The Malta Gaming Authority (MGA) is a uniquely important organisation in Malta’s financial services sector, specifically, gaming.
Destinations such as these local sites are among the best online casinos in Malta. They showcase the depth and resilience of the Maltese gambling industry.
But is the gaming industry in Malta under threat from overly tight controls and regulations? Or is it a case of strict organisation benefitting those that adhere to all the necessary rules and regulations?
Formed in 2001 to act as a regulator of the expanding iGaming industry, the MGA is the national regulator of gambling activity. It has been an essential part of a process that has seen Malta become a successful home to iGaming companies.
The results speak for themselves, with the gaming industry contributing heavily to Malta’s GDP. In 2019, In the last two decades, the industry has been a significant part of the GDP. Gambling and gaming have contributed as much as 12 per cent of all national profit.
Another celebrated aspect of the restrictions imposed by the GDP is concerned with online safety. Whether or not to grant a licence is decided through a detailed assessment of gambling and gaming operations.
This helps the gamers as well, as they can feel confident enough to play on a site deemed worthy of the licence.
To pass the test for a licence, a company needs to prove they are fit and viable for business. This is decided on according to management and financial criteria in collaboration with other legal bodies.
Casino sites in Malta have largely benefitted from the organisation of these rules as well. The island is known internationally as a fair and profitable location to set up business.
The company must allow existing players access to their accounts and refund all outstanding amounts.
Need for regulators
The MGA can point to the success of the industry in Malta and the understanding of the need for control. However, the tough decisions are sure to have a profound impact on the industries’ ongoing operations.
Maltese casino sites have for the most part enjoyed the relaxed business dynamics of the island. The flourishing online gaming market has been a hugely successful part of the nation’s economy for over two decades.
There may be some who feel that the success of the market has been due to previous more relaxed measures.
The various regulatory bodies bring businesses into line and ensure a safer space for players to enjoy gambling and gaming.
How do companies acquire and retain a gambling licence?
To be successful in applying for a licence, an operator must: own a physical location in Malta; pass specific criteria that are set out to keep the process fair and understandable.
The regulatory body will assess the company’s international reputation and how credible its application is. In addition, the authority will examine the legal framework of the company’s proposed licence to ensure faith in fair business practice.
Any fees chargeable for the service will be clearly set out and reasonable. All of the terms and conditions that help to protect players will also be highlighted.
The success of remote betting in Malta
Malta was the first nation in the EU to regulate online betting. As such, it has been at the heart of the huge rise in the industry worldwide.
Casino sites on Malta are now among the most successful in the world. bringing in a wealth that forms a significant part of the GDP.
It is no surprise that Malta is such an attractive site for gaming companies. As a member of the European Union and the Eurozone, Malta is perfectly placed to attract business activity. It is also a beautifully peaceful place, offering much in the way of art, culture and entertainment.
The appeal and draw to both betting companies and customers are clear for all to see. In fact, the report that revealed the cancellation of licences at the start of 2020 also showcased the ongoing growth of the sector. 303 licences were issued in the first six months of 2020.
Of those, 196 were B2C gaming licences. The popularity of online gambling games and sports betting were showcased by the report.
The game of slots has been a major part of the gaming sector, contributing over three-quarters of revenue generated by online games during the time frame. Almost 75 per cent of online sports betting profits came from football betting.
Poker is also fantastically popular for online gambling companies in Malta and across the world. On Malta, it is categorised as a peer-to-peer game, or type three, and enjoys over 90 per cent of revenue in this group.
Looking to the future
With the practices of online gaming companies and the MGA even more in the spotlight, Malta as a whole will seek to ensure the ongoing success of the gaming industry.
The organisation has also recently appointed a new CEO in Dr Carl Brincat. The new CEO has been with the authority for over six years and brings in extensive knowledge of gaming regulations and professional law experience.
The iGaming market needs such regulators to boost the confidence of the industry for players, businesses and enterprise. It offers the essential foundations to build a resilient source of practical and efficient working standards.
As the Maltese gaming market registers further progress, the clear-sighted principles of the regulatory body will remain in the spotlight.
Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.gamcare.org.uk.