Nektan Gone Bust

Does anyone remember these guys having 4x withdraw limit on deposits made with bonus funds? It was by far the worst term I have ever seen.

More groups have this now. And my guess is that they will all disappear eventually or lose their license and step over to Curacao licenses, that way they don't have to be in the grey area legally speaking and don't have to pay taxes.
 
Just two weeks ago, one of the bosses said this:

“The group is pleased to report that it is ahead of expectations and on track to complete 20 new site launches by the end of December 2019. In addition, the group has a strong pipeline of further launches scheduled for Q1 calendar 2020.“

When they lie to the stock market and investors, you know things are bad.

Why the hell do they keep opening so many sites :what:
 
Does anyone remember these guys having 4x withdraw limit on deposits made with bonus funds? It was by far the worst term I have ever seen.
Mafia and their type seek to get into the veins of online gambling. In fact it is mostly online gamblings life blood when it comes to sucking up the unawares deposits.
CM are respected and shunned for a reason
 
Was just looking at a Nektan brand and thought the 4x bonus-to-cash conversion, massive wagering of 30x D+B with bonus funds only and reduced contribution of a ton of games was enough to limit their exposure. It wasn't. :rolleyes: ......They recently snug another "fine" paragraph into their terms.

Just imagine, you take a 100% bonus, deposit $100 giving you $200 to play x 35 = $7,000 in wagering. At 0.50 max bet, that's gonna be quite the session. :rolleyes: :D

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Was just looking at a Nektan brand and thought the 4x bonus-to-cash conversion, massive wagering of 30x D+B with bonus funds only and reduced contribution of a ton of games was enough to limit their exposure. It wasn't. :rolleyes: ......They recently snug another "fine" paragraph into their terms.

Just imagine, you take a 100% bonus, deposit $100 giving you $200 to play x 35 = $7,000 in wagering. At 0.50 max bet, that's gonna be quite the session. :rolleyes: :D

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Must be a typo, right?
50 sek is €5 not €0.5

Or maybe since they know im Swedish and like to highroll im allowed higher stakes.
;)
 
Must be a typo, right?
50 sek is €5 not €0.5

Or maybe since they know im Swedish and like to highroll im allowed higher stakes.
;)

I think the 50 is a typo as they copy and pasted it from another part of the terms where they state the standard EUR5 for bonuses.

On top, they do not have a Swedish licence, AFAIK. :rolleyes:

Lastly, Nektan sold its B2C business to ActiveWin Media (owner of Betfred). They still use the Nektan licence though and operate the casinos as White Labels for ActiveWins, for now at least.

It becomes rather difficult to follow all the developments as some seem to change owners more often than people their underwear. :D
 
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More groups have this now. And my guess is that they will all disappear eventually or lose their license and step over to Curacao licenses, that way they don't have to be in the grey area legally speaking and don't have to pay taxes.

can a maltese licensed casino do this a max win rule?
i had a casino with maltese license offer me 500%, max deposit 200 euro
and max payout is 1500 euro.
wagering was 50xb+d
at the end i got up around 7000 euro.
got paid 1500 only with a heavy SOW behind.
or should they pay me the total win? instead of 1500?
this is kinda robbery in my eyes. and if someone deposit 10 euro and get the same offer they still can withdraw 1500 but a better quote.
and this casino is not a nektan casino.
 
can a maltese licensed casino do this a max win rule?
i had a casino with maltese license offer me 500%, max deposit 200 euro
and max payout is 1500 euro.
wagering was 50xb+d
at the end i got up around 7000 euro.
got paid 1500 only with a heavy SOW behind.
or should they pay me the total win? instead of 1500?
this is kinda robbery in my eyes. and if someone deposit 10 euro and get the same offer they still can withdraw 1500 but a better quote.
and this casino is not a nektan casino.

You agreed to those terms when you took the bonus.

You can't decide to change them because it suits you.
 
Anyone want to send this to a certain streamer whom plays at this shower of shit and openly promotes it to sign ups.
He’s been warned months back, sadly all players don’t have the knowledge as many here have not have the option of CM to avoid such heathen laden hell holes.
Isn’t the max welcome offer x4 conversion? Wow, just wow...
Also wasn’t it this lovely and reliable group whom a player was almost robbed of a fair DOA win?..
imagine being so low in the midst of a pandemic you promoted any nektan site..
Ohhhh wait.
 
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Nektan are still going aren't they? I've just looked on the UKGC site. What am I missing?

Only their White Label platform which is their B2B part. AFAIK, that was never in financial trouble.

They sold their own brands to ActiveWin Media, owner of Betfred.
 
Source:. iGaming Business.

Nektan prepares to bring in administrators once again

Nektan prepares to bring in administrators once again
14 April 2020
Gaming content provider Nektan is once again seeking to appoint an administrator after it failed to secure the funding to continue as a going concern, which saw trading in its shares suspended for a second time in 2020.

Nektan launched the administrator process in the Gibraltar courts and said it expects to confirm an appointment later today (14 April).

As a result, Nektan has temporarily suspended the trading of its ordinary shares on the Alternative Investment Market (AIM) in London from 7:30am this morning.

The supplier said that it had been forced into taking action after it failed to secure funding to provide working capital that would allow the business to continue operating.

In January this year, Mark Phillips and Julie Swan of PCR London were appointed joint administrators of its Nektan Gibraltar (NGL) subsidiary by court order. The pair pushed through the sale of its B2C business to Active Win Group subsidiary Grace Media for a total consideration of £200,000, with the proceeds to be used to continue NGL as a going concern.

The provider did not go into further detail, but iGB has contacted Nektan for more information about the suspension.

The announcement comes despite Nektan last month revealing that it had been able to reduce its losses by 40% during the six months to 31 December 31, while revenue from its continuing operations more than doubled to £797,000 (1.0m/€917/075) in the same period.

In January, Nektan was suspended from trading in London after failing to publish its accounts for the year ending June 30, 2019 before the end of the year. However, it was restored to the AIM on 27 January this year, after publishing its accounts.
 

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