Some more details have been released by the UKGC. Seems their statements on here were pretty misleading
- Officials were satisfied as to the adequacy of resources now available to the applicant to fund the business in the future but not as to the source of funds used to acquire and support the business at the time of, and following, the changes of corporate control;
- The Commission had no adequate evidence of the source of funds used to acquire and finance the business in 2017 and through 2018;
- In a declaration form to another gambling regulator, the applicant failed to identify their previous ownership and management of a casino. This was also omitted from the applicant’s CV provided to the Commission;
- Despite a protracted period of correspondence and discussion between the applicant and Commission officials prior to the Panel hearing, further material was produced to the Commission shortly before the hearing;
- New, previously undisclosed information was identified during the hearing which required the applicant to provide further material; and
- After the provision of this further material, evidence of source of funds remained outstanding. This meant that neither the Licensee nor the applicant had a proper appreciation for the need to be full and frank with the Commission, nor for what the Commission requires to process an application of this kind.
So VulkanBet was after all VulkanBet.