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HomeNewsMGA Slaps Blackrock Media with a Record Financial Penalty of €2.3m

MGA Slaps Blackrock Media with a Record Financial Penalty of €2.3m

Blackrock Media Limited, a subsidiary of Netherlands based Blackrock Entertainment has been fined a whopping €2.3m (£2.0m/$2.6m) by the Malta Gaming Authority (MGA) for operating a gaming service via a legal entity without proper authorisation. Blackrock Entertainment holds a Curaçao licence and operates an online casino brand called Wild Sultan.

The financial penalty was issued after a thorough investigation was undertaken by the MGA and Executive Police force of Malta during which it was discovered that the company was processing gaming-related payments to and from players in an unauthorised manner.

According to the MGA, the penalty payment has been determined after a mutual settlement was reached between the Maltese regulatory authority and Blackrock Media per article 25 of the Gaming Act (Cap. 583 of the Laws of Malta).

This fine sanctioned by the MGA is its first financial penalty of 2020. In December last year, the regulatory authority had suspended the licenses of 11 operators and cancelled that of 14. Additionally, it has issued 20 warning, 23 administrative fines and 89 Notices of Breach on various operators.

15 operators were deemed unfit for a license primarily based on money laundering and terrorism funding risks. The MGA’s Compliance and AML function further conducted 48 audits. 1300 criminal probity checks were also conducted to filter out questionable operators.

Overall, the MGA seems to have strengthened its regulatory oversight so that only licensed, legit and safe gambling operators are available for players.

Blackrock Media Limited, a subsidiary of Netherlands based Blackrock Entertainment has been fined a whopping €2.3m (£2.0m/$2.6m) by the Malta Gaming Authority (MGA) for operating a gaming service via a legal entity without proper authorisation. Blackrock Entertainment holds a Curaçao licence and operates an online casino brand called Wild Sultan.

The financial penalty was issued after a thorough investigation was undertaken by the MGA and Executive Police force of Malta during which it was discovered that the company was processing gaming-related payments to and from players in an unauthorised manner.

According to the MGA, the penalty payment has been determined after a mutual settlement was reached between the Maltese regulatory authority and Blackrock Media per article 25 of the Gaming Act (Cap. 583 of the Laws of Malta).

This fine sanctioned by the MGA is its first financial penalty of 2020. In December last year, the regulatory authority had suspended the licenses of 11 operators and cancelled that of 14. Additionally, it has issued 20 warning, 23 administrative fines and 89 Notices of Breach on various operators.

15 operators were deemed unfit for a license primarily based on money laundering and terrorism funding risks. The MGA’s Compliance and AML function further conducted 48 audits. 1300 criminal probity checks were also conducted to filter out questionable operators.

Overall, the MGA seems to have strengthened its regulatory oversight so that only licensed, legit and safe gambling operators are available for players.

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An iGaming enthusiast that have worked with online casinos and betting since 2017. Ex-chief editor for a sport news outlet, Vincenzo is the stalwart of the team who dares to dream big. He knows content that could be a player’s ticket to a million bucks. A quiet achiever, he believes in working in silence and letting success make the noise. He is also the one who ensures everything in the team works the way it should. We can always bet our boots on that.

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Vincenzo Davari
An iGaming enthusiast that have worked with online casinos and betting since 2017. Ex-chief editor for a sport news outlet, Vincenzo is the stalwart of the team who dares to dream big. He knows content that could be a player’s ticket to a million bucks. A quiet achiever, he believes in working in silence and letting success make the noise. He is also the one who ensures everything in the team works the way it should. We can always bet our boots on that.

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An iGaming enthusiast that have worked with online casinos and betting since 2017. Ex-chief editor for a sport news outlet, Vincenzo is the stalwart of the team who dares to dream big. He knows content that could be a player’s ticket to a million bucks. A quiet achiever, he believes in working in silence and letting success make the noise. He is also the one who ensures everything in the team works the way it should. We can always bet our boots on that.