Nektan Barred From London Stock Exchange

‘Shocking news on the iGaming circuit as we learn that the Nektan Gibraltar Limited UKGC license was suspended following its LSE dismissal!’ (Photo by David Vincent on Unsplash)

One of the pioneering leaders in introducing software features designed to prevent problem gambling, Nektan (Gibraltar) Limited, has had its licence suspended by the UK Gambling Commission following a review under section 116(1) or (2) of the Gambling Act 2005.

According to a press release issued on the UKGC’s news page, the iGaming outfit based in Europe is now unable to operate in the United Kingdom according to UKGC section 118(2) of the Gambling Act 2005 (a license suspension clause), sighting that the company has allegedly been “inconsistent with the gambling authority’s licensing objectives”!

This is a shocking revelation, as the Gibraltar-based iGaming software brand operates over 25 online casinos under its UKGC license. When investigating further by performing a search on the UKGC Beta site, we found a long list of well-known casinos under Nektan (Gibraltar) Limited, all of which show as ‘Inactive’ from 27 April. These domains fall under account number 39107 and Operating Licence Number 000-039107-R-319400-015! In that list, we also found some well-known sites including arcticspins.com, bogofbingo.co.uk, spinzcasino.com, junglespins.com, and playuk.com. Yet, there is some confusion about which company holds the license for some of these casino domain names.

The Nektan (Gibraltar) Limited license suspension was effective as of 27 April, and from this point onward the company cannot offer iGaming services in the UK under its 2 licensing verticals, which were Bingo and Casino!

Further Investigation!

Oddly enough, the domain name playuk.com falls under Nektan (Gibraltar) Limited, yet after looking at the online casino’s homepage, the licensing in the footer states that the operating company is Nektan UK Limited. The link then redirects to the UK account number 41645 under license 041645-R-320687-007, which shows zero associated ‘Domain names’. It seems long-winded and difficult to tell exactly how the licensing is in place, and this appears to be the same story that unfolds for most of the casinos we found in the Nektan (Gibraltar) Limited list on the UKGC website. From the outside, it looks like some casino websites are providing the wrong UKGC license number unless there is something else, apart from the name, that connects Nektan UK Limited to the list of domains that fall under Nektan (Gibraltar) Limited.

That connection could be Grace Media Limited; a subsidiary sold by Nektan for £200,000. This company has the UKGC operating licence number 056784-R-332671-002, and it also lists some of the same casinos mentioned above, such as arcticspins.com and playuk.com all currently shows as active. Consequently, and presumably, these casinos are still legally active in the UK!

Although, there is still financial controversy over the sale of Grace Media because within the space of a year the firm reported a loss after it had initially reported a pre-sale revenue of £19.4 million, which leads us to more financial inconsistencies after Nektan lost its LSE status last year!

Nektan Removed From London Stock Exchange in 2020

Nektan has also seen its status on the London Stock Exchange diminish after it failed to publish accounts and the required audited annual report. With that, the company also neglected to assign a nominated advisor, which invariably led to its expulsion from the LSE. It then took almost a year for the UKGC to catch wind of the alleged license breaches stated above.

As for the company itself, its founding member is Richard Sagman brought the Nektan brand to life. The firm quickly expanded opening offices in London for its LSE dealings as well as in Las Vegas. However, it seems after the latest reports, the end may be coming for the Nektan brand unless the company makes some drastic changes!

Nektan is also known for its partnership agreement with The Sun newspaper, which operates an online casino and bingo site, while it also struck a deal with NetEnt Live, which is now closed since the Evolution takeover. Both of which connected to the Nektan Evolve mobile platform!

 

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