MGA Revokes AMGO iGaming Malta’s License

by Esther

December 8, 2023

in iGaming News, Licenses & Payments

301

The Malta Gaming Authority (MGA) has officially confirmed the cancellation of the license held by AMGO iGaming Malta Limited. This decision, effective from December 6, underscores the regulatory commitment to upholding the integrity of the gaming industry.

Notification Process

AMGO iGaming Malta Limited is obligated to promptly notify its user base of the license cancellation. The notification must be disseminated through email and prominently displayed on the company’s official website.

Withdrawal Procedures

Simultaneously with the notification, the company is required to furnish detailed instructions to its players on the process of withdrawing funds from its platform. The MGA emphasizes that AMGO iGaming Malta must actively support and guide players throughout the entire fund withdrawal process.

Timely Fund Remittance

The MGA, in its directive, specifies that upon receiving a withdrawal request, AMGO iGaming Malta is obligated to “endeavor to remit all player funds standing to the credit of such players by not later than five (5) working days from the date upon which a player makes a request to this effect.” This ensures a swift and efficient resolution for players seeking to withdraw their funds.

Breach of Gaming Regulations

This regulatory action comes on the heels of the MGA’s October announcement, citing three distinct breaches of Maltese gaming regulations by AMGO iGaming Malta Limited. Among the infractions listed were the company’s failure to remit the licensing fee for the November 2022 – November 2023 period and its non-compliance with the payment of applicable contribution fees to the Authority.

Company Background

AMGO iGaming Malta Limited operates multiple gaming brands globally. In a notable move in 2019, the company acquired EveryMatrix’s B2C brand Jetbull for €2 million ($2.2 million), expanding its portfolio in the competitive iGaming market.

Implications for Players and Industry

Impact on Players

The license revocation by the MGA has direct implications for the players associated with AMGO iGaming Malta. The directive to facilitate fund withdrawals ensures that players’ financial interests are safeguarded during this transition. The timely remittance of funds is a crucial aspect of maintaining trust between the company and its users.

Industry Reflection

This regulatory intervention prompts a broader reflection on the iGaming industry’s compliance standards. The MGA’s stringent measures against AMGO iGaming Malta serve as a stark reminder to other operators about the importance of adhering to regulatory requirements. The industry, characterized by rapid growth, must navigate within the boundaries set by regulatory bodies to ensure sustained credibility.

Background of Regulatory Breaches

Licensing Fee Non-payment

AMGO iGaming Malta Limited’s failure to remit the licensing fee for the November 2022 – November 2023 period raises questions about the company’s financial practices. Regulatory bodies such as the MGA rely on these fees to fund oversight and compliance activities, making timely payments a crucial aspect of responsible corporate behavior.

Compliance Contribution Fees

In addition to the licensing fee, the company was found in breach of non-payment of compliance contribution fees to the Authority. These fees play a pivotal role in supporting the regulatory framework, enabling the MGA to carry out essential functions in ensuring fair play and consumer protection within the gaming industry.

Company Expansion and Acquisition

Global Presence

AMGO iGaming Malta Limited, operating various gaming brands globally, has been a player in the international iGaming arena. The company’s global presence has been a key factor in its growth and market positioning.

Acquisition of Jetbull

The acquisition of EveryMatrix’s B2C brand Jetbull in 2019 was a strategic move that added value to AMGO iGaming Malta’s portfolio. This acquisition not only expanded the company’s reach but also brought new challenges in terms of compliance and regulatory obligations.

Conclusion

The Malta Gaming Authority’s decision to revoke AMGO iGaming Malta Limited’s license marks a significant chapter in the evolving landscape of the iGaming industry. As players await the resolution of fund withdrawals, the industry, as a whole, must reflect on the importance of regulatory compliance for sustainable growth and trust-building.

Frequently Asked Questions (FAQs)

Why did the Malta Gaming Authority revoke AMGO iGaming Malta’s license?
The license was revoked due to three breaches of Maltese gaming regulations, including non-payment of licensing and compliance contribution fees.

How will players be informed about the license cancellation?
Players will receive notifications via email, and the information will also be displayed prominently on AMGO iGaming Malta’s official website.

What is the timeframe for withdrawing funds after the license cancellation?
Players are advised to request fund withdrawals, and AMGO iGaming Malta is required to remit the funds within five working days from the date of the withdrawal request.

What were the specific breaches committed by AMGO iGaming Malta Limited?
The breaches include failure to pay the licensing fee for the November 2022 – November 2023 period and non-compliance with applicable compliance contribution fees.

How many gaming brands does AMGO iGaming Malta Limited operate globally?
The company operates multiple gaming brands globally, contributing to its significant presence in the international iGaming market.

What strategic move did AMGO iGaming Malta make in 2019?
In 2019, the company acquired EveryMatrix’s B2C brand Jetbull for €2 million ($2.2 million), expanding its portfolio in the iGaming industry.

How does the license revocation impact players associated with AMGO iGaming Malta?
The directive ensures that players can withdraw their funds, safeguarding their financial interests during the transition.

Why are compliance contribution fees important for regulatory bodies?
Compliance contribution fees support regulatory oversight and essential functions, enabling regulatory bodies like the MGA to ensure fair play and consumer protection.

What is the significance of timely remittance of player funds after a withdrawal request?
Timely remittance is crucial for maintaining trust between the company and its users, ensuring a seamless and satisfactory user experience.

How does the license revocation impact the broader iGaming industry?
The regulatory intervention serves as a reminder to industry operators about the importance of adhering to regulatory requirements for sustained credibility.

AMGO iGaming Malta Compliance Standards EveryMatrix Fund Withdrawal Gaming Regulations iGaming iGaming Industry Jetbull Acquisition License Revocation Licenses Malta Gaming Authority MGA Regulatory Compliance

Esther

I am a professional writer with 8 years of experience in this field and I can provide you with the best-written content you can find. Education B.A. - English, George Washington University, United States, Graduated 2011.

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