The iGaming operator Annexio has announced its intention to voluntarily surrender its B2C online gambling licence issued by the Isle of Man Gambling Supervision Commission (GSC).
The company, which operates the well-known [suspicious link removed] brand from its headquarters in Douglas, stated that the decision is the result of a strategic business review prompted by evolving and challenging market conditions.
In its official statement, Annexio cited a “strategic realignment” of its regulatory framework as the primary driver for the move. The company pointed to increasing compliance burdens and rising customer acquisition costs across multiple jurisdictions as key factors that influenced the decision.
Despite surrendering the licence, the company’s CEO emphasized that Annexio remains fully committed to the Isle of Man as a base for its operations, suggesting a shift in its licensing strategy rather than a complete departure from the island.
This announcement comes at a time of heightened regulatory scrutiny in the Isle of Man Gambling Supervision Commission.
The jurisdiction recently published its first standalone Terrorist Financing National Risk Assessment (TFNRA), a report aimed at strengthening efforts to combat organized crime.
The assessment concluded that while the island as a whole poses a medium-low risk, the specific risk level of the online gambling sector was being upgraded from “low” to “medium,” placing it on par with the banking sector. Jane Poole-Wilson, the Isle of Man’s Minister for Justice and Home Affairs, commented on the report, stating
Serious and organised transnational crime is a global threat, and the Isle of Man is committed to playing its part in disrupting this activity.
Annexio’s decision to surrender its licence, while attributed to commercial factors, occurs within this context of an increasingly stringent and complex regulatory environment on the island.
