DGV Entertainment Group Limited’s license has been canceled by the Malta Gaming Authority. The gambling regulator reached this decision after determining that DGV violated several legal provisions. These provisions are part of a series of missed payments of its compliance and permit fees.
Time up for DGV After Failed Payments
DGV has been operating under the FlipperFlip and AurumPalace brands under its original permit. But the MGA ruled that the group breached several regulations. One of them is Regulation 3 (1)(b) of the Gaming License Fees Regulations.
According to the gambling regulator, DGV did not pay €25,000 as the license fee as agreed. This was for the period starting November 23, 2021, and ending November 22, 2022. DGV was also found in violation of Regulation 3 (1)(a) and Regulation 6 part of the Gaming License Fees Regulations. This was after missing its compliance payment fees MGA. This amount summed up to €10,333 from December 2021 to date.
Another article DGV breached is Article 41 (2)(a) of the Gaming Authorizations and Compliance Directive. This was after it failed to submit the required audited financial statements for the period between January 2020 and December 2020 within the stipulated 180-day window.
The MGA also found DGV guilty of violating Article 41 (1) of the Gaming Authorizations and Compliance Directive. This was after failing to submit interim financial statements for the period between January 1, 2021, and June 30, 2021.
DGV Given 20 Days to Respond
Even with the suspended license, DGV has 20 days starting from August 4, 2022, to respond to the failings and license suspension. DGV will have an opportunity to argue its case before the regulator to convince it why it should reverse its decision to withdraw the group’s license. Should the group fail to convince the regulator within the stipulated 20 days, the license will be withdrawn.
DGV Entertainment has its operations based in Malta and it continues to expand its presence in the region. Just recently, the company sealed a deal to enter the iGaming industry in the country courtesy of two of its brands.
MGA’s Recent Crackdowns
The Malta Gaming Authority has been on a crackdown on various gaming companies in the recent past. Field of Fortune is one of the companies to face the wrath of the MGA. Its license was also suspended for failing to pay its fees. The company breached regulation 9 (1) of Malta’s Gaming Compliance and Enforcement Regulations
This news came on the back of another suspension. Just days before Field of Fortune’s license was withdrawn, the MGA announced the cancellation of Bet in Best’s license. This was also the same reason.
The regulator initially warned BIB in December that it failed in several areas. However, the company pledged it would fix the issues. But it didn’t keep its promise months after the warnings from the regulator.