Telecom Upgrades Coming To Jersey for Online Gambling Industry

Published Sunday, March 13, 2011 - Online-Casinos.com

The Channel island of Jersey has recently decided to embrace the online gambling industry, and will begin to issue licenses for the process. Members of the States accepted the legislation by a 43 to 4 vote, making it possible for a licensing jurisdiction to start operations in short order. Jersey is already a prominent financial centre and tax haven, and this legislation will open up a business sector that could generate millions of pounds for the local economy in Jersey.Internet gambling companies will pay at least 35,000 GBP a year for the license, rising to over 70,000 GBP a year if revenues exceed 1 million, and 140,000 if revenues move past 6.5 million GBP.

While the island’s politicians have been disputing about the regulation details, their slow decision making has not been a good example for a start up jurisdiction. The industry needs infrastructure and the companies that will provide that infrastructure are moving forward in an attempt to make ready facilities required to run the online gambling systems.

Jersey Telecom anticipates it will spend an estimated 15 million GBP on upgrades necessary to operate at proper levels. The firm’s expecting earnings once the island starts issuing online gambling licenses is about 50 million GBP annually. Jersey Telecom issued a statement regarding the matter, “JT fully supports the States’ [island 'parliament'] commitment to diversify the local economy and we are delighted with this decision to include e-Gaming in the new Gambling Law which will deliver significant economic growth opportunities.” The statement continued, “We have been involved in e-gaming in Guernsey, through our sister company Wave Telecom, since 2007, and it has proved a very positive addition to the economy, and enabled the Island to rapidly grow its telecommunications links with the rest of the world. We have been calling for a similar initiative to be undertaken in Jersey too”.

 

 

 

 

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