Annexio Limited has surrendered its B2C online gambling license from the Isle of Man as part of a strategic realignment of its regulatory structure. The lottery operator initially received the license from the Isle of Man Gambling Supervision Committee (GSC) in October 2011.
In 2018, Tom Brodie, CEO and founder of Annexio, launched the company’s flagship brand, LottoGo.com, which reportedly has a global customer base exceeding one million.
On 1 August, Annexio announced its decision to relinquish its B2C online gambling license with the GSC as part of a strategic realignment of its regulatory structure.
The company stated that this decision “follows a thorough business review in light of evolving market dynamics, including the rising cost of compliance and customer acquisition across multiple jurisdictions.”
Annexio will now cease to accept bets under its Isle of Man license and will wind down all activity “under that regime.”
The company has already begun the process of closing out active accounts in accordance with GSC requirements.
Annexio Limited will continue to be based on the Isle of Man, where it employs approximately 50 staff, and maintain a UK Gambling Commission (UKGC) license, which it first obtained in 2016.
It will also retain its licenses from Australia’s Northern Territory, gained in 2018, and the Jersey Gambling Commission.
Explaining the decision to surrender the license, Brodie stated: “While the Isle of Man Gambling Supervision Commission maintains high regulatory standards – which we’ve always respected and complied with – the decision to surrender our license is not a reflection on the GSC itself.”
“The Isle of Man remains a well-regarded jurisdiction, but the cumulative cost and complexity of maintaining multiple licenses globally has led us to streamline where operational overlap exists.”
“This was a strategic business decision, driven by several factors including customer acquisition trends, technology integration, and operational efficiency across markets.”
“We are not singling out the Isle of Man as being more onerous than others, but rather making a broader move to consolidate under fewer regulatory regimes where our commercial footprint is most active.”
“We continue to value our long-standing relationship with the GSC and are proud of the compliance culture we built during our time as a license holder here.”
Despite the ongoing process, the GSC website still lists Annexio Limited as having a “current” valid license, operational since 14 October 2011 with two listed domains.
In 2022, the UKGC imposed a £612,000 fine on Annexio for social responsibility and money laundering failings.
CEO Tom Brodie has cited “cost of compliance and customer acquisition” as reasons for the LottoGo.com parent company’s decision.