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Originally Posted by Peoplez
This is what I was talking about. If they really had a license in Malta it would be like this. Malta is not Curacao or some banana country. I hope you guys the best!
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I came across this topic, and as someone with money in the BetonBet sportsbook (I never played poker in my life), I would like to comment on the posts made about the Malta-license BetonBet has.
I don't want to destroy the hopes of the BetonBet-players, but the Malta gambling jurisdiction is not what it is made out to be by some in this topic. Close to ten gaming companies (mostly sportsbooks) have gone bust there in the last several years. Basically, one or two tried to do the right thing and made small partial payments at some point, most vanished never to be heard from again, the Malta LGA doing absolutely nothing.
The most famous example being Betchance, if you google them I'm sure you''ll find your fair share of horror stories. The company went bust, didn't payout for many many months, but kept on trading anyhow. At some point, the company offered existing customers 30 cents on the dollar (which it subsequently never paid to most) but nevertheless relaunched under the same name to attract new business anyway, all without the LGA interfering. Their license was finally suspended beginning of this year, after which the site vanished.
The LGA recently got a new chairman (the old chairman eventually stepped down, but for many years not only was the president of the LGA, but also the owner of the company who supplied the IT-services to almost every betting company on the Island. I wonder why that would be?), and maybe things are changing overthere.
In April betting company Goldvictory went bust. This time the LGA did actually do something, and have made criminal charges against their Greek owner, who's now out on bail. Chances of any funds recovered are pretty much zero though.
In none of any of those sportsbook failures have there been ringfenced accounts which contained all player funds, whatever the LGA rules might be prescribing. Some of these companies were actually honest enterpreneurs going bust, I can't possibly imagine the shady owners of BetonBet do have any reserves left, since nobody seems to be interested in checking up on this over there.
Obviously any BetonBet-player with a claim should contact the LGA (you never know), but don't get up your hopes just because Malta is EU, it's almost as much a "banana republic" as Curacao.