Isle of Man Licenses for Fastbet and NYX Interactive
November 19, 2008 (InfoPowa News) — Negotiations commenced in January this year came to fruition this week when the Isle of Man jurisdiction announced the award of licenses to Swedish games developer NYX Interactive and to the betting exchange Fastbet.
NYX plans to introduce a network gaming hub on the island offering Internet bingo, lottery, casino, poker and sports betting, with all games and financial transactions operated, regulated, and controlled in the Isle of Man, which has a robust financial services industry in addition to being an online gambling licensing jurisdiction.
Fastbet's new license covers B2B betting exchange activities for white label clients as the company introduces shared hosting and software as a service (SaaS) to the betting exchange world, operating from the island.
Garth Kimber, head of egaming development at the IOM Department of Trade and Industry, said it had taken some time to understand NYX's needs and make the necessary moves to accomodate them, which included bringing the island's regulatory environment up to date to make it more compatible with egaming-related services, such as payments, software, and web design companies.
Kimber said that there were currently seven applications in the Gambling Commission's pipeline, and that he hoped to be in a position to announce the award of another license before the end of 2008, and regular monthly announcements going forward.