Court dissolves gaming firm as players seek to recover funds
Betago Ltd’s licence was cancelled by the Malta Gaming Authority in January 2024
A Maltese gaming company has been officially shut down by the courts after years of unpaid fees, the resignation of two directors and complaints from players unable to access their funds.
The St Julian’s company’s licence was cancelled by the Malta Gaming Authority (MGA) in January 2024, having been suspended a year prior to that due to regulatory breaches.
Upon cancelling its licence, the MGA gave Betago seven days to settle its debts with the authority and return money owed to its customers. The regulator further petitioned the court to dissolve the company and appoint a liquidator to administer the process.
According to court documents, Betago Limited accumulated unpaid compliance and licensing fees totalling €85,000 owed to the MGA. The company had also failed to submit audited financial statements for both 2020 and 2021, in breach of regulatory rules.
Betago’s situation was further complicated by the resignation of both company directors, Iosif Galea and Marie Therese Spiteri, in December 2021 and February 2022 respectively. This left Betago without a board for well over the six-month statutory minimum required under company law.
Galea is facing unrelated money laundering and corruption charges over payments to the MGA’s then chief technical officer.
Court proceedings against Betago detailed how more than 20 players lodged complaints with the MGA about being unable to access a combined total of €24,500 in deposited funds.
The MGA found that critical player data was being held on a server managed by German firm MCON Germany GmbH, which, itself, was owed €159,688 by Betago and had refused to release the information until the debt was settled.
Mr Justice Ian Spiteri Bailey accepted the MGA’s request for the company to be liquidated.
The liquidator has been tasked with tracing and taking custody of all company assets, verifying outstanding debts, and returning player funds to those entitled to them.
All costs arising from the proceedings are to be borne by the company.