Malta Gaming Authority Suspends Genesis Global License As Operator Goes Into Insolvency

Arthur M. - January 21, 2023
Malta Gaming Authority

On 23rd December 2022, Genesis Global announced their insolvency, which has resulted in the immediate suspension of their Malta Gaming Authority license.

The Malta Gaming Authority, (MGA) has suspended the gambling license held by Genesis Global, due to the insolvency of the operator. 

An Announcement From Genesis Global

Genesis Global announced that it was ceasing operations with immediate effect just before Christmas in a letter to their staff, announcing that the company may not even be able to play the December salaries due.

The letter goes on to say,

It is with regret that we inform you that the Company has decided to permanently close its operation in Malta as a result of insolvency. As a matter of fact, earlier this week, the Company initiated proceedings in the courts of Malta for it to be declared insolvent. As a consequence, this has unfortunately resulted in your position being declared redundant.

We are currently trying our best to find a solution to this issue by trying to raise some funds and in addition, we hope to liaise with the authorities concerned in order to ease the burden and find alternative solutions in order for you to be paid at least some of the money due to you.

The fact that the business is now wound up means that Genesis Global has breached the terms of their Malta license and the MGA has said that “The authorised person is thus no longer authorised to carry out any gaming operations, register new players or accept new customer deposits, and must continue collaborating with the authority,” 

Rocky Times for the Company

It's been a turbulent couple of years for Genesis Global, with the UK Gambling Commission suspending then reinstating their license in 2020. Then, the company chief executive, Ariel Reem left the business as they announced a withdrawal from the UK gambling market. Online casino sites under the Genesis Global brand included CasinoPlanet, CasinoGods, Spela, Spinit, VegasHero, and Kassu.

The suspension of the MGA license is immediate, and while there's no good time to close a business, the announcement on 23rd December 2022 must come as a bitter blow to the many staff affected. 

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