UK’s gambling regulator has revoked the license of the Slotty Vegas operator over concerns about the sources of the funds for the recent acquisition of the company
The UK Gambling Commission announced Tuesday that it has decided to revoke the operating license of MaxEnt Limited, citing concerns over the online casino operator’s finances and the information it has provided to the regulator.
The Gambling Commission’s decision is set to take effect on June 18, which means that from that date on, MaxEnt will no longer be allowed to operate in the UK’s regulated gambling market. The regulator said in a statement issued on June 4 that it expects the operator to engage promptly with its UK customers and provide them with relevant information about its departure from the local market.
Not Satisfied with the Source of Funds
As the UK Gambling Commission said in its regulatory sanctions register, its decision to revoke MaxEnt’s license was prompted by the company’s recent change of ownership. The regulator pointed out that after a hearing before the regulatory panel, it “has decided to revoke the operating license under section 102(4)(b) of the Gambling Act 2005.”
UK’s gambling law mandates that when a change of corporate control occurs, a company holding a license by the Gambling Commission should either surrender it or apply for a license under the new ownership.
In addition, if a person becomes a controller of the gambling company, the license application should be accompanied by information about the new controller and their interest in the company.
In its statement regarding the license revocation, the Gambling Commission said it is not satisfied that it would have granted the operating license to MaxEnt “had the new controller been a controller of the company when the application for the operating license was made.”
The regulator also clarified that in particular, it was “not satisfied as to the source of funds to acquire and support the licensee at the time of, and following, the change of corporate control.” The Gambling Commission further revealed that it had identified concerns in relation to the suitability of MaxEnt’s new controller and that he had provided conflicting information and had “failed to be full and frank in his dealings” with the regulatory body.
Recent Revamp
MaxEnt is the operator of the Slotty Vegas and BETAT Casino online casino brands. The company is headquartered in Malta and aside from the now revoked license from the UK Gambling Commission, its casinos also operate under a license from the Malta Gaming Authority.
MaxEnt’s flagship Slotty Vegas casino underwent a revamp just recently. The company undertook a project to re-evaluate its casino operations and bring necessary improvements last year. It said earlier this year that the project took up the majority of the third and fourth quarters of 2018. The launch of the overhauled Slotty Vegas represented the first-phase of the improvement process. The changes included new a color scheme, easier navigation, and enhanced game portfolio and payment options, among others.
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