Who is ‘Noam Lanir’?
Noam Lanir is an entrepreneur of Israeli origin. He is best known for founding Empire Online – a multi-million dollar online casino company, and in 2007 was listed by Forbes as one of the richest Israeli businessmen. His sale of the company in 2006 is another indication of just how much the online casino market has suffered since the enforcement of new laws in the US.
‘Noam Lanir’ Explained
At the start of the 2000s, the popularity of online poker went through the roof, prompting the emergence of many online poker sites, one of the most iconic of which was founded by Israeli businessman Noam Lanir. Following years of frantic growth, Lanir floated Empire Online on the London Stock Exchange in 2004, at which point it was worth US $928 million. The company was a front-runner in the online casino and betting industry.
A dark day for Lanir and for many online casino companies, came in 2006, when authorities implemented the Unlawful Internet Gambling Enforcement Act. This Act prevented anyone from making deposits on internet betting sites while on US soil. The once booming industry shrunk overnight, and so did the profits of Empire Online.
The rapid drop in the share price of Empire Online meant that Lanir was moved to sell the company to internet casino heavyweight Party Gaming. This signalled his exit from the online gambling industry, with the man himself stating that he would be investing more heavily in real estate. Today, Empire Online is worth around US $244 million, with its share price having dropped by approximately 80%.