August 3, 2023 3 min read


Malta Regulator Revokes Egmit Elite Operating License Due to Unethical Practices

Following a thorough investigation into the company’s operations, the authority uncovered several substantial breaches, leading to this harsh punishment

The Malta Gaming Authority (MGA), the regulatory body overseeing the region’s gambling industry, has taken decisive action against Egmit Elite Limited, the company behind the online platform Elite24bet Casino. Such action follows other recent punishments as the authority seeks to improve its image before the upcoming European Commission investigation.

The Operator Was Unable to Meet Its Obligations

The MGA’s investigation into Egmit Elite’s activities revealed several serious breaches of Regulation 9 (1), which outlines the code of conduct and standards that licensed operators must adhere to. The authority took prompt action to revoke the company’s authorization, reaffirming its commitment to safeguarding the integrity of the gambling industry and ensuring player protection.

According to the regulator’s report, Egmit Elite and its Elite24bet Casino brand had substantial financial difficulties, preventing them from processing customer payouts on time and meeting their financial obligations to the authority. As these constitute severe regulatory breaches, the MGA had little choice but to suspend the company’s license.

On the grounds for suspension envisaged in regulation 9, the Authority, in its sole discretion, determines that cancellation of the authorization is the most appropriate measure.

MGA Report

The serious nature of Egmit Elite’s violations also caused the authority to initiate liquidation proceedings regarding the company’s malta-based assets. The license suspension means Egmit Elite can no longer offer its gaming services under the MGA license and must remove all references to the regulator from its physical and online operations. Existing players were encouraged to contact the MGA regarding any queries.

Malta Aims to Restore Its Reputation

Malta has recently employed increased scrutiny against operators, severely punishing offending companies. June saw the island nation’s Financial Intelligence Analysis Unit (FIAU) slap iGaming business group Glitnor Group with a $261,000 fine following several serious breaches. Shortly after, Tipster Limited lost its authorization to offer gambling operations under the MGA license, demonstrating the authority’s commitment to fair and responsible gambling.

The recent spike in high-profile punishments comes just before the upcoming European Commission investigation into Malta’s controversial Bill 55, aiming to provide legal protection to Malta-based iGaming companies from litigation in other European Union (EU) Member States. The MGA’s decisive actions likely aim to demonstrate the authority’s willingness to enforce its regulations and adhere to a higher standard as a regulator. 

The Malta Regulator’s swift response in canceling Egmit Elite Limited’s authorization sends a potent message that unethical and illegal practices will not be tolerated in the Maltese gambling market. By taking decisive action against offending operators, the MGA aims to create a safe and transparent gaming environment for all players and restore Malta’s reputation as a leading jurisdiction for the regulated gambling industry.

Deyan is an experienced writer, analyst, and seeker of forbidden lore. He has approximate knowledge about many things, which he is always willing to apply when researching and preparing his articles. With a degree in Copy-editing and Proofreading, Deyan is able to ensure that his work writing for GamblingNews is always up to scratch.

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