Alderney gambling regulator raised £2.3m in profit for the jurisdiction in 2023

Profit was up by 27 per cent year-on-year.

Alderney.- The Alderney Gambling Control Commission (AGCC)has reported that it gave £2.35m of profit to the Channel Island jurisdiction in 2023. The profit was £636,000 higher than in 2022. The commission, which has regulated the island’s gambling sector since the year 2000 cited a “strong rebound by the online gambling sector worldwide” after the Covid-19 pandemic. 

Of the profit generated, the States Of Alderney council has designated £1.85m to capital spending and a little over £496,000 to the states-owned company Alderney eGambling Limited (AeGL), which handles enquiries about licensing in Alderney. The capital spending budget was £1.5m in 2023.

Policy and Finance Committee chairman Nigel Vooght noted that the island had more than halved its revenue budget deficit to £222,000. The deficit had been caused by the costs involved in a change in ownership of the island’s primary care provision in 2022 along with spending on the ambulance service.

“It should be recognised that this has taken a significant effort by everyone across all States departments and committees working together to achieve this result,” Vooght said. “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 reported that it had played a pivotal role in the completion of the Bailiwick of Guernsey’s second National Risk Assessment (NRA). The report found that foreign criminal proceeds were the main money laundering threat.

The NRA found that the risk level of Guernsey’s online casino sector was medium, however only four sectors were found to have a higher risk. AGCC executive director Andrew Gellatly said the regulator’s participation in the NRA demonstrated its commitment to standards. In August, the Financial Intelligence Unit (FIU) of the self-governing British Crown dependency reported that the majority of money laundering reports in 2022 were filed by gambling operators. The FIU’s annual report shows that it sent 2,018 reports related to AML concerns in the sector.