Online bank for gamblers opens in Europe

2 Sep 2008

A UK-based bank has launched a new online banking service aimed at online gamblers and gaming companies across Europe.

Ivobank will offer online payment and money transfer services in Ireland, the UK, Spain, France, Italy, Germany and Canada.

It is understood that Ivobank will offer customers an online debit card, as well as deposit rates of 3.25pc for euros and 4.25pc for sterling.

Ivobank is headed by the former boss of Cahoot, Abbey Bank’s online banking entity, Tim Sawyer.

The venture is backed by the Asian tobacco billionaires, the Sampoerna family, who also have interests in the online poker site

The company estimates the online gaming market in Ireland is worth an estimated €100m per annum, and is growing at a rate of 20pc each year.

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years