UKGC suspends Genesis Global licence

Simona Boshkova | Published 21 Jul 2020, 9:35 a.m.

The UK Gambling Commission has taken plenty of measures and enforcement activities in the previous months. For example, about two weeks ago, the Commission opened a discussion on making online slots safer for the players. In a statement, the Commission pointed out that this is another step in keeping players safe. The discussion is open until September after which the UKGC will take necessary steps.

The UKGC has also announced a couple of licence reviews in the past few months, including the FSB Technology, which was accused of advertising, money laundering and social responsibility failings. Now, the regulator has announced an interim suspension to the operating licence of Genesis Global Limited due to a number of compliance issues.

Genesis Global lost UK gaming activities on 12 sites

Yesterday, the UK Gambling Commission announced that it has started a review of Genesis Global Limited gaming operations in the UK, under the Gambling Act 2005, which allows the Commission to review the licences if it suspects some unusual activities. Therefore, the gambling operator Genesis Global got suspended due to a number of compliance issues that the regulator found.

Commenting that the operator isn’t suitable to carry on with the activities permitted under its licence, the suspension is effective immediately, so Genesis Global lost its gaming activities in the UK on 12 sites. The suspended sites are Casoola Casino, Casino Planet, Kassu, CasinoCruise, Casino Gods, Casino Joy, Genesis Casino, Pelaa, Sloty Online Casino, Spela, Spinit and Vegas Hero.

It is suspected that Genesis Global has failed to comply with a condition of the licence and therefore isn’t allowed to continue with its gaming activities. In their announcement, the UKGC stated that it has instructed Genesis Global to allow customers of these sites to access their accounts in order to withdraw funds. It has also advised the customers not to place any bets on these sites anymore. In case a customer has concerns regarding their account, they should contact the operator through the website they have used.

Svenska Spel reported a revenue decrease in Q2

Talking about the European gaming market, there have been news in Sweden’s gaming activities. Namely, Swedish operator Svenska Spel saw a revenue decrease in the second quarter of the year due to the closure of land-based casinos and cancellation of major sports events. The revenue for the second quarter of 2020 is SEK 1.64bn (about £143m), which is a fall of 19%. The operating profit for the quarter saw a drop of 11% from 2019.

Svenska Spel explained the decline in Q2 revenue as a result of the closure of physical casinos and cancellation of sports. However, the operator saw profit increase year-on-year for the first six months on the year, a rise of 12%. Patrik Hofbauer, president and CEO of Svenska Spel, explained that the operator showed ‘innovative power during a tough time’ and it will continue launching new games and improving the gaming experience. This comes after Hofbauer published a statement asking the Swedish government for a lottery betting ban.