Malta gaming regulator suspends SFJL Holding’s license due to regulation breaches

August 9, 2023 admin 126 Views

The Malta Gaming Authority announced on Friday it is suspending the authorization awarded to SFJL Holding Limited with immediate effect, based on specific breaches of the Gaming Compliance and Enforcement Regulations. The suspension officially came into effect on August 3 and runs for an undisclosed period.

According to MGA, the operator breached specific terms of Regulation 9 of the Gaming Licence Fees Regulations. “The Authorised Person is thus no longer authorized to carry out any gaming operations during the suspension’s operative period,” the Authority said.

The breaches include failure to comply with obligations in terms of regulatory instruments or other applicable laws, as well as failing to seek the regulator’s approval over certain material changes within the business.

In addition, the regulator identified a breach of Section 9(1)(j). This states that if the MGA had been aware of particular circumstances, it would not have given its authorization over certain matters.

The MGA stated that SFJL Holding Limited has the option to appeal against the decision in line with Article 43 of the Malta Gaming Act. SFJL cannot carry out gaming operations during the suspension period.

Earlier this month, the regulator canceled the authorization awarded to EGMIT Elite Limited, which runs the Elite24bet brand, as the operator failed to comply with an order issued by the authority, as well as failed to adhere to certain regulations and laws.

The regulator further pointed out breaches related to a failure to discharge financial commitments for its operations; failure to meet commitments to players promptly; and failure to pay fees promptly.

Cancellation of the license means Elite24bet is no longer authorized to carry out gaming operations under the MGA permit and that the brand must remove any reference to approval from the regulator from its websites and platforms. The Authority also filed a police report against the operator and initiated liquidation proceedings.