Ukraine begins revocation of Favbet licence

In Ukraine, the head of the regulator PlayCity, Hennadii Novikov, announced at a meeting of the Verkhovna Rada’s finance committee that the procedure to revoke the licence of operator Favbet has been launched following the identification of multiple violations, report Tribuna.

Licence revocation procedure

Statement by the PlayCity regulator

According to PlayCity head Hennadii Novikov, the inspection recorded four violations, after which the regulator initiated an administrative procedure to cancel the operator’s licence.

The statement was made during a meeting of the Ukrainian parliament’s finance committee.

Identified violations by Favbet

Use of unlicensed software

The regulator found that Favbet used software from a supplier that did not hold the required B2B licence, which constitutes a breach of regulatory requirements.

Payment delays and licence fee arrears

Other violations included delays in paying player winnings as well as late payment of the licence fee.

Financial penalties

Fines following the inspection

As a result of the inspection, the operator was fined more than $240,000.

In addition, PlayCity imposed further fines totalling $42,400 for violations of requirements related to interaction with the regulator.

Additional inspections

Inspection of Vbet

Hennadii Novikov also stated that the regulator is currently inspecting the operations of Vbet.