Follow-up to the Oddsfly Limited case: how many more are there?
On 29 May 2025, the MGA cancelled the licence of Oddsfly Limited after years of non-payment. The company had already been struck off by the MBR in 2020. This regulatory disconnect led us to publish a detailed report earlier this week, raising legitimate concerns about internal enforcement and oversight at the Authority.
In the days since, our review has uncovered at least two additional cases involving active MGA licensees that are, according to the Malta Business Registry, already in formal dissolution. These findings are based entirely on public records and highlight a deeper structural issue: the lack of basic synchronisation between licensing data and corporate status.
The first case is Maxent Limited. According to the MBR, the company entered into dissolution on 27 January 2025 with an authorised share capital of €570,000. Yet the MGA’s register continues to show Maxent Limited as fully licensed with five active domains. The brands include GoSlotty, GGBet, VulkanBet, BetAt and SlottyVegas. At least four of these domains appear to have been inactive for more than a year, raising further questions about whether routine compliance monitoring is being carried out.
🎰 MGA Register: https://authorisation.mga.org.mt/verification.aspx?lang=EN&company=bbc3078a-cc8b-42d1-96f2-bea5d33d3c7d&details=1
This is not a new company to regulators. In 2019, the UK Gambling Commission revoked Maxent’s UK licence after a change in ownership, citing unresolved concerns about the source of funds and the suitability of its new controller. The Commission specifically referred to conflicting information and a lack of transparency during its inquiries, stating that it would not have approved the licence had the new owner been in place at the time of the original application.
The history of Maxent goes even further back. In 2016, a criminal case involving one of the company’s directors, Stanislav Zaistev, came before a Maltese court. The case involved admitted misappropriation of company funds, falsification of documents and online gambling using business capital. Zaistev received a suspended sentence. While this may seem historical, it forms part of a broader timeline that regulatory authorities might reasonably be expected to consider in evaluating a licencee’s operational credibility.
The second case is Universe Entertainment Services Malta Limited. This company entered dissolution on 9 December 2024 with a registered share capital of €280,000. Despite this, it remains visible as an active licence holder on the MGA website. It is still associated with seven prominent domains including TitanPoker, TitanCasino, TitanBet, EuropaCasino, CasinoTropez, Europas88 and Eupocs.
🎰 MGA Register: https://authorisation.mga.org.mt/verification.aspx?lang=EN&company=f4c23fb2-a224-4378-8ab7-a8d053d5e43b&details=1
At what point is a licence suspended or withdrawn when a company is legally in the process of being wound up? Why is this information not immediately cross-checked against the MBR’s dissolution status?
More importantly, how is the public meant to rely on the MGA’s register when basic structural changes to a company, such as dissolution, appear to go unnoticed for months?
This is not an isolated issue. It reflects a broader concern about the visibility, responsiveness and internal controls of the licensing regime in Malta. The MGA’s most recent annual report highlights managerial expansion and structural oversight improvements. Yet when companies that no longer exist in law are still presented as licensed entities to the public, the question becomes not whether more resources are needed, but whether existing processes are being followed at all.
We are not alleging misconduct. We are asking simple questions that any compliance officer, regulator or auditor would ask when reviewing a licensing regime. These include: Is there a functioning KYC and business continuity review? Are domains reviewed for activity and ownership? And most importantly, is anyone regularly verifying whether a licencee actually exists?
We welcome any clarifications from the Authority or from involved parties. Our aim is to encourage transparency using only information that is already public. This is not a matter of confidential leaks or personal accusations. This is a matter of public record.
📥 For those who missed our original publication on Oddsfly Limited, the full article is available as a PDF. If you would like a copy, comment “PDF” below or send a direct message and we will forward it promptly.
More names and documentation will follow.
FAQs
What triggered the MGA’s cancellation of Oddsfly Limited’s licence?
The MGA cancelled Oddsfly Limited's licence on 29 May 2025 due to years of non-payment, despite the company being struck off by the Malta Business Registry (MBR) back in 2020.
Why is Maxent Limited still listed as licensed despite being in dissolution?
According to public records, Maxent Limited entered dissolution in January 2025, yet it remains listed as an active licensee on the MGA register, suggesting a lack of data synchronisation between regulatory bodies.
Which brands are associated with Maxent Limited?
Maxent Limited is linked to brands including GoSlotty, GGBet, VulkanBet, BetAt, and SlottyVegas. Many of these domains appear inactive.
What is the significance of Maxent’s 2019 licence revocation by the UKGC?
In 2019, the UK Gambling Commission revoked Maxent’s licence citing unresolved concerns about the new owner's transparency and the source of funds, indicating prior regulatory red flags.
What was the nature of the criminal case involving a Maxent director?
In 2016, director Stanislav Zaistev admitted to misappropriation of funds, document falsification, and gambling with business capital. He received a suspended sentence in Malta.
Is Universe Entertainment Services also in dissolution?
Yes. The MBR lists the company as in dissolution since 9 December 2024, yet the MGA register still shows it as an active licence holder.
What are the domains associated with Universe Entertainment Services?
The company is linked to domains including TitanPoker, TitanCasino, TitanBet, EuropaCasino, CasinoTropez, Europas88, and Eupocs.
Why is the public concerned about discrepancies in the MGA’s licensing register?
The fact that companies in legal dissolution remain listed as active licence holders undermines trust in regulatory oversight and raises questions about enforcement and transparency.
Is this article alleging misconduct by the MGA or licensees?
No. The article simply raises compliance and regulatory questions based on publicly accessible data, without making allegations of misconduct.
What broader issue does this case study highlight?
It reveals potential systemic gaps in Malta’s licensing framework, particularly the failure to routinely cross-check licensing data with corporate legal status.
Michael
With nearly 30 years in corporate services and investigative journalism, I head TRIDER.UK, specializing in deep-dive research into gaming and finance. As Editor of Malta Media, I deliver sharp investigative coverage of iGaming and financial services. My experience also includes leading corporate formations and navigating complex international business structures.
