Two operators’ licenses withdrawn
The Isle of Man Gambling Supervision Commission (GSC) has announced the cancelation of two licenses after a major police investigation resulted in several arrests.
King Gaming Limited and Dalmine Limited will both have their licenses withdrawn, the GSC announced in a pair of statements released on Wednesday.
the warrants were related to fraud and anti-money laundering legislation
The move comes after a major police investigation took place on the island, where a serious of warrants were executed in Douglas, the nation’s capital. The police confirmed the warrants were related to fraud and anti-money laundering legislation being led by the Isle of Man Constabulary.
Police raid headquarters
Buildings on Victoria Road and Bucks Road, both believed to be related to King Gaming, were raided on April 24, 2024, and a total of seven people were arrested. All were released on bail and the license of King Gaming was suspended.
At the time, a police spokesperson stated: “A number of people found on the premises at Victoria Road were subject of further immigration interviews involving the IOM Immigration Services and those inquiries are ongoing.”
“This activity is part of a wider fraud and money laundering investigation being led by the IOM Constabulary’s Proactive International Money Laundering and Investigation Team in relation to King Gaming Ltd IOM.”
The harsh punishment now casts the future of both operators into doubt.
However, the regulator has now gone one step further and chosen to cancel the license entirely, with Dalmine Limited seemingly also caught up in the affair. The harsh punishment now casts the future of both operators into doubt.
“The Commission considers that it is in the public interest to issue this statement to advise stakeholders that further to section 13 of OGRA, the Commission cancelled King Gaming Limited’s licence on 24th July 2024,” the GSC said in a statement released on its website. “This decision has immediate effect.”
New HQ to be scrapped
King Gaming has had a license from the Isle of Man since June 13, 2017. The timing for the company could scarcely have come at a worse time, as King Gaming is currently in the process of constructing a new headquarters on the island. With a £70m ($90m) price tag, it was billed as the largest-ever investment on the island.
With no license and uncertainty surrounding the future of the operator, the plans have now been put on hold indefinitely. Gary Proctor, Managing Director of Excel Group, the company contracted to build the headquarters, told Manx Radio that they were not anticipating returning to the site or continuing with any further work, which has already been going on for two and a half years.
The regulator further noted that they would continue to work with authorities on the issue surrounding the two operators, stating: “Notwithstanding the decision above, the Commission continues to liaise with partner agencies regarding aspects of King’s affairs.”