Malta Gaming Authority Revokes Genesis Global's B2C Gaming License

In a significant regulatory move, the Malta Gaming Authority (MGA) has announced the cancellation of Genesis Global's B2C gaming license. This decision effectively bars Genesis Global from offering gambling services under this permit. It marks a critical turn of events for the operator, which had been leveraging this license to run 23 websites.

Malta regulator cancels Genesis Global license.

The MGA's decision to cancel Genesis Global's license comes after an initial suspension in January of the previous year. The complete cancellation, effective immediately, follows the company's noticeable decline, culminating in its winding up in December 2022. This decisive action by the MGA underscores the regulator's commitment to maintaining the integrity and trustworthiness of the gaming industry in Malta.

Genesis Global's network, encompassing websites such as Vegasoo, Sloty, Casinojoy, Spinit, and Genesiscasino, is directly affected by this cancellation. The regulatory body has mandated Genesis Global to settle all outstanding fees owed to the MGA. Furthermore, the company must submit documentation within seven days from the notice of cancellation confirming the return of funds to all players across its network.

Additionally, Genesis Global must remove all references to the Malta license from its websites, a standard procedure following the revocation of such permits.

One year on from Genesis Global collapse

Genesis Global's license cancellation is a culmination of unfortunate events for the company. The firm faced severe financial challenges, evidenced by its decision to lay

off all employees in December 2022, just before Christmas, and initiate insolvency proceedings. This drastic action came amidst warnings that the company might fail to meet its payroll obligations, including December salaries and notice pay. The collapse of Genesis Global occurred shortly after CEO Ariel Reem's departure and the company's exit from the UK gambling market. However, the reasons for these events were not publicly disclosed at the time.

Genesis Global's troubles were not new, as evidenced by the suspension of its UK license in 2020, which was later reinstated. However, the company's ultimate downfall and the cancellation of its Malta license represent a significant development in the iGaming industry.

MGA's collaboration with the appointed liquidator

In the wake of the license cancellation, the MGA has stated its intention to work closely with the appointed liquidator for Genesis Global. This collaboration aims to ensure that players recover any funds held by the company. The MGA's involvement highlights its role in protecting players and maintaining the gaming integrity of the gaming sector.

It is important to note that the license cancellation could be subject to appeal, a standard procedure in regulatory actions of this nature. This provides a window for Genesis Global to contest the MGA's decision, although the outcome of any such appeal remains uncertain.

Suspensions and cancellations mount up in Malta.

The cancellation of Genesis Global's license is part of a broader trend of regulatory actions by the MGA. This year, Genesis is the third business to have its Malta license canceled or suspended, indicating a tightening of regulatory oversight in the jurisdiction.

Recent actions include suspending Rush Gaming's license and affecting its Fansbet and Onebet websites. While the specific reasons behind this suspension were not detailed, the MGA did mention that permits could be suspended for breaches of gambling-specific regulations or laws in Malta.

Similarly, Betago also faced license cancellation last week, with the MGA instructing the company to return all funds to players and remove any reference to the permit from its websites.