The Malta Gaming Authority (MGA) has formally cancelled the operating license of Oddsfly. It cited ongoing violations of financial and regulatory requirements under Maltese gaming legislation as the main reason for its action.
The decision of MGA comes after Oddsfly failed to pay a total of €104,814.52 or about $118,000 in yearly license and compliance contribution fees, dating back to 2018. According to Maltese regulator, the company neglected to pay license fees for three consecutive years from 2018 to 2020, amounting €75,000 or roughly $85,000. The gambling regulator says that Oddsfly followed an additional €29,814.52 or about $34,000 in overdue compliance contributions as of August 2018.
The Authority stated that the issues leading to the original suspension of license MGA/B2C/260/2014 in 2018 remain unresolved. It officially suspended the license on August 7, 2018.
After considering several key factors, the MGA said in an official statement that it had reached its decision. These include the fact that Oddsfly has failed to fulfill one or more applicable obligations under relevant regulatory instruments. Moreover, Oddsfly has failed to create timely payments of all amounts owed to the Authority. Additionally, the Authority has concluded that there is substantial and sufficient justification for suspending the authorization at its sole discretion.
The Authority’s decision follows its previous trend of stricter enforcement of gambling laws in the country. Posting numerous goals for the year, the MGA significantly changed its gambling oversight in February. These include enhancing partnership with gambling operators, allocating resources based on new risk assessment, as well as taking proactive measures to manage that risk, among many others.
The MGA states in an official statement that Oddsfly failed to respond within the specified timeframe. It also did not correct its position in line with the applicable legal requirements. As a result, the Authority will proceed with the license cancellation, along with any additional enforcement actions it deems necessary.
