The Isle of Man, like so many others, is suffering through an economic crunch.

Unemployment numbers from December of 2008 rose significantly from the same time in 2007 (571 in 2007 to 721 this past December) according to an Isle of Man Examiner report but there is reason for optimism.

The Isle of Man has an online gambling industry and things are looking good right now according to a separate Examiner report.

"[The e-Gaming sector] is the fastest growing sector of the Manx economy that's bucking the trend in the face of the economic slowdown – with the prospect of new businesses and many more new jobs being created here over the next few years," said the report.

Big gaming companies such as Playtech and PokerStars already operate out of the Isle and more companies are expected to receive or have received license to operate from the Manx government.

Along with Playtech and PokerStars the industry is said to account for the creation of 360 new jobs and that number is estimated to grow even more.

"There are 13 licence holders at the moment. Eight new licences were issued in 2008 with two more to go live shortly," said the Examiner report.

On top of that there are reportedly 10 online gambling license applications being processed by the Manx's Gambling Supervision Commission and another 10 being prepared.

Two of the new companies, NYX Interactive and Fasbet could combine to inject another 45 new employment opportunities over the next three years and that is estimated to increase to 100 over the next half decade.

A report from the Isle of Man's e-Gaming Association and the Department of Trade and Industry is expected to be released later in the month and many are projecting growth over the last year as well as growth in the coming year, the Examiner went on to say.