The Malta Gaming Authority (MGA) has revoked the B2C gaming service licence of The Daily Fantasy Football Company after it found that the company had violated a number of its regulations.
The Daily Fantasy Football Company will no longer be able to carry out gaming activities, register new players or take on new customer deposits, with the rule coming into effect immediately, but, as stated by the regulator, the company will maintain and provide access to their accounts to all their registered players, as well as repay all customer loan funds.
The Daily Fantasy Football Company contravened several corresponding paragraphs of Regulation 9 of the country’s Gaming Compliance and Enforcement Regulations, according to the MGA.
Those directly apply to a person or operator who fails to meet player obligations in a timely fashion. The MGA said “such failure is imminent following the €3,483.89 liabilities incurred by the authorised person towards player funds” but did not go into further detail on the fee.
The regulator also noted that the operator failed to pay relevant contributions to the MGA in a timely manner for tax, compliance and true-up alignment.
The Daily Fantasy Football Business, which had worked under its Malta licence under Playthesix.com and Thefantasyfootball.com, will have the option to appeal against the MGA’s decision.
The new ruling comes after last month Blackrock Media paid a financial penalty of € 2.3 million to the MGA that runs a gaming service without the requisite authorisation. The fine was imposed following joint inquiries by the MGA and found the company was accepting payments for unlicensed gaming activities by the Executive Police.
The MGA also revoked the gaming services licence of Zero Seven Gaming Limited last month, after failing to submit reports on player funds and licence fees.