Gaming laws are to be overhauled and consolidated in one comprehensive law, the Malta Gaming Authority announced this morning.
The new Gaming Act will bring together different gaming related laws and subsidiary legislation and directives, while empowering the MGA to oversee the sector in the same way the Malta Financial Services Authority regulates the financial services sector.
The reform will also see the authority being granted wider enforcement powers.
Parliamentary Secretary for Digital Economy Silvio Schembri said this morning that a number of public consultations, and research initiatives had been conducted before the new law was drafted.
"The new legal framework will create an environment where consumer protection, compliance and best practices are at heart," he said.
The government, he added, knew it had to act fast to enable Malta to be at the forefront of the global gaming economy.
A five week consultation period will be held for stakeholders before the draft legislation is moved in Parliament.
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Main legal changes:
Replacing the current multi-licence system with just two forms on licence - business-to-consumer and business-to-business.
Strengthening player protection framework by focusing on the authority's mediatory role through a player support unit.
Introducing a new and more efficient process for criminal and administrative justice. A new distinction between criminal and administrative offences.
The introduction of the concept of administration to protect a business in distress, if necessary to assist in the winding down of a business or operation.
The introduction of an Automated reporting system.
Exempting B2B licencees from gaming tax, thus increasing Malta's competitiveness as a hub for these sectors.
Streamlining taxation into one flow.
Bolstering the Authority's role in the fight against manipulation of sports competitions by introducing new obligations on operators to monitor sports betting and report suspicious bets.
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