Island-based e-gaming operator 188Bet.co.uk has ceased trading in the British Isles - but has pledged to return customer funds.

Annatar Limited, trading as 188Bet, announced on Tuesday that it would stop providing gambling services to players located in Great Britain, Northern Ireland, the Channel Islands, Gibraltar and Ireland, with immediate effect.

In a statement on its website, Annatar said: ’This is a commercial decision in a very competitive marketplace.

’Annatar Limited is solvent and fully able to meet all its financial obligations which includes its customer funds that remain ring-fenced and safe.

’We have provided advance notice of this to our regulators and we will manage the closure of our Great Britain, Northern Ireland, the Channel Islands, Gibraltar and Ireland business and return customer funds in an orderly manner.’

Annatar is registered at St George’s Court, Douglas. and is licensed by the island’s regulator, the Gambling Supervision Commission.

From just after midnight on Tuesday, the company ceased to accept bets from customers.

Ante post or pending bets will be honoured for all events occurring up to 11.59pm on June 30.

Single bets placed for events after that time will be voided and the stake returned within 48 hours.

Multiple bets with selections for events up to 11.59pm on June 30 will be settled as normal.

Bets with winning multiple selections as at that time, with remaining unsettled specific selections for events after that date, will see those specific selections voided and the bet settled within 48 hours in accordance with the company’s terms and conditions.

Customers with any funds in a 188Bet account are being urged to log in and withdraw their outstanding balance as soon as possible.

The 188Bet brand continues to operate in other jurisdictions as normal.