

The money will be put towards the island’s capital expenditure programme, economic development initiatives and promotion and development of the online gambling industry.

The annual figure surpassed the £1.74m returned in 2021 and has matched the 2019 level of contribution.

With the agreement of the States of Guernsey, most of the States of Alderney capital programme is currently met from profits generated by the AGCC.

Online_casino.jpg

Pictured: Alderney is at the heart of the eGambling community. 

AGCC Chair, Lord Faulkner, said the eGambling industry was “well placed for renewed growth” in the island.

“The Commission continues to make a valuable contribution to both the Island of Alderney and the wider Bailiwick. It is noteworthy that a number of the world’s major [eGambling] operators have been attracted to the Bailiwick,” he said.

“This brings many benefits to the Bailiwick and continues to place Alderney at the heart of the global eGambling community.”

Lord Faulkner led the delegation to meet the Policy and Finance Committee (P&F) in person for the first time in three years, after the pandemic interrupted the reporting process.

P&F Deputy Chair Ian Carter said the island’s financial resilience was thanks to the AGCC.Alderney.jpg

Pictured: Gambling laws in Alderney have recently been updated. 

“The AGCC have proved themselves to be a world leader in the global gambling arena,” he said.

“There are obviously challenges ahead in the shape of possible changes to the tax regime in the Bailiwick and the impact of proposed GST currently on the table. However, the AGCC is well placed for renewed growth in future years and has posted improved results following the slight decline in 2020.”

The provision of eGambling platforms and services from an Alderney base complements domestic licensing regimes in a number of jurisdictions. 

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Pictured: eGambling can include online sports betting. 

The AGCC works with Guernsey’s Financial Intelligence Unit and the Financial Services Commission to maintain eGambling supervision to mitigate the risks of money laundering or terrorist financing, while aiming to maintain the highest ethical standards.

Meanwhile, the States of Alderney has recently approved changes to gambling laws, increasing the penalties for criminal offences and regulatory breaches.

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