Rank #9 · Operator profile

Papawins

Single-domain Anjouan licensee with a casual-friendly name and a focused licensee structure.

Score

6.3/10

Bonus

Welcome offer published on operator's site at time of writing

Licence: Anjouan
Licensee: 3-102-935829 SRL
Licence: Anjouan
Licence no.: ALSI-202509046-FI1
Licensee: 3-102-935829 SRL
Domain: papawins.com
KYC threshold: Not disclosed in public T&Cs at time of writing
Licence expires: September 15, 2026

Payment rails: Cards, E-wallets, Crypto (per operator landing)

Visit Papawins

Reece Holloway Last reviewed May 21, 2026

Papawins operates under Anjouan licence ALSI-202509046-FI1, issued 16 September 2025 to Costa Rican entity 3-102-935829 SRL and valid through 15 September 2026¹ . The brand uses a casual, easy-to-remember name common in operators targeting non-English-first markets (the “papa-” prefix appears in several gambling brands across Latin America, Brazil, and parts of Africa). The licensee holds only the one domain. We have not tested this operator with real money.

What we can verify

The Papawins licence record is unambiguous. Beyond that, the operator’s public surface is thin: a recently-issued licence (~two quarters of operational history at the time of writing) and a generic-feeling name make this one of the harder profiles to build out without speculation. We’re going to stick to what’s in the register and what an honest cashier-side analysis can tell us.

The cashier and payments lens

Without verified withdrawal numbers or KYC threshold disclosures, the most useful frame for Papawins (and operators like it) is what we’d want a prospective player to check before depositing. For Anjouan-tier operators specifically, the cashier diligence is:

Read the operator’s withdrawal terms before you deposit. Find the maximum withdrawal-per-day, per-week, per-month figures. Some operators set caps that effectively gate larger wins behind 30+ days of partial cashouts. The Anjouan licence does not standardise these caps.
Find the KYC trigger. Some operators require ID at first withdrawal; some at a cumulative deposit threshold; some only when the operator flags a pattern. The trigger affects how quickly you can recover funds if you decide to leave the operator.
Crypto rail confirmations. If the operator accepts crypto, the published clearing time matters: BTC main-chain (~30-60 min for 2-3 confirmations); LTC (~10-15 min); USDT TRC-20 (~1-5 min). Operators that process crypto withdrawals in under one minute are either using Lightning, a sidechain, or batching withdrawals internally with delayed on-chain settlement.
Network-fee policy. Operators may absorb network fees, deduct them from withdrawal amount, or surface a fee at request time. Crypto-first operators tend to publish their policy; mixed-rail operators often do not.

None of these are Papawins-specific facts; they are the framework a player should use when evaluating any Anjouan-tier operator with thin public data. We surface them here because that is the honest version of “what can we tell you about Papawins” when the operator’s own publication is thin.

The licensee structure

3-102-935829 SRL is the third single-purpose Costa Rican SRL in today’s batch (alongside Forzza’s and Casindi’s). The pattern is consistent: one SRL per brand per licence, no cross-brand operating entity surfaced. This is the cleaner-but-less-disclosive end of the licensee-structure spectrum.

What the Anjouan licence actually covers

Papawins is licensed by the Anjouan Gaming Authority, the regulatory body established on the autonomous island of Anjouan (one of the three islands that make up the Union of the Comoros in the Indian Ocean). Anjouan's modern iGaming licensing framework was relaunched in 2023–2024 by Anjouan Licensing Services Inc., the exclusive licence administrator, and has been adopted at scale since by operators that previously sat under Curaçao's old master-licence system. The operator's licence number is ALSI-202509046-FI1, listed as valid on the official Anjouan licence register.

What the licence does

Operator vetting at issue. The framework requires KYC on beneficial owners and directors, clean criminal-record checks, source-of-funds documentation, a written business plan, and AML/KYC/responsible-gaming policies before the licence is issued.
Game-software certification. Operators must use certified RNG technology, with provider certificates submitted as part of the licensing pack.
Segregated player funds. Operators must hold player balances in accounts separate from operating funds. This is the single most consequential player-protection clause in the framework.
Formal complaint process. Operators must publish a complaint-handling procedure and respond to player disputes within the timeframes defined by the regulator.
Public register and seal verification. Every licensed operator appears on the official register with licence number, issue and expiry dates, status, and authorised domains. Operators may display a seal whose ID resolves to the register entry in real time.

