igamingnext photo
Collapsed iGaming operator Genesis Global has had its gaming licence cancelled by the Malta Gaming Authority (MGA), one year after being wound down.

The MGA ordered Genesis Global to pay it any owed fees, settle player withdrawal requests and remove any reference to its licence from its online marketing or portals.

For the pending player withdrawals, the collapsed company is required to provide the MGA with a report backed by data from its back-end system, as well as supporting bank statements, to prove funds have been returned to players.

Genesis Global collapse

The MGA first suspended the insolvent Genesis Global’s gaming licence in January 2023 after the company launched insolvency proceedings.

This saw the business barred from conducting gaming operations, registering new players and accepting new deposits.

The operator saw its doors close in December 2022, when it sent a letter to its 150 employees that they would face redundancy prior to the business’ bankruptcy.

The operator’s messy collapse was accompanied by controversy over its inability to pay pending player withdrawals.

In January 2023, Genesis Global’s Spanish site remained operational despite having no remaining staff to process withdrawals.

Employees left in the cold

The winding down process also saw employees argue the business had sufficient funds to pay at least some of the December salaries.

The business’ sole investor rejected a proposal that would have seen money returned to employees, instead opting to launch bankruptcy proceedings, an anonymous source told NEXT.io.

Prior to that, in December 2022, Genesis co-founder and CEO Ariel Reem had exited the business after more than eight years in charge.

This was accompanied by news that the business was set to exit the UK market. The operator had previously seen its licence suspended by the UKGC in July 2020, although it was later reinstated on appeal.

Similar posts