MGA cancels licenses for 4tune-Software, Totup, & BetDino in 2023, ensuring player protection & industry standards. Maltese law safeguards players’ funds. (Image by Geralt on Pixabay)
To uphold its reputation and to ensure player protection at all times, the Malta Gaming Authority (MGA), a key player in the regulatory sector of the online gambling industry has several announcements on its news page related to cancelled licensing.
By cancelling 4tune-Software, Totup System Limited, and BetDino operators’ licencing certificates, the MGA reiterates its commitment to maintaining high standards in the gaming industry. By keeping a close eye on companies operating within their jurisdiction, the MGA ensures a fair, competitive market that benefits both players and operators.
The MGA’s focus on compliance and responsible gaming highlights its dedication to protecting the interests of everyone involved in the gaming sector.
As per the licensing authorities’ rules, gaming companies must stay on top of their financial obligations and local laws. Additionally, they should prioritize transparency and make timely payments to maintain strong relationships with regulatory bodies.
What happens you your money if a casino loses its licensing? Thanks to strict laws applied by the MGA you can still withdraw your balance as the Maltese government has control over the funds. Although not fully related, the same principles apply as those outlined in our casino bankruptcy help guide.
MGA Cancels 4tune-Software’s Authorization
This month the mGA dropped the hammer on 4tune-Software GmbH’s operating license (MGA/B2B/726/2019). Effective March 28, 2023, the decision is in line with Regulation 10 of the Gaming Compliance and Enforcement Regulations (S.L. 583.06), also known as the “Regulations.”
So, what went wrong? 4tune-Software, the “Authorised Person,” broke Regulation 9 (1) of the Regulations for two main reasons:
- The company didn’t fulfil its financial commitments to the MGA for its operations.
- They failed to pay all amounts due to the MGA in a timely manner.
As a result, 4tune-Software is no longer allowed to run any gaming operation using its Maltese-registered business, which is on the MGA as company number FN 32532.
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Financial Irresponsibility Leads to 4tune-Software GmbH License Cancellation
The Malta Gaming Authority (MGA) has also recently taken the drastic step of revoking the authorization numbered MGA/B2B/726/2019, which was granted to 4tune-Software GmbH. The cancellation, which was made effective from the 28th of March 2023, comes as a result of the company’s failure to meet its financial obligations towards the Authority.
According to the Gaming Compliance and Enforcement Regulations (S.L. 583.06), the decision to cancel 4tune-Software’s authorization was due to the company breaching regulation 9 (1). This violation was highlighted by the following instances:
- The company’s inability to discharge financial commitments related to its gaming operations;
- The consistent failure to pay all amounts due to the Authority in a timely manner.
The consequences of this sanction are severe for 4tune-Software. Not only is the company no longer allowed to conduct any gaming operations, but it must also settle all outstanding fees owed to the MGA immediately.
BetDino Loses MGA Authorization
The MGA has recently pulled the plug on BetDino Ltd’s operating license (MGA/B2C/276/2014). The decision came into effect on January 18, 2023, in accordance with Regulation 10 of the Gaming Compliance and Enforcement Regulations (S.L. 583.06), also known as the “Regulations”.
This drastic action was taken against BetDino, the “Authorised Person,” as a result of violating Regulation 9 (1) (c) and (l) of the Regulations. Let’s dig into the reasons behind this decision:
• First off, BetDino failed to meet the required obligations outlined in the regulatory instruments or other applicable Maltese laws.
• Secondly, the company didn’t make timely payments to the MGA, leading to a significant breach of trust.
This now means the company can no longer operate any online gambling services using the Maltese company name, which has the registration number C 85796.
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