I can second that - Genesis (Cruise, Sloty, Pelaa etc) went through that exact same process. They appealed and had their license reinstated 2-3 months later. They were the group (as an affiliate) I had more players at than any other by a long way and afterwards there was literally a dribble of activity from near enough a thousand players I had recruited over 5 years, it nosedived off the edge. Picking up now a bit but the damage was done and about a year later account activity is one of my lowest.
The difference between them and BGO is that the UK is only one of their markets; they are quite big in many Geos so could afford the strategy to return and the costs of the setback.