The Gaming Authority of Malta has abolished all the licenses of service owned by Knockout Gaming Limited’s business to customers in the country. It took two breaches of Malta’s gaming regulations.
The country has ordered Knockout Gaming to immediately cease all the gaming operations run under the company’s name. To abide by this order, Knockout has to now cease all of its activities regarding Gaming. Neither can it now invite or accept any new players or customers and their deposits. With this, the company has lost all its rights to convey and serve gambling services legally. To reattain that right and validity for its services, Knockdown has to either come to a new agreement with MGA or find new jurisdiction for a different license.
However, since the company has no other option but to accept its existing players to its platform, it will do so. It will refund all the money in the customer’s accounts currently. So, this license lost by Knockdown shows nothing hostile to its old customers yet.
Behind the Door
According to the officials of the MGA, they have found Knockout Gaming transgressing regulations like 51(1) set by Malta’s Authorizations and Compliance Directives. They also addressed the company’s failure to pay its vowed compliance contribution payment of 20,044.35 euro for the period of June to November.
Some other sources have also indicated Knockout’s indiscipline approach to other crucial regulations. It has been on the MGA’s observations for a while now and has been warned by the authority several times before. However, the company seemed reluctant to comply with any warning or order, and eventually, it is facing the consequences.
Malta Gaming Authority has always reared a customary to make its rules strict. It never tolerates any deviation from the license holders as it expects its licensees to be more sincere in dealing with those regulations.
Knockout Gaming was given a license so that it can offer betting and gaming services. The company was running four sites to present their services, and these sites are Knockoutcasino, Spinomaniac, Rush777, and Welivebets under those licenses.
The operator might decide to appeal against the MGA’s decision.
