Malta regulator cancels CZ Trading and Cyberslotz licences
The Malta Gaming Authority (MGA) has cancelled licences for CZ Trading and Cyberslotz Services after ruling they breached regulations in the country.
CZ Trading had been operating its DrVegas.com online casino website under a B2C Gaming Service Licence, in partnership with approved service provider Cyberslotz.
However, the MGA said that both CZ Trading and Cyberslotz were found to be in breach of regulation nine of the Gaming Compliance and Enforcement Regulations.
This, the MGA said, was in reference to a failure to make certain licensing payments to the regulator “in a timely manner”.
As such, CZ Trading and Cyberslotz are no longer authorised to carry out gaming operations under their Malta licences and were ordered to settle all outstanding fees with the MGA.
The ruling for both licensees came into effect from 17 June.
Last month, the MGA reported a 5.3% drop in revenue year-on-year in 2020 as it accounted for the effects of the novel coronavirus (Covid-19) pandemic.
The Authority’s total revenue for the year was €77.3m (£65.5m/$90.5m), a 5.3% drop from €81.7m in 2019m while the amounted the gaming industry contributed to the economy in 2020 amounted to €924m, a decrease of 40.8% on the €1.56bn it contributed in 2019.