Genesis Global’s future uncertain amid financial struggles

Added: December 20, 2022

Category: iGaming, Industry News, Operator News

Genesis Global’s future uncertain amid financial struggles

The employees at Genesis Global are uncertain about their and the company’s future after the recent troublesome period.

The firm has already had significant layoffs, letting over 30 of its 200 employees go in the recent weeks. Those currently employed are worried about the future of their jobs, fearing that their upcoming paycheck at the end of December will not be paid.

One of the reasons for the employees’ worries is the firm’s recent order to take advantage of all available vacation days. Combined with the departure of Genesis Global’s chief executive officer back in the first week of December, the month has not been so bright for the firm.

There have been no official statements from the company about the whole situation, although the firm’s office in Malta is back on the market and their official website is no longer active.

The troubles for Genesis Global started just short of a year ago when they were hit with an almost 4 million pound fine from the United Kingdom’s Gambling Commission for several AML and responsible gambling shortcomings. About six months ago the first signs of serious distress were showing when the firm was not able to pay a couple of affiliates.

An anonymous insider source told iGaming NEXT in their coverage of the events that there are talks among the employees that the firm’s future seems non-existent. They further explained that despite being generally organized and having an excellent working environment, the past few weeks have been riddled with miscommunications and a lack of a general direction for the business.

Genesis Global