MGA cancels Bet it Best licence

BIB Limited gained its MGA licence in 2017.
BIB Limited gained its MGA licence in 2017.

The Malta Gaming Authority had given the betting operator extra time to correct breaches of its licensing conditions.

Malta.- The Malta Gaming Authority has cancelled the gaming licence held by BIB Limited, the company behind the sports betting brand Bet It Best. The regulator had given the operator extra time to get its house in order after initially serving a notice of cancellation on December 22 last year.

The MGA initially gave BIB Limited 20 days to respond and demonstrate why enforcement action should not go ahead. Its submissions made at that time were deemed sufficient to merit extra time to correct breaches of its licensing conditions. However, the MGA says BIB has failed to make the necessary changes within the timeframe it allowed.

It has now ordered BIB to halt all gaming operations immediately and to submit all outstanding reporting requirements. It must settle any outstanding fees and remove all references to the MGA from its communications.     

BIB secured its type 3 MGA gaming licence back in 2017. At the time, it claimed to have obtained the world’s first sports brokerage licence, gaining approval to offer pool betting and betting exchanges.

Last week, the MGA issued a new ten-year licence for Malta’s National Lottery. The regulator granted the licence to IZI Group’s National Lottery PLC, which replaces Maltco Lotteries Limited as the operator of the lottery. It’s the first time in 18 years that a fully Maltese-owned company has operated the lottery.

See also: Curaçao to reform online gambling licensing

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Bet it Best MGA