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Smart Operations Limited Stripped of License
The Malta Gaming Authority (MGA) made a decision to cancel the license given to Smart Operations Limited. The MGA was left with no choice as the company in question did not meet the financial obligations. Ultimately, it came down to not paying the money that was owed. It is not the first time the MGA has decided to strip a license from a company and we doubt it won’t be the last. The failure to follow the rules and regulations is always taken with a strong hand and removing the license is a clear-cut message to all.
Failure to Follow the Rules Results in Loss of License
The MGA made the decision official recently but the license cancellation took immediate effect as of 30 April 2021. As we mentioned, the failure of a financial commitment led the authorities to take this drastic measure. The rules clearly state that this is a breach of the licensing rules and so the MGA made the right decision. If we look at the specifics, the Smart Operations company breached the rules of Gaming Compliance and Enforcement Regulations.
So, what does this mean for Smart Operations Limited now? Well, losing the license results in serious consequences for their business. It is not allowed to welcome any new registrations, accept any deposits, and offer any casino games. The one clear allowance is that it must give access to all existing members and process refunds wherever necessary in a timely manner.
Smart Operations Not the First
The MGA has not been labeled one of the top licensing authorities in the world by accident. It takes its role extremely seriously and instances like this show us how quick it is to come down on rule-breakers. It’s a serious business and as such, requires serious actions. Keeping on top of all its licensees is a full-time job and Smart Operations is just another name in a long line of those stripped of their licenses.
In fact, it came to light that the MGA stripped a total of seven licenses throughout the first six months of 2020. These are just the ones who had the licenses removed. There were many more who were also contacted due to the breaching of rules and regulations. The MGA often gives the company in question time to prove its innocence. However, if there is no substantial explanation then the authority will come down hard.
Recent Moves Made by the MGA
It’s been a busy time for the MGA this year. The Smart Operations Limited situation has made the headlines and the recent RTP rates also caused a stir amongst the industry. The minimum RTP rates were streamlined down to 85% from 92%. B2C and B2B operators, consultants, and stakeholders were all involved in the process. It was a process whereby they all wanted to better understand the optimal RTP rates across the industry.
In addition to this change of RTP rate, it also repeated the need for game rules to be made available via a single click from the game page. The MGA is keen to maintain its reputation as a top-rated gambling authority and all the cases we have just mentioned are helping it to do just that. It goes to show that if you break the rules then you won’t last long under the MGA’s watch.