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Isle Of Man £50 Million Enterprise Development Fund announced

£50 Million Enterprise Development Fund announced.
The Isle of Man, already home to a flourishing online gambling industry, could well see more companies relocating or starting up on the island following news of a new government initiative to attract corporates.
Chief Minister Allan Bell this week announced the creation of a new Enterprise Development Fund to support local businesses and encourage new companies to relocate to the Isle of Man.
The £50 million fund, which will eventually be self-sustaining, will provide grant, loan and equity investment to new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island.
There are three core support types proposed in the new scheme:
• Fledgling: For start-ups on-Island (typically with 1-10 employees)
• Accelerator: For Small to Medium Enterprises (typically with 5-20+ employees) entering the next growth phase.
• Relocator: For relocating medium to large firms to the Island.
John Garland, Head of Corporate Financial Services, said Thursday:
"This new fund is just one of a range of measures under the Enterprise Isle project (a key initiative under Vision 2020) which will empower us to find those new start-ups and on-Island businesses ready to accelerate to the next level and give us more 'tools for our tool box' to attract new job-creating businesses to establish on our shores."
An Expression of Interest has also been published by Treasury seeking the appointment by competitive tender of private investment managers for the management and investment of the fund, in particular the 'Accelerator' and 'Relocators.'
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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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