MGA revokes Betago Ltd.’s licence for non-compliance
The Malta Gaming Authority (the ‘Authority’) has cancelled Betago Ltd.’s B2C license, effective from January 8, 2024. This move comes after Betago Ltd. faced initial suspension in August 2022 due to non-compliance with regulatory requirements.
Betago Ltd. has been found in violation of one or more applicable obligations specified by regulatory instruments and other relevant laws in Malta. Additionally, the company has failed to fulfill its financial commitments or demonstrate the capability to do so, leading the Authority to believe that further failure is imminent.
Furthermore, Betago Ltd. has exhibited a lack of timely commitment towards its players or has been flagged by the Authority for potential failure in meeting such commitments. Additionally, the company has failed to make timely payments to the Authority for the amounts owed.
In accordance with the Authority’s decision, Betago Ltd. has been directed to fulfill the following obligations:
1. Settle all outstanding fees owed to the Authority within seven (7) days starting from the mentioned effective date.
2. Refund all player funds to legitimate players in accordance with the Gaming Act (Chapter 583 of the Laws of Malta) and relevant regulatory instruments.
3. Provide a transaction report extracted from their back-end system, accompanied by supporting bank statements, as evidence that all player funds have been appropriately transferred to registered players. This report must be submitted within seven (7) days from the receipt of this letter.
Furthermore, Betago Ltd. is required to promptly remove any mention of the Authority and their authorizations, as outlined in article 51 of the Act.
The decision made by the Authority may be subject to appeal as permitted by article 43 of the Act.
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