Online gambling company Annexio Limited announced that it will voluntarily surrender its B2C license in the Isle of Man, becoming another company to exit the local licensing system. Despite this, the company emphasized that its headquarters will remain in Douglas, "Our roots are still here".
Founded in 2012, Annexio operates the platform LottoGo.com. The decision to withdraw the license is due to "changes in market realities", after reviewing compliance and customer acquisition costs across multiple jurisdictions globally, the company decided to adjust its regulatory layout. Currently, Annexio plans to maintain core operations with its licenses in the UK, Jersey, and the Northern Territory of Australia.
CEO Tom Brodie stated that this move does not mean a break with the Isle of Man, but an adjustment of business strategy: "We are proud to have cooperated with the GSC for many years and will continue to employ more than 50 staff here, supporting the local economy."
This is not the first recent license withdrawal. Previously, Boldwood Software also voluntarily gave up its license after being investigated by regulatory authorities, and its owner was indefinitely banned from participating in gambling activities on the island. In addition, the well-known sports betting company Celton Manx was fined £3.9375 million for violating anti-money laundering regulations and exited the Isle of Man in May, followed by its UK white label partner TGP Europe also surrendering its UK license.
As regulatory efforts increase, especially regarding white label and anti-money laundering issues, the attractiveness of the Isle of Man gambling license is being tested.
