CyberHorizon fined by Isle of Man Gambling Commission over regulatory non-compliance

David Gravel October 8, 2024

Share it :

CyberHorizon fined by Isle of Man Gambling Commission over regulatory non-compliance

The Isle of Man Gambling Supervision Commission (GSC) has imposed a ￡140,000 (€167,297) penalty on CyberHorizon, who offers video-based office platforms, following findings of serious non-compliance with the island’s regulatory framework. The penalty warns other firms in the gambling industry about adhering to the mandatory regulations set out by the GSC and underscores the severity of CyberHorizon’s failure to meet these obligations.

Serious nature of non-compliance

Imposing the penalty stems from a series of regulatory breaches identified during the GSC’s routine oversight. These breaches related to CyberHorizon’s failure to comply with certain mandatory aspects of the Isle of Man’s Code of Conduct, which governs the operations of licensed gaming entities on the island. The GSC clarified the infractions were significant enough to warrant a financial penalty, reflecting the seriousness with which the regulatory body treats such violations.

According to a statement released by the GSC, the directors of CyberHorizon acknowledged these shortcomings and accepted responsibility for the lapses in compliance. The company’s recognition of its failings has been an important step in resolving the matter. As Cyberhorizon showed a willingness to work with the regulatory authorities to rectify the situation, the GSC reduced the original fine of ￡200,000 by 30 percent.

Isle of Man: A strongly regulated gaming hub

From March 2021 to September 2023, CyberHorizon held a licence in the Isle of Man. The GSC found several infringements, including violations in anti-money laundering (AML) and counter-terrorism financing (CTF).

The online gambling industry has long recognised the Isle of Man as a jurisdiction with robust regulations, and this case reminds licensed operators on the island of the high standards expected from them. The GSC’s decision to impose a penalty reinforces its dedication to upholding the integrity of the gaming sector and ensuring that it holds all operators accountable for meeting the regulatory requirements.

CyberHorizon’s case illustrates the consequences for operators who don’t meet the island’s rigorous standards. Besides the news surrounding CyberHorizon, the Isle of Man Gambling Supervision Commission has also granted new operational licenses to two major players in the gaming industry: Evolution and St8.io. Both companies secured their respective licenses in September, marking a positive development for the island’s gaming sector.

Evolution, a global leader in live casino gaming, continues to expand its footprint, and securing a license in the Isle of Man will allow the company to further solidify its presence in regulated markets. St8.io, another notable gaming operator, also gained approval to operate within the Isle of Man.

Commitment to integrity

These recent developments underscore the Isle of Man’s ongoing relevance in the global gaming industry. The island’s commitment to rigorous regulations and maintaining industry integrity makes it an appealing choice for operators who prioritise compliance and player protection.

The Isle of Man continues to reinforce its position as a leading regulatory hub in the online gaming sector. CyberHorizon no longer operates there. However, the GCS statement concluded, ‘All firms undertaking business in the regulated gambling sector have an obligation to conduct their affairs in a manner that adequately identifies and mitigates, amongst other things, the money laundering and terrorist financing risks faced by it.’ The full GSC public statement can be found here.

Stay ahead in iGaming!?Subscribe?to SiGMA’s Top 10 News and Weekly Newsletter for the latest updates and exclusive offers