Malta Regulator Cancels Arabmillionaire Limited License
The Malta Gaming Authority canceled the Arabmillionaire limited license. Also, it asked the gaming operator to settle its outstanding balance of €50,000. They have five days to settle the amount with the MGA. In addition, the operator notified its players of the development and provided fund withdrawals.
According to the Gaming Compliance and Enforcement Regulations, the MGA issued the first Notice of Cancellation on August 4, 2022. It gave the corporation 20 days to show why the regulator should not impose the measure mentioned in the Notice.
Arabmillionaire and its advisers asked MGA to freeze its license for a significant reorganization after receiving the Notice. Also, they wanted more time to resolve all remaining issues.
After reviewing these materials, the MGA decided to suspend Arabmillionaire’s license on October 12, 2022. Also, the regulator gave the firm time to make amends for several infractions that collectively formed grounds for authorization revocation.
Arabmillionaire Limited License Canceled
According to pay per head reports, the organization had a rough year. As a result, the MGA threatened to cancel Arabmillionaire’s license if the company did not fix the problems that had been identified, pay all fees owed to the MGA and its registered players, and give “full assurance” that it could continue to operate legally.
The MGA suspended Arabmillionaire’s license, and the company opted not to appeal. According to bookie pay per head reports, the MGA gave the firm ample time to fix the problems. However, the operator never rectified its stance nor cooperated.
The regulator said that after November 2022, “all of its attempts to contact the firm have been rendered worthless.” In addition, the company continued to violate rules unabatedly. There are better examples of how to be a bookie.
The MGA indicated that during the effective term of the license suspension, Arabmillionaire’s licensing fee for the year 2023 was due on June 13, 2023, in addition to the payment of the unpaid license fee mentioned in their Notice.
The MGA has calculated that Arabmillionaire owes €50,000 ($52,708) in yearly licensing costs for the periods beginning June 13, 2022, and June 13, 2023.
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