Alderney Jurisdiction Performs WellBy: Joe Valentino, Monday April 11th 2011
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Alderney is the licensing and regulatory jurisdiction for the Channel Islands. The executive organization handling this function is the Alderney Gambling Control Commission (AGCC). The AGCC has just released the financial figures for the complete year of 2010 and these are very promising. The island's online gambling industry made a profit of £2.26 million and Alderney earned £3.8 million in licensing fees.
Writing in April's Billet D'Etat, John Beaman, the chairman of the Policy and Finance Committee, said that there was every indication that the online gambling industry in Alderney would continue to prosper. He wrote, "The anticipated capital income from the AGCC looks secure, although it will always be exposed to the risk of detrimental external factors beyond Alderney's control. We are fortunate to have a commission and management team that is very much in tune with developments that are likely to affect our revenues."
The AGCC has always shown a temperament to be on top of online gambling issues. It is aware of the changing environment and willing to adapt to the changing needs. It has amended the Alderney eGambling Ordinance 2009 and the new regulations have come into force from April 1, 2011. The explanatory note to the amendments states that the new regulations enable the AGCC to ask its licensees to incorporate such applications and software that the commission finds desirable.
In January 2011 the AGCC signed a Memorandum of Understanding with the Nevada Gaming Control Board for enhancing the cooperation between the two regulatory bodies. The cooperation will include sharing of information, expertise, skills and knowledge as well as exchange visits and training. In January the licensing framework was also modified into a modular one allowing licensees to apply for only those parts that they actually require.
Alderney is the perfect example of how income from the online gambling industry can be used for the benefit of society at large. The licensing fees and other income earned from online casinos, sports betting sites and poker rooms has been used for the redevelopment of Alderney's commercial quay, has paid for a new care home and has serviced other such capital projects. Beaman said that the online gambling industry of Alderney was also benefiting the neighboring island of Guernsey. "The benefit to the Bailiwick of the very substantial telecoms and server revenues generated by Alderney's gambling industry is now becoming increasingly recognized in Guernsey, which is to our advantage," he wrote.
Many leading software providers and online gambling operators are licensed by the AGCC. They include International Game Technology whose casino software wing is WagerWorks and Virgin Games that operates online casino, poker room and bingo hall.
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