The Alderney Gambling Control Commission (AGCC) ploughed almost £2m of profits back into the Island’s bank account in 2021.
The profits compares with £1.74m in 2020 and is a return to the level of contribution last seen in 2019.
The money is put towards the Island’s capital expenditure programme, economic development initiatives and promotion and development of the on-line gambling industry.
With the agreement of the States of Guernsey over a number of years, most of the States of Alderney capital programme is currently met from profits generated by the AGCC.
“The eGambling industry in Alderney is well placed for renewed growth,” AGCC Chairman Lord Faulkner said in his annual report for 2021, presented by an AGCC delegation to the May meeting of the Policy & Finance Committee (P&F).
“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. 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 P&F in person for the first time in three years after the pandemic interrupted the reporting process. He was accompanied by fellow commissioners Dr Isabel Picornell and Jeremy Thompson, together with Executive Director Jorn Starck and staff colleagues Nicky Burland, Sarah Kelly and Gemma Fletcher.
Mr Starck said: “We are very pleased with the support for eGambling in Alderney and in the wider Bailiwick, and we are confident that despite challenging market conditions globally, the Alderney success story will continue as before.”
P&F Deputy Chairman Ian Carter said: “Alderney’s source of income is resilient thanks to the AGCC’s efficiencies and steadfast adherence to the highest ethical principles. They have proved themselves to be a world leader in the global gambling arena.
“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. This brings many benefits to the Bailiwick and continues to place Alderney at the heart of the global eGambling community.
The AGCC works closely with Guernsey’s Financial Intelligence Unit and the Financial Services Commission to maintain robust eGambling supervision to mitigate the risks of money laundering or terrorist financing and 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.