The Malta Gaming Authority (MGA) recently took action against Arabmillionaire Limited by canceling its license. This decision was driven by the company’s failure to settle its overdue license fees, amounting to two years’ worth, despite being granted a grace period.
Initial Notice and License Suspension
On August 4, 2022, MGA issued a notice to Arabmillionaire Limited due to two months of overdue license fees.
Arabmillionaire was granted 23 days to appeal but chose to request a license freeze to address outstanding issues.
MGA suspended Arabmillionaire’s license on October 12, 2022, to allow the company to resolve its situation despite multiple breaches.
Failed Resolution and Additional Fees
Despite the grace period, Arabmillionaire did not cooperate, and communication attempts after November proved futile.
In addition to the overdue fees, Arabmillionaire also failed to pay its 2023 license fee due on June 13, 2023, accumulating a two-year licensing fee debt.
License Cancellation and Obligations
MGA officially canceled Arabmillionaire’s license.
Arabmillionaire is required to inform players of the situation and facilitate fund withdrawals for current players, providing guidance on the withdrawal process.
The company must submit a transaction report to MGA and settle its outstanding fee of €50,000 ($52,820) within five days.
Potential Courses of Action
Arabmillionaire retains the option to appeal the decision by taking the case to the Administrative Review Tribunal.
Failure to comply with MGA’s decision could result in law enforcement intervention, particularly if it leads to overdue payments.
The Malta Gaming Authority’s cancellation of Arabmillionaire Limited’s license is a significant development in the world of online gaming and licensing. This decision underscores the importance of meeting financial obligations and compliance in the industry. Arabmillionaire has the opportunity to appeal the decision but must take swift action to address its outstanding fees to avoid further legal consequences. The MGA’s commitment to maintaining the integrity of its licensing system remains resolute.