What the licence does not do

No binding third-party adjudication. Anjouan provides a formal complaint process between player and operator, but it does not offer the binding ADR (alternative dispute resolution) tier that regulators like the UKGC or MGA mandate. If the operator refuses to pay, the regulator can revoke the licence — but does not order the operator to pay the player.
No deposit caps or central self-exclusion. Unlike MGA, UKGC, KSA, or Sweden's Spelpaus, Anjouan does not run a cross-operator self-exclusion register or impose mandatory deposit limits. Self-exclusion is a per-operator setting; players who want cross-operator protection have to rely on GamStop / Cruks / Spelpaus where applicable.
Disputes from excluded territories are not mediated. The Anjouan Gaming Board explicitly excludes mediation for players based in jurisdictions the operator was supposed to block. If you played from a restricted country, the regulator will decline the case.
No public dispute decisions database. There is no published archive of operator complaints and rulings comparable to the UKGC's enforcement-action page or the MGA's player-complaint summaries. Track-record information has to be reconstructed from third-party sources (Trustpilot, AskGamblers, casino-forum threads).
Limited recourse outside the licence. Anjouan's jurisdiction is the autonomous island, not the Comorian Union. Comorian union-level law treats most gambling as prohibited, which creates a structural mismatch: the licence is real and the regulator acts, but it operates entirely within the island's autonomy carve-out.

How this compares to other offshore licences

Anjouan sits in the same operational tier as the new Curaçao LOK framework (issued directly by the CGB since 2024, replacing the old master/sub-licence system) and Tobique (Canadian First Nation regulator that took over from Kahnawake for many crypto operators). All three offer real but light-touch licensing: operator vetting at issue, mandated segregated funds, formal complaint handling, no binding third-party arbitration, and minimal ongoing player-protection infrastructure compared to MGA, UKGC, or KSA.

In practical terms: an Anjouan licence means the operator has been vetted by a regulator that exists, will respond, and can revoke. It does not mean a player will be made whole by the regulator if the operator decides not to pay. Players who want that should play at UKGC, MGA, or comparable-tier operators, accepting the friction (KYC at every turn, withdrawal holds, deposit limits) that comes with that protection.

How Papawins compares to peers

Papawins sits in the same category as Forzza and Casindi: single-brand Anjouan licensees with focused licensee structures, recent licence issue, limited public footprint, and no distinctive product investment visible at this writing. Without proprietary games (like Betstrike), heritage brand equity (like InterCasino), or specific geographic targeting (like Bombay.vip), the profile is structurally clean but undifferentiated.

Our analytical position

Papawins is a structurally-clean Anjouan-licensed operator with limited public differentiation. The licence is current, the licensee structure is focused on a single brand, and we have no specific red flags to report. We also have no specific positives to elevate the score above the median for this register tier. Players should treat Papawins as one of several similar offshore-tier operators and decide on the basis of the operator’s own bonus terms (which were not exhaustively reviewed for this profile) and any first-hand testing they choose to do themselves.

Score: 6.3 / 10.

Frequently asked questions

Is Papawins licensed and listed?

Yes. Anjouan eGaming Authority licence ALSI-202509046-FI1, valid through 15 September 2026, held by Costa Rican entity 3-102-935829 SRL. The licence appears on the official Anjouan public register.

Who is 3-102-935829 SRL?

A Costa Rican Sociedad de Responsabilidad Limitada that holds only the Papawins licence per the Anjouan register. Numeric-name SRLs are standard structure for offshore licence-holding shell entities.

Does Papawins accept crypto?

Operator landing materials reference crypto support among payment options at time of writing. Specific cryptocurrencies, confirmation requirements, and clearing-time SLAs were not independently verified for this profile.

Are there sister sites under the same operator?

No additional domains are listed under 3-102-935829 SRL in the Anjouan register at time of writing. The licensee operates only papawins.com.

When this might not apply to you

Operator T&Cs may exclude players from specific jurisdictions; check the footer before depositing. The Anjouan framework does not provide cross-operator self-exclusion (GamStop, Cruks, Spelpaus do not cover Anjouan operators including Papawins).

References

Anjouan licence register entry (3-102-935829 SRL) , Anjouan Gaming Authority