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The Isle of Man鈥檚 gambling regulator has cancelled the licences of two online gambling operators that have been under criminal investigation since at least April.
The Isle of Man Gambling Supervision Commission (GSC) said in dual statements on Wednesday (July 24) that it had cancelled the licences of King Gaming Limited and associated operator Dalmine Limited with immediate effect.
The GSC did not provide reasons for the cancellations, citing only its powers under Section 13 of the Online Gaming Regulation Act 2001, and added that no explanation will follow 鈥渦ntil matters are fully concluded鈥, a reference to the ongoing criminal probe.
However, it said that 鈥渢he Commission continues to liaise with partner agencies regarding aspects of [King Gaming鈥檚 and Dalmine鈥檚] affairs鈥.
The operators鈥 licences were suspended on April 24, the day police raided company offices in two locations and arrested seven suspects as part of a 鈥渨ider fraud and money laundering investigation鈥, according to the Isle of Man Constabulary.
Three additional suspects were arrested on May 16. All ten of the unnamed individuals were bailed.
Tight-lipped regulators and police have declined to confirm or deny details of the case, which unravelled company plans to open a large operations site with at least 100 employees, including migrants.
The GSC has since updated its gambling enforcement practices in response to an October 2022 review, meeting with licensees in mid-June before uploading nine guidance documents to its website on July 1.
A day after the initial arrests, the Isle of Man Financial Services Authority suspended the licence of Soteria Solutions Limited, a cryptocurrency converter that it said 鈥渟hared directors and officers with the King Gaming group of companies鈥. Soteria was deregistered on May 1.
Impacts of the criminal probe, the arrests and the licence cancellations on the island鈥檚 online gambling industry remain unclear, including any impact on the Isle of Man鈥檚 updated national risk assessment, to be published and adopted by mid-2025.
The assessment will precede an examination of the Isle of Man鈥檚 anti-money laundering and counter-terrorism financing standards by the EU鈥檚 MONEYVAL committee, scheduled for late 2025 or 2026.
