Boldwood Software Owner Banned from Isle of Man Gambling Sector Amid Investigations of Criminal Ties
In a significant regulatory move, the Isle of Man Gambling Supervision Commission has imposed a ban on Phua Cheng Wan, the proprietor of Boldwood Software, preventing him from participating in the island’s regulated gambling landscape for an indefinite period.
Boldwood Software, which proudly claims over sixty years of experience in the iGaming industry, held a license in the Isle of Man from November 2022 until May 2025, when it voluntarily relinquished it following a notice and enforcement report issued by the commission.
The company, known for its comprehensive iGaming platform offering an extensive range of casino games and over 500,000 live betting events annually, also ventured into esports and virtual betting. However, its operations took a turn as a result of an investigation centered on Phua’s integrity. The commission sought to assess whether he qualified as a “fit and proper” individual for the industry.
The inquiry drew on various publicly available materials, indicating Phua’s possible connections with “criminal elements.” Under Section 4(2) of the Online Gambling Regulation Act 2001 (OGRA), it is mandated that license holders maintain leadership from individuals with a clear sense of integrity.
The commission, in a statement, expressed its commitment to upholding the regulatory aims set forth in the Gambling Supervision Act 2010, focusing on preventing gambling from being a conduit for crime, or being associated with illicit activities.
Investigating Allegations Against Boldwood’s Owner
Despite the absence of any formal charges against Phua, the commission noted evidence of his involvement with individuals deemed as “bad actors.” Consequently, he has been barred from any functions within the regulated gambling framework on the Isle of Man.
The commission declared that this prohibition would remain until Phua submits a successful application to modify or overturn the ban. They acknowledged that his cooperation during the investigation expedited the resolution of this issue.
This decision follows a troubling precedent set in July, when the commission penalized another online gambling entity, Celton Manx, with a £3.9 million ($5.3 million) fine for violations related to anti-money laundering and counter-terrorism financing regulations. As the regulatory landscape continues to tighten, the implications of these actions highlight the commission’s commitment to ensuring the integrity of the gambling sector.