Sudden Closure of Curacao-based Casino Midas

casino midas

Another online casino in the UK has shut its doors to patrons. This is not the first site we have seen close down since the enactment of new licensing laws. Basically the recent changes now force offshore operators to pay for a special license to offer remote gambling games to UK-facing players. These new laws also work hand in hand with a point of sale tax, and operators who are not prepared to comply have to get out of the game or try to continue to operate illegally. Not an easy task in these technologically advanced times.

Casino Midas is one of the more belated sites to have closed its virtual casino floor after the UK Gambling Commission went ahead with licensing changes which took place on the 1st November 2014. Despite the fact that Gibraltar took the UK to European Court over the matter of these new laws, this small independent territory unfortunately lost the case. It was ruled that the Brits would not be acting unfairly to want to earn customs and excise from gaming revenue.

For the past fifteen years, most UK-facing operators have moved their businesses offshore to British “White Listed” territories in order to escape high taxation. This has had the effect of boosting economies such as Gibraltar, Malta, the Isle of Mann, Curacao, British Virgin Islands and so on. These areas offer low taxes, less hefty license fees, and make it worthwhile for gaming companies to base their servers and other operations offshore.

Unfortunately everything Midas Casino touches, no longer turns to gold, and the site closed down with very little warning, despite this new act being implemented two months ago. An apology message can be seen at the site where once was a casino – stating that – “online payment providers notified Midas in December 2014” of potential problems. In other words they had been warned that if they did not get the license, then the online payment processors would no longer continue to support their business.

This Curacao-based gambling operator was given a notice period of seven days and then simply stopped offering games to players in the UK. Players at Midas have been provided with a customer support email address in order to claim back what may have been left in their accounts. But we can see from this example, that this law is going to affect smaller operations and possibly even put some out of business.