It's surprising how much detailed market information is produced, by leading market research companies, to quantify Internet Casinos and the offshore gambling industry. Many top-shelf law firms and representatives from the big accountancy firms, offer services to the businesses in the industry. Offshore gambling is in it's tenth year and has become a solid, acceptable and well respected means of making money.
The largest, and one of the oldest companies, to arise and thrive in the Internet Casino business, is operated by Israelis from the offshore jurisdiction of Gibraltar, featuring a Gaming license from the Caribbean Tax Haven of Antigua.
It's an interesting story how the company, known as VHL, got started. Casino-on-net was established in 1996 by Ahron Shaked, a dentist inspired after attending a dental convention in Monte Carlo. He turned to software engineer Shai Ben-Yitzak for the site platform and the pair recruited in a brother each to buy a gambling licence in Antigua.
The four brothers are media shy and their employees in Israel sign confidentiality clauses when joining the company. As well as www.Casino-on-net.com VHL operates www.888.com and www.PacificPoker.com.
The FT said Friday that Cassava Enterprises (Gibraltar) Ltd., owned by the Shaked and Ben Yitzhak brothers has hired Credit Suisse First Boston to prepare a flotation of its 888.com. The flotation is expected to raise around $1.6 billion (£836 million). Cassava is owned by parent company, VHL. The flotation is expected in the second half of the year, the paper said.
