A sad day for Genesis Global as the operator will no longer be in operation, while we also bring good news as the MGA improves player protection! (Photo by Towfiqu barbhuiya on Unspash )
The Malta Gaming Authority (MGA) is the most reputable global casino licensing authority helping players gamble with online gambling establishments that offer fair and trustworthy services.
To maintain its reputation as an authority that takes player protection seriously, the authority recently announced an overhaul of its ‘Player Protection Directive’, which is great news.
Also, keeping up with the times is important, especially with so many countries looking to implement domestic licensing. In comes the introduction of a new crypto framework. You can find out more about that story via yesterday’s news story ‘Issue 1 – 2023 Crypto Live Casino News’. Just to give you a spoiler, by the end of next month, you will begin to see live casinos operating under the Malta Gaming Authority (MGA) begin to accept cryptocurrency deposits.
With those two doses of good news unfortunately comes the bad news. That is if you play at Casino Cruise or any of the Genesis Global online casinos for that matter. The operator has gone into liquidation and is quite possibly bankrupt leading to the suspension of its MGA licence.
Players can still withdraw funds as thankfully under the rules of the MGA licensing all player funds are not part of the Global Genesis business and are simply in holding accounts, so if you are a member of any of the firm’s casinos, it is time to withdraw your fund and look for another live casino. For those of you interested, there is more about that story below.
The MGA Performance Report: Stay tuned into our news section because we have an MGA performance report coming right out giving us all the juicy details from January to June 2022.
Genesis Global Limited to Cease Operation – No more Casino Cruise & Co…
Do you want the good news or the bad news first? Today, let’s start with the bad and end on a positive note! It came as a surprise to see that operator Genesis Global Limited was headlining the MGA news page for a licensing suspension. Its licence number MGA/CRP/314/2015 is now suspended and the Maltese company C-65325 is no longer in operation.
I also checked on Google Maps, which you will see in the screenshot accompanying this section – it reads ‘Permanently Closed’. The suspension is due to the operator filing for insolvency in the Maltese courts.
This isn’t the first time we have seen the company’s licensing suspended as the UKGC fined the operator a staggering £3.8m fine along with a suspension due to social responsibility and anti-money laundering. Well as it turns out, that fine may have led to the obliteration of Genesis Global firm. Something we here feel strongly about when it comes to fines leading to the loss of jobs, which could be directly due to the UKGC being overly strict. While the measures set out should discourage operators from breaking the rules, the fines should be tantamount to the operator’s finances and not put it into bankruptcy.
Now it appears that Genesis Global is filing for bankruptcy. Ironically enough, the financial crypto trading firm Genesis Global Capital is also said to be filing for bankruptcy. I tried to find a connection, but no joy on that front. However, both companies with similar names with insolvency issues make me feel like somehow, somewhere, there is a connection, but it is pure speculation on my part and could easily just be a coincidence.
Important: If you have a balance with any of the Genesis Global casinos, you can contact the Malta Gaming Authority (MGA) and the licensor will inform you how to get your money back. See the full MGA story here.
Genesis Global Casinos
(Closed for Business)
- Casino Cruise
- Casino Joy
- Casino Lab
- Casino Gods
- Genesis Casino
- Vegas Hero
- SPiNiT
- Sloty
- Casoola
- Spela
- (Many More)
Looking for a new live casino?
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MGA Modifies Player Protection Rules
On to the good news, and when that news is about player protection, it is positive. For those of you in Canada, South Africa, New Zealand, India, the Republic of Ireland as well as other jurisdictions the MGA covers the changes are a positive step towards preventing the risk of problem gambling.
New laws applied this month will enhance your iGaming and sports betting experience by introducing ‘markers of harm’ that will help detect gambling addiction.
The modifications have been applied to the “Player Protection Directive (Directive 2 of 2018)”, and they require casinos to actively track player activity and financials so the MGA can better track as well as help to detect problem gambling as well as prevent financial crime.
Another aim of the MGA is to then produce full ‘Player Protection Guidelines’ for all existing operators holding MGA licensing certification and for new applicants. The guide is currently underway as the Maltese licensor seeks out expert advice before the final version becomes publicly available.
Want to read the full report? You can find the full ‘Amendments to the Player Protection Directive’ new here on the Malta Gaming Authority (MGA).
Casinos Must Track the Following
- Keep count of member complaints
- Track those using more than 1 payment method
- Track the use of responsible gambling tools
- Track those that deposit frequently
- Track deposit amounts
- Track withdrawal reversals
The idea is that these parameters will help the MGA create markers of harm that will help online casinos identify early signs of or prevent problem gambling.
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