Blackrock Media Limited has been fined €2.3m (£2.0m/$2.6m) by the Malta Gaming Authority (“MGA”) for operating a gaming service through a Maltese legal entity without being in possession of the necessary authorisation.
Joint investigations by the MGA and the Executive Police revealed that the company processed millions of euros worth of payments as part of a gaming operation that was unlicensed.
The penalty was determined by a settlement reached with the Authority in terms of article 25 of the Gaming Act (Chapter 583 of the Laws of Malta).
In December, the MGA revealed that it suspended 11 licences and cancelled another seven between January and June 2019. The MGA issued eight administrative fines in this period. The fine issued to Blackrock is the highest fine ever issued by the Authority and reflects the regulatory overhaul to reflect the high standards Malta expects for its gaming industry.
If you believe your company may be at risk of non-compliance, or if you require advice relating to the setup or operation of a gaming company, contact sammut.legal for quality expertise in gaming and technology law.