Alderney Gambling Control Commission reports £2.3 million profit in 2023

Lea Hogg 3 weeks ago
Alderney Gambling Control Commission reports £2.3 million profit in 2023

The Alderney Gambling Control Commission (AGCC) has announced a profit of £2.35 million for the Channel Island jurisdiction in 2023, marking a significant increase of £636,000 from the previous year. This 27 percent year-on-year rise is attributed to a robust recovery in the global online gambling sector following the Covid-19 pandemic. The AGCC has been regulating Alderney’s gambling industry since its establishment in 2000.

The States of Alderney council has allocated £1.85 million of this profit towards capital spending, with an additional £496,000 directed to Alderney eGambling Limited (AeGL), a state-owned company responsible for managing licensing inquiries in Alderney. This allocation comes in the wake of a previously set capital spending budget of £1.5 million for 2023.

Profits surge by 27%

Nigel Vooght, chairman of the Policy and Finance Committee, highlighted the island’s progress in reducing its revenue budget deficit by more than half, bringing it down to £222,000. This deficit reduction was necessary due to expenses incurred from the change in ownership of Alderney’s primary care provision in 2022 and investments in the ambulance service. Vooght praised the collective efforts across various state departments and committees, stating, “We are in a reasonable fiscal position and we remain committed to looking at new opportunities to generate income. We must also continue to make efficiencies wherever possible whilst ensuring funding is available so that staff have adequate resources to continue to provide high-quality services to the community.”

In January, the AGCC played a crucial role in completing the Bailiwick of Guernsey’s second National Risk Assessment (NRA), which identified foreign criminal proceeds as the main money laundering threat. The NRA evaluated Guernsey’s online casino sector as having a medium risk level, with only four other sectors deemed higher risk. AGCC executive director Andrew Gellatly underscored the regulator’s commitment to upholding high standards, reflected in their active participation in the NRA.

Additionally, in August, the Financial Intelligence Unit (FIU) of the self-governing British Crown dependency reported that gambling operators were responsible for the majority of money laundering reports in 2022. The FIU’s annual report disclosed that 2,018 reports related to anti-money laundering (AML) concerns were filed by gambling operators. This data highlights the sector’s ongoing challenges and the AGCC’s role in addressing these issues.

Through strategic allocations and a commitment to regulatory excellence, the AGCC continues to bolster Alderney’s financial health while maintaining high standards of oversight and compliance within the gambling sector.

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