Malta Sanctions Two Gambling Firms for Rules Violations

The Malta Gaming Authority has cracked down on two gambling companies this week.

SFJL Holding Limited has been subjected to fines and a suspension of its license for multiple regulatory breaches. Meanwhile, EGMIT Elite Limited has had its license to operate Elite24bet canceled.

The MGA did not specify the exact nature of the company’s breaches. However, it did cite which parts of section 9 (1) of Malta’s Gaming Compliance and Enforcement Regulations were violated. These give us some broad information about the charges.

failed to apply for approval

SFJL Holding was described as having failed to apply for approval and provide notification to the MGA of changes to the company (sections 9(1)(k) and (j)), as well as general compliance failures (section 9(1)(c)).

EGMIT Elite Limited’s sins were cited as breaching numerous areas of the law. In particular, sections 9(1)(d) and (i), which are focused on financial obligations to the customer and regulator.

Malta has been revamping its regulatory framework to protect Maltese companies and their customers. The result has been several big changes in the Maltese gambling market.

Neither company can continue operations under these sanctions, though both operators may appeal the ruling.

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• Source: https://www.vegasslotsonline.com/news/2023/08/08/malta-enacts-severe-sanctions-on-two-gambling-companies/