Brexit is unlikely to cause major disruption to the island’s gambling sector.

That’s the verdict of the Gambling Supervision Commission in its latest annual report laid before this week’s Tynwald sitting.

In his opening statement GSC chief executive Steve Brennan notes: ’We are currently, as an organisation, living in interesting times.’

His report refers to new anti-money laundering legislation in the wake of the MoneyVal review and the need to remove risk from crypto-tokens, the latest form of financial technology.

The GSC said it maintains a watching brief on developments over Brexit.

’Initial studies have suggested the UK’s departure from Europe will not disrupt the gambling sector significantly because the Isle of Man is already considered outside Europe,’ it said.

However, it added, it would be ’naïve’ to expect changes in the UK-Europe dynamic will have no effect given our close ties with the UK.

Last year, the GSC reported problems in retaining staff who were being recruited by prosperous online gambling operators. An independent report was commissioned.

Mr Brennan said the review had ironically placed extra strain on staffing but he hoped to have ’the same faces in the organisation this time next year’.

Among the high-risk activities the GSC was made aware of during the year was a ’win a house’ paid ticket lottery. Its report notes: ’The GSC advised the lottery could not be promoted in the Isle of Man. The promoter did so from the UK instead.’

In the event, there were not enough entries in the competition to win the £800,000 house in Cronk-y-Voddy. Owner Anne Lumley offered a cash prize instead.