Malta Gaming Authority (MGA) has canceled the license of BIB Limited, a sports betting business that operates the BetIt Best brand.
The MGA issued the first notice of cancellation on December 22, 2021, stating that it provided companies with a 20-day period to show why authorities should not proceed with enforcement measures.
The MGA further stated that the BIB had submitted submissions that the authorities deemed sufficient to give an extended period to correct the violations outlined in the initial notice. However, BIB was unable to make the necessary changes within that period.
The BIB will then immediately suspend all game operations, submit all unpaid reporting requirements, settle unpaid membership fees, and remove references to MGA or game approval in marketing or other communications. I was instructed.
BIB claimed that MGA granted the world’s first sports brokerage license in 2017. The business has Type 3 gaming licenses and the approved industry is pool betting, including betting exchanges.
Nico Jansen, CEO of Bet It Best at the time, said: Due to regulatory requirements, bookmakers are offering licenseable services and have not been able to rely entirely on the services offered so far. As of today, bookmakers can rely on our license. The license ultimately answers all open questions and questions raised by their respective compliance departments. “
