Genesis Global Limited, a flagship, mobile-first international gaming company, is the newest operator to have its license officially canceled by the Malta Gaming Authority (MGA).
License cancellation:
The company represents the 3rd operator, which received an order from the MGA, to suspend all operations in Malta. The main reason for the order was unpublished violations of the Gaming Compliance and Enforcement Regulations. In addition, the firm managed the significant number of sites under the aforementioned license, involving Casinojoy.com, Genesiscasino.com, Sloty.com, Spinit.com and Vegasoo.com.
On a related note, every unpaid payment to the players and MGA have to be repaid within 7 days of the date of the issuance of the above cancellation order, aka January 11, with proof that the above has been obeyed, according to the official press release.
Furthermore, Genesis’ license was originally officially suspended at the beginning of 2023, aka January. When it happened, the workers received letters about the firm’s insolvency a month earlier.
In this regard, recently, the MGA also gave an order to Rush Gaming, which manages Onebet.com and Fansbet.com, to stop all B2C operations in the region, following the cancellation of its professional relationship with Betago. All of this represents part of the comprehensive strategy of the MGA to fulfill global gambling standards by fostering secure gambling surroundings.
In 2021, the aforementioned operator run into regulatory trouble in the UK regulated market after being fined £3.8m and required to fulfill additional licensing conditions after the inquiry conducted by the UK Gambling Commission revealed the operator had committed “significant social responsibility and anti-money laundering failures.”
About:
The main responsibilities of the Malta Gaming Authority are:
- Guidance and cooperation at all stages of the application process
- Ensure the integrity of games and gaming devices, via audits and independent testing facilities to ensure the randomness of results of all games of chance
- Protection of minors and vulnerable persons, while promoting responsible gaming in a safe environment
- Protection of player funds, ensuring that all deposits and withdrawals are secure and enforceable.
- Licensing and regulation of the gaming operators
- Safeguarding of player rights, via investigation of complaints concerning the licensees on behalf of the players
- Monitoring of activities to keep gaming free from criminal activities
- Monitoring of licensee activities to ensure compliance
The MGA can’t compel any operator to return stakes voluntary placed and lost in fair play, but it can offer assistance and advice in enforcing deposits money and real winnings and aids in resolving disputes with players and its licensees when necessary.