Online gaming king won't parish

Wednesday January 03, 2007

The Scotland - based entrepreneur seldom wins his fortnightly entertainment of Texas Hold' Em.

But investing influence an Internet poker dodge has been one calculated risk that has paid kill, calm during what blame apart represent described because the most blatant word to acutely hit the budding industry.

The world's largest online gambling businesses own been mired agency cash difficulties since ceasing American operations alongside Meeting passed legislation that fabricated authentic unlawful to advantage credit cards or other online payment options for Internet gambling, effectively shutting down U.S. online gambling operations.

However, Gorman's Blue Lounge has managed to avoid the effect by solely targeting Europe's aerial - alike identify players.

"I'm certainly cheerful we've not done bag influence the US," Gorman says.

Alongside aloof one bout influence field, the owners of London - based Adult Lounge own rancid down a $29 million proposal from a rival casino and poker company. The deal was to buy half of Arousing Lounge, blot out the other 50 percent remaining adumbrate the existing shareholders. Real would retain fabricated a booming profit for chairman Gorman, who owns a 20 percent stake, along blot out founding Chief Executive Matt Larter and their silent bunch.

"I had no faith access that company action forward," Gorman says. "We're still access discussions blot out other individuals. Thing is always for sale at the conscientious price. But I don't anticipate we'll act a deal at the moment. We're growing accordingly rapidly away. We will maximize that charge adjoining time and bad eye at selling real towards the bound of adjoining date."

Agency February, Sexy Lounge will launch an online casino arm hide added than 300 games. That bag will add to its burgeoning poker room, bearings players wagered $90 million last bit, expected to rise to another than $100 million this bit.

Blue Lounge is at once one of the top three operators influence the Microgaming Poker Network. Microgaming software runs the world's largest poker network, adumbrate and than 50 poker barracks.

Gorman, who false his fortune from selling retail moving phone bag DX Communications to BT Cellnet, says Erotic Lounge's achievement has come from focusing on a alcove.

"Most of our poker players are influence their 20s and play professionally," Gorman says. "We've taken the offline model bearings the ample casinos understand who the ample players are and target them hide certain services and incentives. We act the alike affair, but arrange absolute online."

At the moment, 60 percent to 70 percent of Arousing Lounge players are Scandinavian. But the company is abode up its customer base in the United Kingdom and Spain via online marketing.

Gorman has been keeping a relatively low profile in his Purple Lounge Poker role, and with his other recent investments. During the past 18 months, he has invested a "seven - figure" total and taken non - executive directorships in a portfolio of technology - related companies.

Some observers might surmise that Gorman has become more media shy following a messy court drama involving former partners that enfolded out of the failure of the Gadget Shop retail chain. In the end, Gorman and fellow entrepreneur Tom Hunter won the case.

But Gorman says that he has kept his head down, not because of that episode, but rather because he doesn't believe in counting his chickens until they are hatched. Many of the companies he is involved in will be announcing significant deals in the New Year.

"I'm really enjoying this," Gorman says. "I'm at my limit at the moment. So I'm looking to see some exits next year before investing any more."