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Boldwood Software renounced its license in Isle of Man
The Isle of Man Gambling Supervision Commission (GSC) prohibits the owner of Boldwood Software from gambling activities on the island, citing “association with criminal elements.”
Boldwood Software, an iGaming solutions provider, held a license in the Isle of Man between November 2022 and May 2025, but renounced it after receiving a Notice and an Enforcement Report by the Commission.
The notice mentioned that the Commission would meet in early June 2025 to consider cancelling the provider’s license. The decision came from an investigation on Phua Cheng Wan, the owner of Boldwood Software, to determine whether he was a “fit and proper” person. The Commission-led investigation pinpointed certain open-source materials suggesting Phua was associated with “bad actors”. Section 4(2) of the Online Gambling Regulation Act 2001 (OGRA) requires licence-holders to be “under the control of a person or persons of integrity”.
The Commission shared in a public statement:
“The Commission has a regulatory objective under the Gambling Supervision Act 2010 to prevent gambling from being a source of crime or disorder, associated with crime or disorder, or used to support crime.”
The Commission’s published “Guidance on Integrity Controls” sets out a non-exhaustive list of matters that will cause the Commission to reconsider a person’s integrity and includes “evidence of association with criminal elements”.
The statement continues:
“The Commission’s investigation included establishing that whilst Mr. Phua has not been convicted of an offence, there is evidence of association with criminal elements.
Accordingly, the Commission finds it appropriate to prohibit him from performing any role or functions within the regulated gambling sector in the Isle of Man. The prohibition will remain in place indefinitely until such time as Mr. Phua successfully applies to the Commission to have it varied or revoked.”
Mr. Phua’s acknowledgment of the facts and engagement with the Commission have allowed the Commission to conclude this matter sooner than might otherwise have been the case.
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