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Cash Obligations Cause Closure

The mobile and online casino gambling industry is not always roses – sometimes a company can be on the top and doing well for the most part, but a tiny thread of the puzzle will slip through the cracks and that is enough to force companies into closure. The latest closure news centers on the fact that the Canadian-based Phantom Fiber gambling company has completely shut down – no more employees, no more operations – the doors have closed. There were small indications over the past several months that Phantom was in a bit of a serious situation. The company’s weekly reports were coming in week and CEO Jeff Halloran did not hide the fact that the wireless mobile technology developer and provider was running low on cash funds.

The closure notice was released to the whole of the mobile and online casino gambling industry at the end of November. According to the information released as an explanation for the immediate closure, Phantom Fiber was unable to make installment payments to pay off debts. The company was behind on payments and was unable to find investments or loans as a way to pay off the regularly payment installation. With that, the company threw in the towel and called it a day.

All of the company’s employees have been terminated – never a good thing considering the state of the current economy. Many analysts speculated that the online casinos and gambling sites were untouchable by a failing economy…everyone still wants to gamble when there luck is down right? As the recent closures indicate, the mobile industry, as well as the internet gambling companies, are not untouchable.