Annexio to surrender Isle of Man gambling licence amid regulatory shift
Annexio will relinquish its B2C licence as part of a strategic move, following a new risk report and increased regulatory scrutiny.
Key points:
– Annexio referenced rising compliance and customer acquisition costs as key factors
– The move follows the Isle of Man’s first standalone terrorist financing risk assessment
– The online gambling sector was reclassified from “low” to “medium” risk
Annexio has announced its intention to formally surrender its B2C online gambling licence issued by the Isle of Man Gambling Supervision Commission (GSC).
The company, whose headquarters are in Fort Anne, Douglas, stated that this decision is part of a strategic realignment of its regulatory framework following a business review that took into account changing market conditions, including increased compliance and customer acquisition costs across multiple jurisdictions.
Annexio, which launched LottoGo.com in 2018, indicated that the voluntary licence surrender reflects evolving market realities, while its CEO emphasised that the company remains committed to the Isle of Man.
This announcement comes amid ongoing regulatory scrutiny on the island, which recently published its first standalone Terrorist Financing National Risk Assessment (TFNRA) as part of efforts to combat organised crime.
Good to know: Mr Phua Cheng Wan has recently been banned from the Isle of Man gambling sector
The report concluded that the Isle of Man poses a medium-low risk as a channel for terrorist financing but upgraded the risk level of the online gambling sector from “low” to “medium,” placing it alongside banking.
Commenting on the National Risk Appetite, Jane Poole-Wilson, the Isle of Man’s Minister for Justice and Home Affairs, stated: “Serious and organised transnational crime is a global threat, and the Isle of Man is committed to playing its part in disrupting this activity.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
