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In a significant development within the regulatory landscape, the Malta Gaming Authority (MGA) has taken decisive action by immediately revoking the Business to Consumer (B2C) gaming license of Genesis Global. This follows the suspension of Genesis Global's Malta license in January of the previous year, reflecting the regulatory scrutiny faced by the operator.
Genesis Global, a prominent operator overseeing 23 websites, including Vegasoo.com, Sloty.com, Casinojoy.com, Spinit.com, and Genesiscasino.com, has been handed stringent directives by the MGA. Notably, the operator is required to settle all outstanding fees owed to the regulatory body with immediate effect, facing a strict seven-day deadline from the issuance of the cancellation notice on January 11.
Beyond the financial obligations, Genesis Global is mandated to provide detailed documentation to the MGA, confirming the seamless return of funds to all players across its network of websites. This additional procedural requirement is also bound by the same seven-day timeline. Simultaneously, the operator must promptly eradicate any reference to its Malta license from all affiliated websites, aligning with the MGA's meticulous directives.
The decision to cancel Genesis Global's license is situated within the broader context of the operator's collapse in December 2022. Following this collapse, the MGA initially suspended Genesis Global's license and has now escalated to a comprehensive cancellation. The collapse had significant repercussions, with Genesis Global laying off all employees just two days before Christmas and initiating insolvency proceedings, citing concerns about meeting wage payment obligations.
The MGA, collaborating with the appointed liquidator at Genesis Global, is actively engaged in ensuring the systematic recovery of funds held by the operator. The primary focus is on safeguarding the interests of players impacted by these developments. It's noteworthy that the cancellation decision remains potentially subject to appeals, underscoring the dynamic nature of regulatory actions.
Genesis Global's situation is part of a broader trend in Malta, with Rush Gaming, the operator behind Fansbet.com and Onebet.com, having its license suspended until further notice last week. While the MGA did not explicitly specify the reasons for the suspension, it emphasized that such actions are initiated in response to operators breaching specific gambling regulations or laws in Malta.
Simultaneously, Betago faced license cancellation last week, with the MGA directing the operator to promptly return all funds to players and expunge any references to the permit from its websites. These regulatory interventions underscore the ongoing commitment of the MGA to uphold and enforce stringent standards within Malta's gaming industry, fostering trust and integrity.
By Iosif Vrachimis CEO at BetConsultant.Cy
BetConsultant.Cy Member of FlexiGroup
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