An e-gaming firm has surrendered its Isle of Man licence - but its chief executive insists the company remains committed to the island.

Annexio Limited, which has its headquarters at Fort Anne, Douglas, has announced its intention to formally surrender its B2C (business to consumer) online gambling licence issued by the Isle of Man Gambling Supervision Commission (GSC).

It said this was part of a strategic realignment of its regulatory structure, and the 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, which launched LottoGo.com in 2018, insisted the surrender of the licence was a voluntary step taken to ‘reflect changing market realities’.

Chief executive officer Tom Brodie, who founded the company in 2012. said: ‘We are proud of our long-standing partnership with the GSC and of the compliance culture we have built here.

‘This move reflects a shift in our operational strategy, not a departure from our values or from the Isle of Man itself.’

While the company will cease taking bets under its Isle of Man licence and wind down platform activity under that regime, Annexio will continue to be headquartered in Douglas, employing in the region of 50 local staff and investing in local infrastructure, charitable initiatives, and community causes.

Mr Brodie added: ‘Our roots are here, and they remain here.

‘We remain fully committed to the island as our operational base and to supporting the local economy for the long term.’

Annexio Group continues to hold active B2C licences under the UK Gambling Commission, the Jersey Gambling Commission, and in Australia’s Northern Territory.

These jurisdictions will remain the company’s main regulatory bases.

A structured and customer-based process to close out active accounts has already begun.

Player funds remain protected, and customer service teams are available to assist users during the transition.