The Gaming Authority of Malta (GAM) has rescinded the operational permit of internet gaming provider, Arabian Millionaires.
This action from the GAM follows a string of delinquent license payments and the inability of Arabian Millionaires to rectify concerns highlighted by the governing entity. Originally, the GAM disseminated a communication in August 2022, providing the provider 23 days to challenge the decision. Nevertheless, rather than disputing the assertions, Arabian Millionaires sought a postponement of its permit, aiming to settle the unresolved matters.
Despite numerous violations that could have warranted an immediate annulment, the GAM allowed the suspension on October 12, 2022, to provide the company an opportunity to clarify its circumstances. However, despite the leniency, Arabian Millionaires neglected to amend its behavior or collaborate with the GAM. Efforts to communicate after November proved futile.
Beyond the overdue license payments, Arabian Millionaires also neglected to submit its 2023 license payment, due on June 13, 2023. This elevated the total sum owed to the GAM to a significant two years’ worth of payments.
Due to these ongoing shortcomings, the GAM reached the decision to withdraw Arabian Millionaires’ license.
The business is in a tough spot! They’ve received notice to notify their clients about the upcoming loss of their gaming permit and the requirement for players to cash out their funds. Furthermore, they face a substantial penalty levied by the Malta Gaming Authority – a hefty €50,000, to be precise – with a mere five days to settle the sum!
Although the organization may attempt to contest the ruling, they are obligated to adhere to the MGA’s directives. Failure to comply, particularly neglecting the financial obligation, could result in even more severe consequences.