The MGA Cancels More Licenses as it recently revoked the licenses for Cyberslotz Services and CZ Trading. for voiding regulations (Image by Dim Hou on Unsplash)
The Malta Gaming Authority (MGA) recently revoked the licenses for Cyberslotz Services and CZ Trading. This was after it ruled that they went against the county’s regulations. CZ Trading had been running its online casino named DrVegas.com. It did this using a B2C Gaming Service Licence, in collaboration with Cyberslotz, an approved service provider.
But the MGA stated that:
Cyberslotz and CZ trading were found to have both gone against the Gaming Compliance and Enforcement Regulations. They breached regulation nine in this Compliance.
The MGA further added that they failed to make specific licensing payments promptly to the regulator. For this reason, Cyberslotz and CZ trading no longer had the authority to engage in gaming operations using the MGA licenses and were authorized to pay up the remaining fees to the MGA. This decision came into effect on June 17th.
MGA Reports a Drop in Income
The MGA reported that there was a 5.3% reduction in year-on-year revenue in 2020. It attributed this to the impact of the COVOD-19 pandemic. The Authority had an overall revenue of €77.3m for the whole year, as opposed to €81.7m in 2019, which meant a 5.3% drop. Furthermore, the gaming sector contributed €924m to the economy in 2020, as opposed to €1.56bn in 2019, meaning a 40.8% decrease.
Other Recent Cancelations
Cyberslotz Services and CZ Trading are not the only platforms to have their licenses canceled by the MGA, as weeks before this, the license of Magic Services was also canceled. This was because they failed to pay their yearly licensing fees. They had been running both Bet8.gr and Bet8.eu using a B2C Gaming service license. The body established they breached Regulation 3 of the Gaming License fees regulations. This was because they failed to make a payment of up to €71,035. The MGA gave magic services 20 days to respond and make the payments they had missed completely. But since they failed to send in an appeal, the MGA revoked their license on the 25th of June.
About the MGA
The Malta Gaming Authority is a body that was developed in 2001. It is the gaming control board of Malta and is responsible for regulating the majority of the types of gambling in the sector. These include live casino gambling platforms and land-based platforms ranging from betting offices, slot machines, lottery, etc. The online gambling sector has experienced tremendous growth and is responsible for generating more than 12% of the GDP in the country.
Leave A Comment