UKGC Has Withdrawn Nektan’s Remote Operating License
Gibraltar-based Nektan Limited is the latest online gambling company to face the wrath of the United Kingdom Gambling Commission. This is after the regulator suspended its remote operating license pending investigations on breach of license conditions.
Nektan Limited’s License Suspended by the Gambling Commission
Nektan (Gibraltar) Limited becomes the latest online gambling operator to have its license suspended by the UKGC. The leading mobile gaming platform and content developer is under formal investigation according to Section 116 of the Gambling Act 2005.
The suspended licenses by the UKGC touch on the online casino and UK bingo services offered by Nektan Limited. Therefore, the gambling watchdog stated that the company cannot offer activities under its issued licenses. This license revocation came as a result of breaching licensing conditions. The supplier will now have to await the results of a formal investigation initiated against it.
In the meantime, the UKGC stated the license suspension takes place immediately. The suspension will only be lifted after the operator satisfies the regulator with proper compliance with the licensing conditions. Nektan’s license suspension took effect on April 27, 2021, effectively making the company’s gambling services and websites illegal. However, the UKGC has not restricted the operator from paying out players’ winnings or effectively communicating with its customers.
Nektan’s Withdrawal from the London Stock Exchange
Nektan’s withdrawal from trading on the London Stock Exchange was perhaps a precursor to its license suspension. The company had its shares suspended from trading last year. This was after the company failed to comply with trading rules that require a company to publish audited annual reports and accounts. Furthermore, it failed to appoint another nominated advisor. Consequently, it was ejected from the London Stock Exchange.
Nektan was established in 2011 by Richard Sagman. The game provider focuses on creating mobile-optimized gaming content. It has its headquarters in Gibraltar but it’s also present in Las Vegas and London. Nektan offloaded its subsidiary Grace Media at the start of 2020.
During the sale, Nektan declared the company’s turnover stood at £19.4 million but ended the year with losses. The stated amount was for the fiscal year that ended on June 30, 2018. Proceeds from the sale were used for administration purposes.
Nektan’s Prolific Stint in the Gambling Industry
Nektan’s footprints in the industry go way back to 2015 when it signed a deal with News UK. The partnership led to the development of a gaming product for a popular newspaper known as The Sun.
Sun Play was the name of the product and its aim was to fill the gaps in entertainment while also offering customers a chance to win money. Evolve, which is a mobile platform owned by Nektan, was tasked with powering Sun Play.
Evolve would later add another product to its plate, Live Casino by NetEnt. This was in 2018 although it’s defunct today. The product offered the game studio’s live dealer releases that included the likes of blackjack and roulette.
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