Arabmillionaire has licence cancelled by Malta Gaming Authority
A Cancellation of Authorisation has been placed against Arabmillionaire by the Malta Gaming Authority.
The Malta Gaming Authority (MGA) has revealed details of its Cancellation of Authorisation against Arabmillionaire Limited this week, which included two months of overdue licence fees.
The initial notice, which was filed back on 4 August 2022, offered Arabmillionaire 23 days to appeal its case. However, instead of taking this route, Arabmillionaire requested to have its licence frozen, done with the intention of settling outstanding issues.
As a result of this request, MGA suspended Arabmillionaire’s licence on 12 October 2022 to provide the company with the opportunity to fix its position with MGA. This was done despite the multiple breaches made by Arabmillionaire that constituted grounds for the complete cancellation of the licence.
Despite the grace period given by the Authority, Arabmillionaire failed to fix its position or cooperate, with communication following November being futile. Moreover, on top of outstanding licence fees owed by Arabmillionaire , on 13 June 2023, its 2023 licence fee was due, leaving the company owing the Authority two years’ worth of licensing fees.
As such, it was concluded today that MGA would be cancelling Arabmillionaire’s licence. This will result in the company needing to notify players of the situation and provide fund withdrawals to all current players, alongside providing guidance on how to do so. The company will also have to submit a transaction report to MGA and must settle its outstanding fee of €50,000 ($52,820) within five days.
Arabmillionaire may still choose to take its case to the Administrative Review Tribunal and appeal the decision of MGA; however, it also remains liable and may face intervention from law enforcement if the MGA believes this will result in overdue payments being made.
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