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GSC bars Boldwood Software owner from Isle of Man gambling roles indefinitely

Enforcement & compliance

The Isle of Man Gambling Supervision Commission has indefinitely prohibited Phua Cheng Wan, owner of Boldwood Software, from taking part in regulated gambling on the island. Boldwood surrendered its Isle of Man licence in May 2025 after receiving an enforcement report and notice; the GSC said its investigation found links between Phua and criminal networks, but it is bringing no charges. The ban may be lifted if Phua successfully petitions for its reversal.

The prohibition bars Phua from all roles in the Isle of Man’s licensed gambling sector, while the ban may be reversed by petition.

Earlier fines and penalties by GSC and UKGC

DateCompanyAmountStoryAppeal status
Celton ManxGBP 3,940,000Isle of Man GSC imposes GBP3.94m penalty on Celton ManxNot stated
SK IOMGBP 70,000GSC fines SK IOM £70,000 for AML and counter-terrorism control failuresNot stated
Taichi Tech Limited, FafabetGBP 170,000UKGC fines Fafabet £170,000 over unfair terms and compliance failuresNot stated
Not namedNot statedUK Gambling Commission brings election betting charges against 15 peopleNot stated
Wyke Gaming & Amusement CentreNot statedGambling Commission suspends Wyke Gaming licence in BradfordNot stated

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