Pioneering Isle of Man Gaming Firm Applies to be Dissolved
A pioneering island-based gaming company, Celton Manx Ltd, has applied to be dissolved just four months after being fined almost £4m for 'systemic' regulatory breaches.
Celton Manx Ltd, which operated international online sports bookmaker SBOBet, was established in 2008 and led the way for the island's e-gaming sector.
In June, the company surrendered its licence with the Gambling Supervision Commission (GSC), with the regulator stating that a licence holder may surrender their licence for various reasons.
However, in July, the GSC issued a public statement announcing that Celton Manx had been ordered to pay a discretionary civil penalty of £5,625,000, discounted to £3,937,500 due to early co-operation with the investigation.
The company was fined for 'systemic' regulatory breaches.
Author's summary: Celton Manx Ltd applies for dissolution after a £4m fine.
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