genesis affiliates not paying after 2 months

[sammysslots]

Updated | Government finding alternative work for 125 laid off by gaming company

Genesis Global Limited initiated proceedings in court to be declared insolvent, laying off 125 workers in the process

www.maltatoday.com.mt

 

[payme1day]

FROM MALTA TODAY:

BAD CHRISTMAS FOR GENESIS PEOPLE - AND AFFILIATES!

Updated at 7:41pm with government statement

A gaming company has laid off all its Malta-based workers after initiating proceedings in court to be declared insolvent.

Genesis Global Limited has permanently closed its operations in Malta as a result of the insolvency, while all its workers have been declared redundant.

The company had already laid off several workers in recent weeks, sparking fears among company staff that they won’t’ be paid their December salary.

According to IGaming NEXT, workers were ordered to take all outstanding vacation leave.

Genesis Global Limited was fined £3.8m in January by the UK Gambling Commission and suspended from operating in Britain.

The company had already been suspended from operating in Britain back in 2020. However, the suspension was lifted three months later following “significant compliance improvements”.

The Commission continued with its investigation, which ended in a £3.8m fine, a warning, and an additional licence condition demanding further auditing.

The redundancies comes weeks after company co-founder and CEO Ariel Reem announced that he left the business in 6 December.

Lawyer and former MP Jason Azzopardi published the email sent out to employees on Friday informing them that they have been made redundant.


"Full and absolute solidarity with all the employees whose employment was terminated today (two days before Christmas) by a gaming company in Malta."

Alternative employment for laid-off workers

Economy Minister Silvio Schembri has commissioned Gaming Malta to help find alternative employment for those affected by the redundancy.

In a government press release, the ministry said that several workers have already found employment in the sector. The ministry is in contact with the company's executives through Gaming Malta to obtain a list of workers who have been made redundant, so that these workers can be contacted.

The iGaming Council, which was set up earlier this month, has also been informed of the situation. It will be assisting all affected workers.

The press release points out that there are around 700 vacant jobs in the iGaming sector. "Every possible thing is being done to make sure that the 80 workers affected today are prioritised."

 

[payme1day]

Yes, the inevitable has been confirmed. Write it off now.

 

[AleksUnder]

pros - new players on the field
cons - minus the licensed brand

 

[Motz]

Honestly, those UKGC fines are bullshit. There are literally endless crypto casinos that are happy to take UK players (VPN/no KYC) yet those who pay for the license get punished, often for ridiculous reasons. It's become so over-regulated and stupid. UKGC pretending it's for player safety but in reality it's a cash grab for the government.

 

[preditor]

It's still unclear what happend in the middle of the summer (2022) that was the "final cut" for all to break down.

Why did not Genesis manage to secure fundings or sell it's assets/brands to some other iGaming companie instead of plummeging it totaly into the ground? I'm shore, there are several other iGaming companies that would have shown interest in Genesis and perhaps turn the sinking ship around - any thoughts of this?

 

[Kadabra]

Was also thinking a lot about it. Really strange.
The only idea that i managed to think of is some partners feud or something of that sorts.

 

[Motz]

It was probably operated too poorly. Opened too many casinos that weren't profitable anymore following German, Dutch and Swedish regulations, plus they had too much staff. I always felt it was kind of retarded of them to open a new casino every two months.

 

[Kadabra]

It was probably operated too poorly. Opened too many casinos that weren't profitable anymore following German, Dutch and Swedish regulations, plus they had too much staff. I always felt it was kind of retarded of them to open a new casino every two months.

I think it was good actually. It's very hard to operate stand alone casino these days. The compliance, fees and such kill you.
I assume they redirected the hell of our traffic between the brands.

Btw, have no idea what they had in Malta, maybe they will leave the casinos open for example without UK (all those compliance parts) and without affiliates. Although I doubt as it seems it went too far.

 

[Motz]

I think it was good actually. It's very hard to operate stand alone casino these days. The compliance, fees and such kill you.
I assume they redirected the hell of our traffic between the brands.

Btw, have no idea what they had in Malta, maybe they will leave the casinos open for example without UK (all those compliance parts) and without affiliates. Although I doubt as it seems it went too far.

Obviously it wasn't very good since it all went to the shitters. Too many identical casinos, probably loads of bonus abuse, and just too high of a cost to operate so many casinos.

 

[Kadabra]

Well, we have no idea what happened there so...

What i meant running a stand alone casino in regulated markets, the costs eat all your income. In the past there were plenty one brand companies, now try to name 5, besides Bet365.

 

[Juan Roman]

The casinos nowadays operate on a very tight margins as the platform fees, payment processing fees and software fees can seriously eat away into your GGR. And you also have to pay the affiliates and staff, so even some minor bumps in the road can seriously endanger the operations.

Yes, Genesis should have definitely handled this better, but I am not too surprised this has happened.

 

[Barts]

Im surprised. Genesis brands did really good for us in the UK.

 

[Motz]

Im surprised. Genesis brands did really good for us in the UK.

Tbh, UK is a shit market. Can't be very profitable for a casino, and then there are the heavy fines.

 

[payme1day]

Tbh, UK is a shit market. Can't be very profitable for a casino, and then there are the heavy fines.

Still the biggest online gambling market in the world, so fine if you can operate there successfully within the rules.

 

[Kadabra]

Still the biggest online gambling market in the world, so fine if you can operate there successfully within the rules.

I think it's 5th actually but that doesn't negate your point.

 

[Anthony]

its like a never ending cycle.

after already waiting months with excuses at other casinos they all seem to come back with the same answer.

that answer being your affiliate manager has left or is leaving us then passing the buck on to the so called new one.

this time genesis affiliates put a twist i have not heard of yet. and although the brand new A.M is probably correct to say this lol.

the payments team do not update us as to why the payments have not been made and that it is probably a good idea not to send us any more traffic.

so again i say he was right.

but does this mean that the accounts team have a right not to pay entirely or delay them without reason?

i think this is unfair especially when theyre sending my current members emails asking them to take a deposit bonus?
how can the players expect the casino to pay if its counterpart doesnt pay the people that lead them there in the first place?
no wonder the entities are completely separate as this kind of behaviour is surely not covered by the MGA?

bottom line. genesis affiliates owe money and after reading other posts i am so guessing that i/we are not the only ones.

hopefully every affiliate in the world stops promoting the genesis brands. this is totally wrong of them to take every players money and not reward the people that took those players to them in the first place. PUT THE WORD OUT! EVERYWHERE.

 

[payme1day]

I have heard a few UK players are having trouble getting paid too, which shouldn't happen with the UKGC so-called ringfencing.

 

[Motz]

I have heard a few UK players are having trouble getting paid too, which shouldn't happen with the UKGC so-called ringfencing.

Dude, the company doesn't even exist anymore and were even in debt. Players can forget about getting paid and so can affiliates.

 

[payme1day]

Dude, the company doesn't even exist anymore and were even in debt. Players can forget about getting paid and so can affiliates.

Yes, but the UKGC were supposed to have rules for their license holders to prevent players getting ripped. We will find out just how effective these rules are in due course.