This year iGaming operators have found a lot of ups and downs in their industry because of the pandemic. Operators of the land-based casino and online casinos, both of them have suffered a lot due to struggle in lockdown. Many of them faced the shortage in their revenue, because of the economic shut down in the Covid-19. Others were facing the problem with the lawmaker and regulators.
Reasons for fine
According to the report of the GamblingIndustryFines.com, it is found that nearly £44 million fines have been provided by the gambling operators to the authority. Because of this most of the betting companies were affected.
According to our correspondent, these fines were issued for a number of reasons as some of the gambling companies were not maintaining the rules and regulations and became involved with money laundering activities. The report also shows their connection with the Mafias as they were using these casinos as there ATM.
To solve these issues, the Malta Gaming Authority (MGA) became very strict towards the licensees. The licensees are bound to abide by all the rules and regulations that are imposed by the authorities. Blackrock Media has become the victim of this charge as it was providing some unauthorized services beyond the area of license. MGA has fined at least £2 million dollars against this online casino company because of some unauthorized transactions.
MGA has told to its licensees to share client data with the authority so that the illegal transactions can be hindered. Another company named Kindred Group has been affected by the new law as it was not sending the financial incentives accurately to its customers. More than 9.5 million dollars fine has been submitted against this company which has also imposed because of the violation gambling act in Sweden. Besides this, Caesar’s Entertainment UK has been also affected by the fine which has surpassed £13 million in total.