Industry News
Privately Owned Internet Casinos Flourish in Caribbean
The ban on Internet gambling in the U.S. has generated a lot of headlines during the last few months, but that hasn't stopped the industry from expanding overseas, where Internet casino operators in locales like Antigua, Costa Rica and even Curacao are said to be thriving.
Sportingbet.com's CEO Nigel Payne this week told investors he is in talks to sell the company's U.S.-focused business to a private firm, and expand operations in Antigua.
Other online casino sites, like VIP.com and Nine.com, are also likely to come off the public market, with sale talks ongoing, analysts said.
One analyst, at Evolution Securities, Tejinder Randhawa, said the industry was emerging with two, new niches: the European-listed companies, traded on the stock markets, and those looking to continue to market to the U.S., despite the ban.
"There are huge opportunities, and all the private offshore operators are licking their lips," said Randhawa.
New Operators
The U.S. ban seeks to make it illegal for banks and credit card companies to process payments to online casino firms. "But no doubt there will be operators that spring up to handle the payments," Randhawa said.Nearly 200 Websites have declared that they will soon stop accepting U.S. players. But, it is expected that only 10 to 15 percent of the world's 2,700 or so gaming websites will eventually block U.S. customers.
Privately-owned operators in and around the Caribbean moved there years ago to avoid these problems.
Most U.K. gambling executives now avoid going there, but they also fear extradition to the United States if they break U.S. federal law after the ban.
"All the U.K. government has done is open its doors and say to the Americans: come and get anybody you like," BETonSPORTS non-executive director Robin Glentoran said.
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