The Malta Gaming Authority’s Decisive Action on Arabmillionaire Limited’s License

Arabmillionaire, amidst a significant restructuring phase, reached out to the Authority, pleading for a temporary freeze on their license.

Even though Arabmillionaire had several breaches that warranted license cancellation, the Authority, acknowledging their request, suspended the license on 12th October 2022. This move gave Arabmillionaire a chance to mend its relationship with the Authority.

Failure to Comply Results in Severe Consequences

Post-suspension, Arabmillionaire was given explicit terms to fulfill – resolve breaches, clear any debts, and assure the Authority of their competence in managing the authorization. The firm neither appealed the suspension nor addressed the mentioned breaches, leading to persistent issues.

As a blow to their standing, Arabmillionaire missed its 2023 license fee payment, amassing a debt of €50,000 for the periods starting 13th June 2022 and 13th June 2023. Due to these recurring defaults, the Authority has canceled Arabmillionaire’s Authorization (MGA/ B2C/425/2017).

Next Steps for Arabmillionaire Limited

Arabmillionaire is now directed to inform its players about this cancellation through their website and emails. The firm must guide players on withdrawing funds and ensure all player disputes are settled. The Authority has highlighted potential criminal charges if there’s a failure to fulfill these obligations.

Moreover, the company must align with the Gaming Act’s requirements, provide a detailed transaction report, and ensure all player funds are returned. Importantly, the €50,000 debt to the Authority must be cleared within five days of receiving this notice.

The Authority has set a strict seven-day timeline for Arabmillionaire to act, with the provision of an appeal before the Administrative Review Tribunal within twenty days post-cancellation announcement.

Our Comment on the Article

The situation emphasizes the rigorous standards set by the Malta Gaming Authority and the implications of not adhering to them. Arabmillionaire Limited’s inability to manage its obligations underscores the importance of businesses in the iGaming sector maintaining transparency and fulfilling regulatory commitments.

It serves as a potent reminder for companies about the severe consequences of not adhering to set regulations and the protective stance regulatory bodies take to ensure player security and fair play.