IOM
on this for the next five years but the company didn’t understand the gaming industry and it wasn’t going anywhere fast. I decided to leave and gain some wider skills working for a consultancy in the areas of algorithmic trading with the view to bringing this back into sports betting. At this time I also randomly met my first entrepreneurial friend and it quickly became apparent that I was one too; this realisation changed my life forever. I entered the job market and quickly got job offers
but after my recent entrepreneurial realisation it just didn’t feel right; in my eyes it was reconfirming I should really be doing my own thing. I’d also started to put out feelers to some of the customers I’d dealt with previously, and in a twist of fate one of the companies was interested in having me provide their new betting platform because of my past work. It was excellent timing and Iforium was born. I quickly put the previous team back together and off we went with no business plan, just the belief that this was something we should be doing and that the rest will follow.
CIO: Iforium moved from Sportsbook to
backroom to casino. How did these changes come about?
Osborne: As part of the sportsbook development
we’d created Wagerflex, a sophisticated player management system which integrated into various payment providers, affiliate systems, etc. As part of this process we integrated a number of third-party casino vendor’s products into Wagerflex. It quickly became apparent that there was a gap in the market for a flexible common wallet platform where an operator could start with one casino vendor and bolt on more content as their businesses flourished. The
beauty for us was that it could be easily deployed without the sportsbook and quickly adapted for the regulated markets. We can now turn around a new casino with multiple vendors in around six to eight weeks.
CIO: At what point did the company’s location come into play?
Osborne: It was a
natural choice to launch Iforium in the Isle of Man. We found it easy to retain our staff because of the great Island community and work/life balance, and as the only true entrepreneurial software engineering- based businesses on the Island, the company has become an aspiration place to work. The talented technical team I originally worked with in the Isle of Man now all work for Iforium.
CIO: Why is the IOM a good place for business? Osborne: Advantages such as zero corporation tax
and favourable personal income tax apply, but as the business has developed I would say the open door policy of the Isle of Man Government has really started to help. They want Isle of Man-based businesses to flourish and succeed. They are always willing to help.
CIO: If you were starting the company up today NOVEMBER 2011 59
Iforium’s Craig Osborne
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