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Isle Of Man gambling is the fastest growing sector

The business section of the Isle of Man Today newspaper reported this week that Internet gambling is the fastest growing sector of the Manx economy, bucking the economic slowdown trend with the prospect of new businesses and new jobs being created on the island over the next few years.
More than 360 jobs have been created in the past three years, the newspaper reports, with some of the biggest names in the online gambling industry including Microgaming, PokerStars and Playtech setting up head offices. 

SlotsOasisThe report reveals that there are currently 13 licence holders with eight new licences issued in 2008 and two more operators due to go live shortly. Another 10 applications are with the Gambling Supervision Commission for approval and 10 more are at various stages of preparing an application.
Latest firms to be granted gaming licences are Fastbet and NYX Interactive. Fastbet is expected to create 10 to 15 jobs in the next 12 months while it is hoped that NYX Interactive will recruit up to 30 people over two years in business management, marketing, sales and technical departments. That figure could rise to 100 people within five years.
Garth Kimber, head of e-gaming development at the Department of Trade and Industry, told IOM Today: "The Isle of Man continues to attract interest from a large number of companies looking to change to, or set up in, a new jurisdiction.
"Not only do businesses already on the Island continue to recruit but new companies are applying for licences month by month.
"In the present climate the low duty rates of the Isle of Man become even more attractive than when times are good and we have seen an increase in interest from large well known brands. While some of the new businesses have found it harder to obtain funding than previously, the interest from established businesses will compensate for this.
"Gambling business tends to slow a little in difficult times, being seen as recession hardened rather than recession proof, although little data exists for the online industry. The performance of the sector is bucking this trend because of the volume of new business coming to the Island.
'The new types of business models licensed last month offer their services to other operators and already we are seeing companies looking to license here as the direct result of both NYX Interactive and Fasbet being located here.
"We are also seeing an increase in companies placing their back-up or "disaster recovery" systems in our data centres and peripheral business such as payment solutions companies are locating on the Island as well.
"Figures from the Manx e-Gaming Association and the DTI are expected out in January and I am sure they will show significant growth in the last 12 months. A trend I expect to continue for 2009 as well."

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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