|
 Isle
of Man May Get Black
Eye With Ascot
Sports Rumored
Closure
The
rock of online
gambling
jurisdictions for
many years - but not
a place that anyone
would ever want to
live - Isle of Man
may be reeling from
a sudden and
shocking closure of
Ascot Sports.
For a
number of days the
site has featured a
message claiming it
is "down for
maintenance".
However, rumors have
begun to circulate
that its founder,
Tan Sri Vincent Tan
Chee Yioun , who
also serves as CEO
and Chairperson, may
have left the online
gambling industry
entirely, shutting
down his company.
The
Malaysian Insider
reports that staff
in
the mogul's
Malaysian office
were told of the
closure Friday
morning, and
advised that it was
with immediate
effect.
It
was just last year
that Ascot Sports
assumed liabilities
of those affected by
another sportsbook
closure, PointBet,
by paying back 1
percent of wagering
volume weekly up to
the amount of their
validated Pointbet
balance.
The
Isle of Man (also
known as
Mannin) located in
the Irish Sea at the
geographical centre
of the British
Isles. The head of
state is Queen
Elizabeth II, who
holds the title of
Lord of Mann.
The island is known
for its dreary
weather and virtual
zero unemployment,
making it difficult
for operators to
build a solid work
force. The
nation is also home
to fairies, or so
legend says.
 Its
government actively
encourages the
development of
gambling and
e-gaming business on
the Isle of Man. It
remains committed to
delivering a stable
government and
strong regulatory
environment,
supported by a wide
range of attractive
Business Benefits.
In 2001, the Isle of
Man Government was
one of the first
jurisdictions in the
world to introduce
legislation
specifically
designed to benefit
gambling and
e-gaming firms as
well as protect
consumers. Following
further recent
changes, the
Licensing and
Regulatory Controls
are now more
responsive to the
needs of the
gambling and
e-gaming industries.
The Isle of Man
Gambling Supervision
Commission was
founded in 1962. The
Commission is fully
independent and
committed to Player
Protection.
-----
Christopher
Costigan,
Gambling911.com
Publisher
CCostigan@CostiganMedia.com
Originally published
May 11, 2008 9:10 pm
EST
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