The Malta Gaming Authority (MGA) has swiftly canceled Genesis Global's B2C gaming license, prohibiting the operator from offering gambling services under its permit. Genesis Global's 23 websites, including Vegasoo.com and Sloty.com, were affected by this sudden move.
Consequences for Genesis
Following the license cancellation, Genesis Global must settle all outstanding fees owed to the MGA within seven days. Additionally, the operator is mandated to confirm the return of funds to all players across its network and remove any reference to the Malta license from its websites within the same timeframe.
The MGA's decision aligns with Genesis Global's; the operator laid off all employees and initiated insolvency proceedings, warning of potential challenges in meeting financial obligations, including December salaries and notice pay.
In a letter that was delivered to the employees, the company stated: "the company may not be able to pay all or any of the dues that are due to you in terms of law."
Genesis faced turbulence with the departure of CEO Ariel Reem, coinciding with its exit from the UK gambling market. The company previously experienced a UK license suspension in 2020, which was later reinstated.
Collaboration with Liquidator
The MGA is collaborating with the appointed liquidator to facilitate players' recovery of funds held by Genesis Global. The cancellation decision is subject to appeal, indicating potential legal challenges in the aftermath.
Genesis joins a growing list of operators facing license suspensions or cancellations in Malta.
Recently, Rush Gaming had its license suspended, while Betago faced license cancellation, both citing breaches of gambling regulations or laws in Malta as reasons for regulatory actions.
Betago encountered a setback with the recent cancellation of its MGA license. The Malta Gaming Authority directed Betago to refund all player funds promptly and expunge any references to the permit from its online platforms. This move is part of regulatory measures to ensure compliance and protect the interests of players.
Source:
''Malta regulator cancels Genesis Global licence'', igamingbusiness.com, January 15, 2024.
Hartman1992
3 months ago
I still have funds here I never got anything back.
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kilabee
6 months ago
What a thrilling story with unhappy end. And like Shakespear wrote "nothing is eternal under the Moon", the same happened to such an old Genesis Global group. But a sacred space is never empty, so it will be 10 times more groups like genesis, with MGA licenses in the nearest future.
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tough_nut
6 months ago
Genesis Global's case highlights the challenges and risks associated with operating in the online gambling industry, emphasizing the need for companies to maintain financial stability, comply with regulatory requirements, and prioritize consumer protection to ensure long-term sustainability.
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