Lieutenant Governor Sir Richard Gozney has been given an insight into the fast-moving world of the island’s eGaming industry.

He toured Annexio’s offices in Lord Street, Douglas, to find out more about the lottery betting services company’s operations.

Guided on his visit by Annexio founder Tom Brodie, Sir Richard met staff from all areas of the business. He learned more about how the company offers players a chance to bet on the outcome of some of the world’s largest lotteries, with the potential to win huge cash prizes equivalent to the lottery jackpots.

Using an insurance-backed business model, Annexio operates online under a number of brands to recruit players directly and also provides white-labelling services to other providers.

Sir Richard learned that the US Powerball and Euromillions lotteries create the biggest surge in interest with peak betting time on Friday evenings and the hours before each draw.

As well as viewing demonstrations of the various games available, Sir Richard was shown the latest website developments and how Annexio handles the payment options available in different countries.

He also learned more about the business’s commitment to regulatory compliance and player protection, and the company’s plans to apply for more licences in different jurisdictions.

Annexio already has licences from the Isle of Man, UK and Ireland, with other applications in the pipeline.

Speaking after the event, Mr Brodie said: ’It was a pleasure to welcome His Excellency to our offices and all our staff enjoyed meeting him and telling him about the work they do. The visit was very timely as we are experiencing a period of significant sustained growth that underlines the ongoing potential for the eGaming sector and its associated services in the Isle of Man.’ Annexio general counsel Paul Telford said: ’Sir Richard was clearly interested in the operational aspect of our business and how the insurance risk based approach of Annexio works. We were able to explain the benefits of using this model against the messenger approach, for example, where players are reliant on an agent buying physical tickets.

’It was a great opportunity for the staff to demonstrate their enthusiasm and everyone appreciated the interest that Sir Richard showed.’

Sir Richard later joined Mr Brodie and other members of staff for lunch at Portofino.