Local economy to profit
This week, the Channel island of Jersey became a new online gambling licensing jurisdiction, as its government decided to finally sign off on legislation regulating this area.
It was reported that, thanks to the fact that Jersey is already a tax heaven, this new legislation will result in millions of pounds in revenues for the local economy.
The legislation was passed by the parliament with a 43 to 4 vote, which enables the new jurisdiction to become operational in just two weeks.
As for the provisions of the new legislation, it proscribes a minimum amount of GBP35 000 a year for the license for operators. However, if their revenues exceed GBP1 million, they will have to pay over GBP70 000 a year, and if they earn more than GBP6.5 million, the license amount will jump to GBP140 000.