The MGA said that it issued the initial notice of cancellation on 22 December 2021, and provided the business with a 20-day time period to show why the authority should not proceed with enforcement measures.
The MGA went on to state that BIB made submissions that the authority deemed sufficient to grant an extended period to rectify the breaches outlined in the initial notice. BIB however, failed to make the necessary changes within the time period.
Subsequently, BIB was directed to suspend all gaming operations with immediate effect, submit all outstanding reporting requirements, settle any outstanding dues and remove any reference to the MGA or gaming authorisation in its marketing or other communications.
BIB had claimed the MGA had granted it the world’s first ever sports brokerage licence in 2017. The business had a type 3 gaming licence, with the approved vertical being pool betting, including betting exchanges.
At that time, Bet It Best CEO Nico Jansen stated: “This was the last piece nearly all Bookies have been asking for. Due to regulatory requirements Bookies have until now not been able to fully rely on our offered services, as we are offering a licensable service. As of today, bookies can rely on our license, which will finally answer all outstanding questions and doubts which arose from their respective compliance departments.”