• Wed. Apr 24th, 2024

The Daily Fantasy Football Company has its Malta licence cancelled

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The gambling regulator for Malta has announced that it has cancelled the business-to-consumer license of iGaming operator The Daily Fantasy Football Company Limited for multiple breaches of its regulations.

The Daily Fantasy Football Company has its Malta licence cancelled

The Malta Gaming Authority (MGA) used an official Friday press release to declare that the decision concerning the Valletta-headquartered operator behind the domains at TheFantasyFootball.com and PlayTheSix.com was instituted after the firm was adjudged to have contravened two Paragraph 9 tenets of its licensing regulations including the judicious payment of ‘relevant tax, compliance and true-up alignment contributions’.

Obligation error:

The Malta regulator stated that it believes The Daily Fantasy Football Company Limited was moreover about to stumble when it comes to meeting player commitments ‘in a timely manner’ as it believes ‘such failure is imminent’ concerning some €3,483 ($3,803) in liabilities that were ‘incurred by the authorized person towards player funds’.

Immediate sanction:

As a consequence, and the MGA used the press release to pronounce that The Daily Fantasy Football Company is now ‘no longer authorized to carry out any gaming operations, register new players or accept new customer deposits’. But the regulator proclaimed that it has also asked the iGaming enterprise to preserve all customer account information and provide its registered online casino aficionados ‘with access to their player accounts’ for the purposes of returning ‘all funds standing to the credit of players in line with the applicable law’.

Continuing vigilance:

The regulator furthermore revealed that its action ‘may be subject to an appeal’ while iGamingBusiness.com used a Monday report to detail that this ruling came less than a month after Blackrock Media Limited was hit with a financial penalty of approximately €2.3 million ($2.5 million) for processing iGaming payments through Malta without the necessary authorization.

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