Curtains for Genesis? CEO Exits, No New British Customers Allowed
One of the largest players in the online casino industry, Genesis Global Limited, may be preparing to close up shop as CEO Ariel Reem steps down and new UK registrations are halted.
Genesis Global Limited has been a big-time name in the online casino scene for many years now. Founded in 2014, this company has given us over a dozen of top-class brands, including Casino Cruise, Spinit, Vegas Hero, Genesis Casino, and more. However, things have not been going great for the massive company as of late.
Over the years, Genesis Global Limited has had plenty of problems within the UK casino market. Known for its strictness, the UK Gambling Commission has had a lot to say about the company’s alleged transgressions and failures.
In 2020, the UKGC suspended the company’s license, underlining two specific breaches of the local Gambling Act. This suspension would soon be lifted after a successful appeal, but the commission was not yet done with its investigation. After further review of the case, Genesis was finally slapped with a massive fine of 4.4 million euros (or 3.8 million pounds) this January. According to the UKGC, there were severe failings in regard to the company’s money laundering prevention measures as well as its policies related to social responsibility.
Over the past few days, the social media job site LinkedIn has been flooded with announcements from long-time Genesis Global Limited employees. Just yesterday on the 5th of December, even the CEO Ariel Reem posted that he is now gone from the company.
Reem, who had been the CEO since the very beginning wrote it was ”time to move on to the next challenge/adventure” and continued talking about how it had been most rewarding for him to witness people develop themselves.
As previously stated, Genesis Global Limited has now halted new UK registrations. At least some of its casino brands are now displaying the following message: ”Unfortunately you are registering from a country that we do not accept bets from. We will not be able to proceed with your registration.”
Losing Genesis Global Limited can be considered somewhat of a blow to long-tenured online casino players. Personally, I remember enjoying casinos like Vegas Hero and Casino Cruise quite a bit. Until most recently, most Genesis Affiliates brands used to have great 4-tier welcome offers with decent wagering requirements. Lately, though, they were replaced with a lot less meaningful free spins offers.
Then again, if Genesis Global has indeed been breaking important rules behind the scenes, I’m not that sad to see them go. This industry already has enough bad actors as it is. Besides, I have it on good authority that the company was supplying online casino streamers with fake money, which, in and of itself, is already a nasty enough offence in my book.