Isle of Man GSC Cancels Gambling Licenses for King Gaming Limited and Dalmine Limited

Article by : Milena Petrovska Jul 26, 2024

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On July 24, the Isle of Man gambling regulator GSC informed the public through two separate statements about the license cancellations. The operators in question are King Gaming Limited and Dalmine Limited, both of which have been in hot water for the past several months.

Per the latest statements by the operator, both companies were licensed by the Online Gambling Regulation Act 2001 on June 13, 2017, and October 16, 2019, respectively. The two companies are also closely related and saw the start of their problems on April 24, 2024.

In April, the licenses were suspended until further notice, which came today.

GSC has issued the latest decision because it considered it “public interest” to keep any shareholders fully informed. The decision comes into force immediately, meaning the gambling licenses are already inactive.

No “further public comment” until the issues are completely resolved by the Commission was announced in both statements.

Police Investigations and Arrests Made

King Gaming Ltd and Dalmine Ltd are both companies related to Jade Tree Ltd, with the latter being King Gaming’s B2B branch. Another entity that the Isle of Man GSC hasn’t mentioned, Soteria, has also been included in the police investigation.

Soteria was operating as a cryptocurrency business and was ordered by the FSA to suspend all ongoing operations.

After the GSC informed the public of suspending the licenses of the companies on April 24, the police informed about several raids and arrests the same day. Per the police reports, business premises on Bucks Road and Victoria Road in Douglas were raided.

In addition, the police made seven arrests related to an investigation into fraud and money laundering. People found on the premises located on Victoria Road were interviewed by immigration officers.

At the time, a spokesperson for the police revealed that all seven people who were arrested were released on bail. The inquiries handled by the IOM Immigration Services were ongoing at the time of the statement.

Only a few weeks earlier, in July, Isle of Man police informed that the investigation was still ongoing. Those new reports revealed that a total of 10 arrests took place but failed to say if any person was charged.

According to police officials, the investigation was led by the IOM Constabulary’s Proactive International Money Laundering and Investigation Team.

Expansion Plans Gone South

King Gaming Limited had big expansion plans for its operations based on the Isle of Man. It revealed the construction of a parkland campus, which was supposed to be the new headquarters of the company, spread over 10,000 m2.

The concept included offices, wellness centers, restaurants, penthouses, and VIP facilities, along with 66 apartments placed in two accommodation blocks. The so-called KG Campus was promising to set “new standards” for hospitality and commercial spaces on the small island.

King Gaming wanted to relocate hundreds of Asia-based employees through the project deemed the biggest private investment on the island. The project’s page revealed Jade Tree Lts as the client, while the schedule is still marked as “confidential.”

It’s unclear what will happen with these expansion plans now after King Gaming Limited and Dalmine Limited have lost their licenses. Moreover, there’s still an ongoing investigation regarding fraud and money laundering.