eGaming chief Peter Greenhill has spoken of ‘dramatic changes’ ahead which will test the island’s ability to grow the industry.
‘To use a famous quote: ‘‘The old order changeth”, Mr Greenhill told delegates at the fifth KPMG eGaming summit.
‘Things are changing, they are changing dramatically and a lot of those changes are outside our control.
‘A number of licensees around the world will fall by the wayside.
‘Their business models will not be as strong as they were before and they will have to fall away.
‘That’s just the way things are.
‘New business plans are being brought forward now.’
And he asked the audience at the Villa Marina, Douglas: ‘As we move into a more mature market now are there suffiencient new ideas out there?
‘We need new ideas .’
He predicted: ‘We will lose licensees over the years to come, absolutely definitely.’
Mr Greenhill, chief executive officer, eGaming Development at the Department of Economic Develoment told the audience which included visitors from Italy, Germany and the USA: ‘We need to adjust, adapt and attract new people to the IoM.
‘We need to develop the public/private partnership. Working together is the only way forward.’
He spoke of mergers and acquisitions increasing.
He predicted major moves and acquisitions taking place in the UK as well.
Mr Greenhill said that looking to the future there wasn’t a single USP for the IoM. He said that when the decisions to relocate are made, they are made holistically.
Steve Brennan, chief executive of the Isle of Man Gambling Supervision Commission said: ‘We are trying to be as helpful and supportive of our sector as possible.’
He reveale d that there are currently 56 licence holders. This is the same number as in November last year.
Twelve new licences had been issued this year and these had replaced operations that had moved out of the island over the last 12 months.
‘We’ve had some casualties along the way’ said Mr Brennan.
Both Mr Brennan and Mr Greenhill spoke of promising hopes in the ‘pipeline’ for the future.
Mr Greenhill said he was heartedned at seeing people in the audience he had met at foreign conferences which played an important part in boosting business.
eGaming now accounts for 13 per cent of the island’s economy.