The BIB license was canceled because of failure to comply

The BIB license was canceled because of failure to comply

The license of the parent company of Bet It Best has been canceled. The company was given a notice of failings in December, but was given an extension to work through the issues.

The company’s license has been canceled by the regulators after they granted the request. The necessary changes that would have allowed it to remain operational were not made. The authority made a statement.

All payments will have to be settled as per the cancellation rules of the MGA. The world’s first sports broker was granted a type 3 gaming license from the MGA at the time.

The company’s operations were deemed to be not up to the required standard five years later.

The grey list, an international compendium of jurisdictions that are considered safe for doing business, was recently removed from Malta. The country has some way to go in making sure that its laws and regulations are up to the highest standards after a former compliance officer lost his license on multiple charges.

Summary:

The Malta Gaming Authority has cancelled the license of Bet It Best parent company BIB Limited. The company was originally issued a notice of failings in December, but BIB Limited assured the regulator it would rectify the breaches, and asked for an extension to work through the issues. The regulator granted the request but several months later, the regulator has been forced to cancel the company’s license.