UK Gambling Commission suspends SmartLive licence

[vinylweatherman]

Malta are hardly helping players by banning them from processing WITHDRAWALS, which the UKGC are telling them they MUST process for UK players. Both the UK and Malta have acted, but the UKGC is telling them to settle all outstanding bets and pay players what they are owed, whereas Malta is telling them to do the opposite - shut up shop completely and hold on to the players' money.

This creates an interesting situation as they could tell the UKGC that they cannot comply with it's directive to pay players due to it's Malta license, and this will again see players not paid when the UKGC has told an operator to pay up.

The other scenario is that UK players will get paid as per UKGC directive, and rest of the world players will have to apply via the MGA for their money. However, this means UK players would end up getting paid first, and if the operator is actually insolvent as suspected, rest of the world players will get an even smaller share of whatever assets are left.

 

[spintee]

Malta are hardly helping players by banning them from processing WITHDRAWALS, which the UKGC are telling them they MUST process for UK players. Both the UK and Malta have acted, but the UKGC is telling them to settle all outstanding bets and pay players what they are owed, whereas Malta is telling them to do the opposite - shut up shop completely and hold on to the players' money.

This creates an interesting situation as they could tell the UKGC that they cannot comply with it's directive to pay players due to it's Malta license, and this will again see players not paid when the UKGC has told an operator to pay up.

The other scenario is that UK players will get paid as per UKGC directive, and rest of the world players will have to apply via the MGA for their money. However, this means UK players would end up getting paid first, and if the operator is actually insolvent as suspected, rest of the world players will get an even smaller share of whatever assets are left.

Its what happens when we have abit of bollocks and keep to the rules

Just goes to show what licence really counts ? whether any one gets paid is another story, That goes back to the so called (secure funds) held separate , Like Harry H pointed out the other week there is 3 kinds of separate funds, I said I wonder who opted in for option 3 I know there is a few in option 2 which just about guarantee us Brits a % of our cash, Option 1 than we have as much chance as that person in Timbuktu with the 50 accounts,

Its why all casinos % of funds should be held secure, Not have options to how secure they like,

 

[vinylweatherman]

Its what happens when we have abit of bollocks and keep to the rules

Just goes to show what licence really counts ? whether any one gets paid is another story, That goes back to the so called (secure funds) held separate , Like Harry H pointed out the other week there is 3 kinds of separate funds, I said I wonder who opted in for option 3 I know there is a few in option 2 which just about guarantee us Brits a % of our cash, Option 1 than we have as much chance as that person in Timbuktu with the 50 accounts,

Its why all casinos % of funds should be held secure, Not have options to how secure they like,

If they become the second operator to blatantly disregard the instruction from the UKGC to "pay UK players their balances", it could be bad for other UK operators because it will create pressure on the UK government via the UKGC to unwind the relatively weak protection the industry originally won by lobbying against tougher measures on the grounds that they would be cost prohibitive, and an unnecessary burden given that the industry can police itself.

In the end, the choice may be removed and it will be "Option 3" for all, and compulsory, and because the industry has demonstrated that it can't police itself on several occasions. With the MGA upping their game, it also means that operators who mess up in the UK have a much higher risk of being shut down by the MGA a few weeks later, whereas in the bad old days the MGA was a nice bolthole for dodgy operators where they would need to REALLY mess up before any action was taken against them.

 

[BadSanta]

smart live have been on the ropes for years, they still owe us money, only a couple of hundred.