Maxent To Appeal After License Revoke By UKGC

MaxEnt, the operator behind brands Slotty Vegas and BetAt are to appeal after they had their UK License revoked by the United Kingdom Gambling Commission (UKGC).

Adequately Funded

The license was revoked after the UKGC investigated concerns as to the finances of the company and information that had been submitted to the commission. The Malta based company stressed that the regulator was not only satisfied that the firm is adequately funded in the short and long term, but also with the source of funding too.The company also stressed that the financial situation relates to a transition period, which was taken before the ‘current management’ took over the organisation, MaxEnt said,“ As part of our appeal we will seek to have proper regard on the change of management taken. “ This follows identification of concerns relating to the operator’s finances and information supplied to the commission.”MaxEnt went on to say, “ We feel that the decision is not sufficiently objective, hence why we are appealing. We do not intend to leave the UK market at this time. “ We are hopeful of a positive outcome following our appeal, but we will be carefully considering our position in the UK market, nonetheless. We believe other markets show great potential for a responsible, prudent operator such as ourselves.”

UKGC Not Satisfied With Funds Source

The UKGC said, “ After a hearing before the regulatory panel, the commission had decide to revoke the operating license under section 102(4)(B) of the gambling act 2005. “ This is because the commission is not satisfied that it would have been granted the operating license to the licensee had the new controller been a controller of the company when the application for the operating license was made. “ In particular, the commission is not satisfied as to the source of funds used to acquire and support the licensee at the time of, and following, the change of corporate control.”MaxEnt have until the 18th June 2019 to submit an appeal, rather than revoke the license immediately.

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