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Eva Ivanova April 30, 2021 3 min read
UKGC Has Suspended Nektan’s Operating License
UKGC has suspended Nektan (Gibraltar) Limited, a B2C company licensed to operate mobile gaming sites.
The Gambling Commission Has Suspended Nektan Limited
The Gambling Commission (UKGC) has suspended the remote operating license of Nektan (Gibraltar) Limited, a leading international mobile gaming content developer and platform, pending a formal investigation. The company was licensed to operate remote bingo and casino like Cloud Casino and Jackpot Mobile Casino.
The UK Gambling Commission (UKGC) has suspended the UK bingo and online casino licenses of Nektan (Gibraltar) Limited. The leading international gaming content developer got its license revoked for breaching the license conditions. According to UKGC, it is not suitable to carry the licensed activities, meaning that it is not consistent with the licensing objectives. The Gibraltar-based supplier awaits formal investigation and conclusion, as the UK regulator initiated section 116 review.
The UKGC has stated that it suspends Nektan’s license, with immediate effect, until the operator can satisfy the regulator with compliance. The suspension is effective from April 27, 2021, making its gambling websites and services illegal. The operator will still have to carry out winnings payments and effectively communicate with its customers.
Nektan Ceased Trading on London Aim In 2020
Founded by Richard Sagman in 2011, Nektan specializes in developing mobile gaming content. It is based in Gibraltar but has offices in London and Las Vegas.
Last year, the company had its shares suspended. It had failed to publish its audited annual report and accounts for the previous year. The company was then removed from the London Stock Exchange, as it didn’t appoint a new nominated advisor.
At the beginning of 2020, Nektan sold its Grace Media subsidiary. At the time of the sale for £200,000 Nektan announced that for the fiscal year, ending on June 30, 2018, the UK B2C business had a turnover of £19.4 million but finished the year with a loss. Nektan Limited used the sale’s proceeds for administration.
Nektan Is Known for Its Rich History in the Industry
In 2015 Nektan signed a partnership deal with News UK to create an innovative gaming product for The Sun newspaper on the island.
Sun Play was developed to fulfill the entertainment needs and the chance to win real money. The fruit of their collaboration was powered by Evolve, which is Nektan’s mobile gaming platform.
In 2018, Nektan added NetEnt’s Live Casino (which is now defunct) to its Evolve platform, offering the giant’s live dealer games, including roulette and blackjack.