What were the odds on this happening?

[Manx Bean]

7 hours ago, trmpton said:

One of the local recruitment agencies were recruiting for a “established” gaming company who are relocating here.

There is still plenty off good new Within the sector that doesn’t get a mention

Wishful thinking. In the past 5 years there are at least 3 I am aware of that gave up the idea of relocating here because the regulations/compliance within financial services combined with the lack of workforce led them to conclude they'd head somewhere sunnier instead.

I do sincerely hope this is a blip, but it is unsettling of course both for the poor individuals who are about to lose their livelihood and potentially for the Island's economy. Being the largest employer next to the Government, the sector is by no means loyal to the Isle of Man. Yes, they have invested heavily in the Isle of Man which has had the likes of Skelly fawning over them like some drooling loved up pimply teenager, but...and this is the BUT...as easily as they swept in here with their millions, they could all disappear at the blink of an eye.

Never lose sight of the fact that the people that are behind these companies and manage them are as addicted to profits, as their customers can be to gambling. They will let nobody or anything get in the way of profit and their insatiable desire to increase their wealth.

 

[GD4ELI]

3 minutes ago, Manx Bean said:

Wishful thinking. In the past 5 years there are at least 3 I am aware of that gave up the idea of relocating here because the regulations/compliance within financial services combined with the lack of workforce led them to conclude they'd head somewhere sunnier instead.

I do sincerely hope this is a blip, but it is unsettling of course both for the poor individuals who are about to lose their livelihood and potentially for the Island's economy. Being the largest employer next to the Government, the sector is by no means loyal to the Isle of Man. Yes, they have invested heavily in the Isle of Man which has had the likes of Skelly fawning over them like some drooling loved up pimply teenager, but...and this is the BUT...as easily as they swept in here with their millions, they could all disappear at the blink of an eye.

Never lose sight of the fact that the people that are behind these companies and manage them are as addicted to profits, as their customers can be to gambling. They will let nobody or anything get in the way of profit and their insatiable desire to increase their wealth.

Very, very true. As well as Malta (EU) there's Singapore which wants a large(r) share of this business.

Lots of poaching going on...

Some interesting and ill-informed comments on IOM Today.

[De nada]

10 hours ago, rodders said:

In all seriousness though, I hope the redundancies are voluntary.

Not voluntary, the 10 people have been advised to look for other work.

[Max Power]

13 hours ago, Grounds Keeper Willy said:

It’s quite clear that Malta is their preferred future operational base but that they will always keep a management hub in the IOM so operations in the IOM will steadily shrink over time. 

I believe they have been downsizing in Malta and London too, Bulgaria is the new destination for Pokerstars I'm told!

[GD4ELI]

1 hour ago, Max Power said:

I believe they have been downsizing in Malta and London too, Bulgaria is the new destination for Pokerstars I'm told!

Pokerstars jobs in Bulgaria. Lots of them. Many reasons for operating out f the EU.

[Roger Mexico]

Senior staff were already being relocated to Dublin and Malta last year, so it's hardly surprising that those lower down are now being 'let go'.  The gradual sapping effect of Brexit on the economy will be seen in many, many actions like this - for example look at the VMCC statement that also implies Brexit uncertainty was a cause.

[Max Power]

1 hour ago, Grounds Keeper Willy said:

Brexit will be a factor with recruitment for sure but really the only benefit they get here anymore is 0% tax. Everything else costs more than it would in Malta or Bulgaria and we’re not even interested in banking their money either. It’s been obvious this sort of thing will happen for a while. I think sadly theres unlikely to be many replacement jobs either as the finance sector is very slow at the moment too. 

Isn't there a gaming tax Willy?

[thommo2010]

Poker is going through a bit of a lull at the moment there was a massive boom from 2003 until a couple of years ago. Job losses were inevitable. 

 

Sad for those that have lost their jobs hopefully they can find something else

[Max Power]

32 minutes ago, Grounds Keeper Willy said:

We benefit from that not them.

Yes, I was wondering if our tax is competitive with elsewhere? Otherwise, as you say, we are hanging on to a sector which will inevitably move on.

[craggy_steve]

21 hours ago, rodders said:

http://www.iomtoday.co.im/article.cfm?id=50913&headline=Job losses at PokerStars&sectionIs=news&searchyear=2019

As I wrote in the IoM Examiner IT Matters in July 2016,

"Before the fall of the wall Bulgaria was described as the “Silicon Valley of the Eastern Bloc” and was a major supplier of technology to the Communist world. That heritage has not withered, Bulgaria operates the only supercomputer in South-Eastern Europe, and ten percent of Bulgarian GDP is generated by the ICT sector. Apple, Hewlett-Packard and SAP have research and development centres in Bulgaria, and the country has previously been measured as having the highest proportion of certified IT professionals per capita in the world. "

Sadly, moving some tech jobs to Bulgaria is likely an economically and strategically sensible action by Stars Group. The upside is that this frees up some well trained and experienced talent which other smaller local employers will welcome to help mitigate the perceived skills shortage on-island. Stars Group have created a valuable local skills base on the IoM by training and developing local folk as well as importing many who have become stayovers - and the island will retain some of that benefit even though these jobs are moving. Some other gaming & tech companies are still expanding their workforces on island, so this is not the end of the IoM gaming industry, just a slowdown in gaming jobs growth. 

[Derek Flint]

Still say we should be looking for some back door route to join the EU. The way things are starting to tilt, the UK isn’t going to look after us particularly well.

[Terminal]

Are all the ‘at risk’ jobs within IT or are other departments affected too?

[Rushen Spy]

This has been on the cards for a while.

[the stinking enigma]

52 minutes ago, Derek Flint said:

Still say we should be looking for some back door route to join the EU. The way things are starting to tilt, the UK isn’t going to look after us particularly well.

russia or china. or the uk pay us 5 billion a year curtesy payment. howard needs to start playing hardball here. i sense this could be his moment

[Non-Believer]

9 minutes ago, the stinking enigma said:

russia or china. or the uk pay us 5 billion a year curtesy payment. howard needs to start playing hardball here. i sense this could be his moment

I don't think his mart tactics will hold much water in international negotiations.