The Isle of Man Gambling Supervision Commission (GSC) has cancelled the operators licence for King Gaming Limited.
King Gaming had its licence suspended in April when seven people from the firm were arrested as part of a money laundering investigation. Three further arrests were made in May.
The GSC said at the time the licence was suspended pending a “regulatory review”.
But yesterday the GSC cancelled the licence, citing it was in the public interest to do so and the decision was made “in furtherance of the Commission’s regulatory objectives”.
A statement issued by the Isle of Man Constabulary in April said: “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.”
Victoria Road Campus
King Gaming was in the process of building a major development on a brownfield site at Victoria Road.
largest single private investment in the Isle of Man
It was billed as the “largest single private investment in the Isle of Man” and the company said it “will create more than 300 new jobs to the Isle of Man with significant employment for the construction and associated sectors during the build period”.
The future of this site is now unclear.
GSC Statement
King Gaming Limited was licensed by the Isle of Man Gambling Supervision Commission (the “Commission”) under section 4 of the Online Gambling Regulation Act 2001 (“OGRA”) on 13th June 2017.
This statement follows the Commission’s previous public statement on 24th April 2024 which can be viewed on the Commission’s website.
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. This decision has immediate effect.
This decision is made in furtherance of the Commission’s regulatory objectives as set out at section 5(2) of the Gambling Supervision Act 2010.
Notwithstanding the decision above, the Commission continues to liaise with partner agencies regarding aspects of King’s affairs.
The Commission will make no further public comment regarding this until matters are fully concluded.
24th July 2024
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