Michael brings Las Vegas glitz to the online gambling market
The former chief operating officer of First Derivatives plc in Newry is taking a bet on online gambling with his latest venture.
Michael O'Neill (44) hopes Casino Broadcast Network (CBN) Gaming will bring some Las Vegas glitz to the internet by using technology from US firm Kx to broadcast live casino games like roulette and baccarat on the internet.
Mr O'Neill, who worked at financial software firm First Derivatives for 12 years, said he could offer the most powerful technology for bricks-and-mortar casinos to operate online.
The Kx technology broadcasts pictures of live games which are syndicated to online operators like Paddy Power and Ladbrokes for 'real money play' by their clients.
CBN then retains a small percentage of the operator's profit.
The entrepreneur said: "Those online profits continue to climb aggressively - even in the present climate - a decisive factor in my decision to back the industry."
Mr O'Neill's career began as an actuary in Lloyds Abbey Life before he joined First Derivatives in 1997.
He showcased GBN at the G2E convention in Las Vegas last year, and launched the company at ICE 2011 in London, the world's largest gaming exhibition.
Fellow board members at CBN include Israeli iGaming expert Nicolas Fleiderman, former chief executive of BetnGo.
Most bookmakers are growing their online presence with Paddy Power's latest results showing that the bulk of its business and profits are from its internet arm.