Stakers surrenders UK licence

Posted:: May 17, 2021 14:02 Category: Casino , Online , Regulatory , Posted by Maria

The MGA had already suspended the company’s authorisation to carry gaming operations following the UK regulator’s decision

Stakers – a Malta based online gaming company – has surrendered its UK operating licenses after losing an appeal in court over regulatory action taken by the UK Gambling Commission last year.

The Malta Gaming Authority (MGA) had already suspended the company’s authorisation to carry any gaming operations following the decision of the UK regulator.

It has now been announced that Stakers surrendered its licences, held since March 2018, following court action.

Richard WilliamsAccording to Richard Williams, a London-based Joelson lawyer, the company lost its appeal over the Gambling Commission’s suspension in a first-tier tribunal, as the judge refused the company’s decision to stay with the licence suspended while the case was heard.

Williams said that this decision meant that the company’s UK business was “effectively extinguished”.

Operators whose licence has been suspended, even where they do not agree with the commission about alleged regulatory failings, will understand that appealing a suspension to the First-tier Tribunal may not be a viable option if they want to keep their business open,” the lawyer insisted.

Stakers’ appeal included arguments on whether the regulator was entitled to conduct compliance assessments via Skype, the lawyer explained.

Last year, after the UK Gambling regulator’s decision, the MGA said that Stakers Limited was no longer authorised to carry out any gaming operations, register new players or accept new customer deposits, but is required to retain and provide all registered players with access to their player accounts, and to refund all funds standing to the credit of players in line with the applicable law.

So far, Stakers released no comment on the latest decision.

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