Douglas-based Annexio Limited will stop taking bets under its Isle of Man gaming license. It will also wind down the platform operated under the Island’s licensing regime. This is because of what it calls changing market realities.
The company is based in the Fort Anne on South Quay. It says surrendering its B2C online gambling license from the Isle of Man Gaming Supervision Commission is part of a strategic realignment. This move aims to restructure its regulatory framework.
Annexio will continue to headquarter in Douglas and employ around 50 local staff.
According to Annexio, the decision to surrender its Isle of Man license came after a thorough business review. They conducted the review in light of evolving market dynamics. This includes the rising cost of compliance, as well as customer acquisition across numerous jurisdictions.
Chief Executive Officer Tom Brodie says the company’s roots remain in the Island. It fully commits to the Isle of Man as its operational base and to supporting the local economy long-term.
Mr. Brodie told Manx Radio that the Isle of Man Gambling Supervision Commission maintains high regulatory standards. He said they have always respected and complied with those standards. He said the decision to surrender their license is not a reflection on the GSC. The Isle of Man remains a well-regarded jurisdiction. However, the cumulative cost and complexity of maintaining multiple licenses globally has led them to streamline where operational overlap exists.
He also said this was a strategic business decision. Several factors drove it, including customer acquisition trends, technology integration, and operational efficiency across markets. They are not singling out the Isle of Man as more onerous than others. Instead, they are making a broader move to consolidate under fewer regulatory regimes where their commercial footprint is most active.
Mr. Brodie also said they value their long-standing relationship with the GSC. He added that they take pride in the compliance culture they built during their time as a license holder.
