EGMIT Elite Faces License Cancellation

The Malta Gaming Authority (MGA), the gambling regulatory body in Malta, has revealed that it has suspended the license of SFJL Holding Limited, aka MGA/B2C/313/2006 license (Type 2 Gaming Services license in Malta), which came into force from August 3, 2023 pursuant to regulation 8 (1) (f) of the Gaming Compliance and Enforcement Regulations (S.L. 583.06) (the ‘Regulations’). As a result of the suspension, the company no longer has the authority to continue any operations throughout the period of said suspension.

Violation of the provisions:

According to the MGA, “SFJL breached several sections of Malta’s Gaming Compliance and Enforcement Regulations, involving regulation 9 (1) C, K and J.” Those violations are:

• 9 (1) (c) SFJL has failed to comply with one or more applicable obligations in terms of any regulatory instrument or any other applicable law of Malta;
• 9 (1) (k) SFJL has failed to seek the prior approval of the Authority of any material change where such prior approval is required in terms of any regulatory instrument, or has failed to notify the Authority of such material change where such notification is required;
• 9 (1) (j) since circumstances arose which, had they been present and known to the Authority at the time of the issuance of the authorization, would have led to the Authority not issuing such authorization.

However, the company has the right to appeal the decision according to section 43 of the Gaming Act (Chapter 583 of the Laws of Malta) and there is no information on how long the suspension will last.

EGMIT Elite license cancellation:

The aforementioned suspension comes after the MGA revoked the B2C Gaming Service license of EGMIT Elite Limited. Since the operator manages its Elite24bet site through a license, it is now required to halt all operations. In addition, the MGA also noted few violations of the Gaming Compliance and Enforcement Regulations. Furthermore, the company faces the harsh reality of losing its authority to operate games of chance under the MGA license. The consequences of the license withdrawal expand beyond operations, requiring the removal of any reference to the approval of the Maltese regulator on the operator’s digital platform. Also, the MGA began a police lawsuit against EGMIT Elite Limited and activated the start of liquidation proceedings.

Full commitment to maintaining regulatory integrity:

The MGA’s direct approach in these recent cases demonstrates its total commitment to maintaining regulatory integrity, with the clear message: “Non-compliance will have swift and unyielding consequences.”

In an environment where compliance with regulatory frameworks is one of the most important things, the MGA’s recent actions are a key reminder to industry players to “meticulously navigate the complex realm of gaming compliance.”