Genesis Global enters insolvency proceedings

The Malta-based igaming operator laid off its employees just before Christmas.

Malta.- The igaming operator Genesis Global has begun insolvency proceedings to wind up the business. It laid off all of its 140 employees just two days before Christmas. According to the Times of Malta, it warned that December wages may not get paid.

The letter read that “the company may not be able to pay all of any of the dues that are due to you in terms of law”. It added that the company was “trying our best to find a solution to this issue” and was working with “the authorities concerned” to find alternative solutions.

Early in December, Genesis Global had announced that it would leave the UK online gambling market. It had seen its licence suspended in 2020, but the licence was reinstated on appeal. Chief executive Ariel Reem also announced that he was leaving the business, without saying why.

He wrote on LinkedIn: “It is time to move on to the next challenge/adventure. How to summarise eight years when building it from scratch? Over the years I saw how ideas were turned into reality and how impossible or extremely hard tasks were overcome with perseverance and passion.”