Genesis Global’s Malta licence was suspended in January last year and has now been fully cancelled. As a result, the operator must settle all outstanding fees with the MGA within seven days of the cancellation. Genesis must also confirm that funds have been returned to all players across its network of websites within the same timeframe. Additionally, all reference to the Malta licence must be removed from Genesis’ websites.
One year later, Genesis Global collapsed and was wound up in December 2022. Prior to the collapse, the company laid off all employees and began insolvency proceedings. This came after warning its employees that it may not be able to pay their wages for the month, including December salaries and notice pay. CEO Ariel Reem had already departed from the company around the same time as it exited the UK gambling market.
In the wake of the licence cancellation, the MGA is collaborating with the appointed liquidator at Genesis to ensure players recover any funds held by the operator. It should be noted that the cancellation may be subject to appeal.
In addition to Genesis Global, two other businesses had their Malta licences affected this year. Rush Gaming’s licence has been suspended until further notice for breaching gambling regulations, while Betago had its licence cancelled and was ordered to return all player funds and remove any reference to the permit from its websites.
