UK Gambling Commission Suspends Genesis Global License Due To Compliance Issues
The regulating body reviewed the online casino’s license to prove suspicions that they can no longer carry on their duties as the state in their license. UKGC is authorized to conduct the review under section 116(2)(a) of the Gambling Act of 2005.
The Gambling Act of 2005 paved the way to the legalization and regulation of online gambling in the UK. It has given the commission the power to review online poker operations, sports betting, casino games, bingo, and lottery-style games. The law required anyone who wants to offer online gambling to secure a license from the commission.
The legislation became the framework for the operations of online gambling platforms. It served as a guide in hosting games and in placing wagers online. The law restricted gamblers below 18 years of age from joining online gambling platforms.
The legislation modernized the gambling industry of the UK.
Legalizing online gambling for the safety of gamblers
The Gambling Act of 2005 allowed the UK to benefit from the rapidly growing online gaming market. The industry contributed massive amounts of revenue to the state. During the lockdowns placed to prevent the spread of the novel coronavirus, online gambling was the only source of gambling tax.
The collection from the online casinos helped the country fund its coronavirus initiatives.
Legalizing casinos directly contributes through taxes and prevent gamblers from joining illegal overseas online gambling platforms which bring high risk to the gamblers. Illegal online casinos are prone to internet-related crimes, and it raises the rate of problem gambling.
Gamblers trust their personal information to unregulated platforms that are unreliable. This information could be used in internet crimes such as identity theft and internet fraud. Illegal online gambling platforms offer attractive promos and high wager limits that could risk gamblers with problem gambling.
The Gambling Act of 2005 aims at preventing the association of gamblers to crime and disorder. It also seeks to develop a fair gaming environment in the UK and protect children and vulnerable people from being exploited in the gambling platforms. The operators needed to prove that they are financially stable and capable of performing their obligations and securing fair gaming to patrons.
Genesis Global breached gambling protocols
The UKGC said they found evidence that the online operator has violated section 116(2)(a) and decided to suspend the activities of its 12 sites in UK, including casoola.com, casinoplanet.com, kassu.com, casinocruise.com, casinogods.com, casinojoy.com, genesiscasino.com, pelaa.com, sloty.com, spela.com, spinit.com and vegashero.com until the review reaches a conclusion.
The regulating body ordered the operator to allow clients to access their accounts and withdraw their balances, and it restricted gamblers from placing their bets on any of the websites. Genesis Global is a Malta-based company approved to operate by Malta Gaming Authority.
The company has operations in Spain and Sweden but faces challenges in its operations in the latter market. Regulators in Sweden placed penalties to the company after they were proven to violate customer bonus offer rules.
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