As the fallout in the wake of the US law which bars Americans from making payments to on-line gaming businesses continues, non-US companies are continuing to shake the international gaming
Gibraltar, in which a lot of international online gaming businesses reside, has not been able to escape the fallout.
However, following current set-backs in December 2006, with considerable job losses at organizations such as 888.com, Celebration Gaming and Mansion, Gibraltar's gaming marketplace does not seem to be dented irreparably and confidence in the lengthy-term future of these firms appears vibrant.
Nevertheless pessimistic current media reports have been, the US legislation which came into force in November (successfully wiping out a billion dollar market overnight), the influence on Gibraltar's gaming business has not been has tough as many 1st feared.
December's developments shook firms like 888.com, one of Gibraltar's largest employers. 888.com recently sacked 140 workers and this news created a wave of new uncertainties among workers of other firms. Despite dismissal of a third of 888's workers, its CEO claims that it is in a strong position to assist maintain employees levels by way of takeovers of some smaller competitors based outside Gibraltar. So far, rumours are rife that 888 will itself grow to be target of a takeover by 1 of Britain's most significant gambling companies, Ladbrokes.
Further sackings or redundancies are probably to be on the cards on a smaller scale as a lot of firms seek to re-invest in European markets and change their strategy moving forward. In the next few months also, it is probably that there will be much more rumours of mergers and acquisitions.
These redundancies or mergers are possible to have little influence on the 1600 employees of gaming companies, or Gibraltar's tax revenue from the 15 or so licensed web playing companies, which for the year 2006 was some 10 million.
Plans for a multi-lingual betting service and a massive promotional drive to attract global punters have been accelerated by Part Gaming in its response to the US legislation.
As the largest of the Rock's gaming operators, it lost 70 percent of its company following the US law. In the very first half of the year Party Gaming achieved earnings of over $150 million from operations outside the US and has in all probability secured the jobs of most of its employees for the time being.
St Minver, an additional of Gibraltar's huge gaming employers, who operate multi-lingual bingo, poker and casino products under a white label tactic, have not been affected by redundancies or income throughout the US fallout as 100% of its operations had been European primarily based.
In fact, its method of white labelling has proven to be profitable in Europe, where it is hard to acquire a playing licence, and exactly where significant brands such as Virgin in the UK, and Ramblers in Russia can take advantage of the encounter, infrastructure and player liquidity that St Minver has obtained.
All in all the long-term prospects of Gibraltar and its gaming market appears vivid. Undoubtedly Europe can benefit from the number of companies with a Gibraltar gaming licence, wishing to tap into players who have yet to encounter on the internet poker, bingo or casinos.More info of Ladbrokes Betting