Everleaf Gaming Limited withdrew from the US market in February, 2012 and cashouts for the players became instantly unavailable. Nevertheless, the network continued to operate in other markets, even though huge delays in cashouts have been being reported continuously. All these happened under the licence of the Lotteries and Gaming Authority (LGA) of Malta, which failed to act upon the serious problems apparent in the operations of Everleaf.
Eventually, the regulatory body suspended all the licences held by the network this year, on 26 July. It took almost 18 months for LGA to launch and finish its investigation, while it continued to allow Everleaf to operate, despite being unable to pay US players and the aforementioned delays in other markets. Apparently, the largely unexplainable delay and the lack of details have made the Maltese government initiate an investigation of the body. The Times of Malta reports that results can be expected in the course of the next few weeks and that the final report would feature recommendations as well as “decisions for the strengthening of the LGA’s reputation if the need is so felt.”
With national regulations being introduced to more and more countries and, possibly, a common European as well as an US market on the horizon, the LGA’s role as a global regulator has been weakened. Malta’s situation is further threatened by the regulator’s failure in the case of several operators to enforce the regulations; these may well have a serious impact on the country’s regulatory business in the near future.
Even if the government’s report points out areas of improvement for the new board of directors and they oblige, players’ trust will be harder to regain. US users have little hope for getting their funds back from Everleaf, and it has become obvious the regulator cannot enforce operators to meet the requirements, not to mention these should have been revoked as soon as it became apparent operators do not hold players’ fund separated.
Eventually, the regulatory body suspended all the licences held by the network this year, on 26 July. It took almost 18 months for LGA to launch and finish its investigation, while it continued to allow Everleaf to operate, despite being unable to pay US players and the aforementioned delays in other markets. Apparently, the largely unexplainable delay and the lack of details have made the Maltese government initiate an investigation of the body. The Times of Malta reports that results can be expected in the course of the next few weeks and that the final report would feature recommendations as well as “decisions for the strengthening of the LGA’s reputation if the need is so felt.”
With national regulations being introduced to more and more countries and, possibly, a common European as well as an US market on the horizon, the LGA’s role as a global regulator has been weakened. Malta’s situation is further threatened by the regulator’s failure in the case of several operators to enforce the regulations; these may well have a serious impact on the country’s regulatory business in the near future.
Even if the government’s report points out areas of improvement for the new board of directors and they oblige, players’ trust will be harder to regain. US users have little hope for getting their funds back from Everleaf, and it has become obvious the regulator cannot enforce operators to meet the requirements, not to mention these should have been revoked as soon as it became apparent operators do not hold players’ fund separated.
