Founded in 2001, the Malta Gaming Authority (the MGA) is the official regulatory authority that supervises digital-based gaming and sports betting in Malta. Obtaining a license from the MGA is practically synonymous with achieving the highest-ranking status in terms of reputability and trustworthiness in the sphere of sports betting and gambling. Although highly prestigious, the licensing process is anything but easy.
Recent Changes Introduced to MGA Licensing
After a few changes to the Gaming Act in 2018, the Maltese Government has considerably simplified the application process. Overall, the requirement for multiple license types was eliminated.
Instead of applying for a different type depending on the services an operator offers, they simply choose between a B2B and a B2C certification. Betting companies are free to expand their product offering, without the need to apply for a new license every time.
Superbettingsites add that the validity period of licenses has been extended from 5 to 10 years.
Fundamental Steps for Obtaining a Malta Gambling License
The procedure of obtaining a Malta Gambling License can extend from six months to less than a year, provided that all of the below-mentioned documents are diligently provided and all planned meetings are conducted. A pre-application process is yet another requirement and it involves a meeting with an officer from the MGA.
To obtain a Malta Gambling License, each company is supposed to collect and provide a number of documents, as well as meet several requirements including:
Ø A certificate issued by the police attesting to the good conduct of each company owner and applicant.
Ø A “Fit and Proper” test, evaluating all the information associated with the persons related to the company. Their ability to operate an online business is also assessed.
Ø The ability to multitask, or perform several different roles within the business.
Ø Original bank references and notarized copies of ID documents
Ø A comprehensive business plan - The MGA evaluates the detailed business plan provided by the applicant. Its feasibility in all aspects such as company growth, HR, and marketing is minutely verified.
Ø Detailed information on the gambling services and the software.
Ø All operations and equipment must be located in Malta - All companies applying for a license from the MGA are required to have a registered office within the country. Furthermore, the applicants should point out a director and a company secretary.
Ø A compliance audit - Prior to the actual start of business operation, applicants are supposed to pass an audit, which is basically a 60-day trial period checking the compliance of the online system.
Ø As a final step along the way, should applicants fulfill these requirements to the satisfaction of the regulator, they will receive the seal of approval. The Malta Gambling license cost is significantly higher compared to that of other regulators, but considering its advantages, it is well worth it. Once the validity of the license has expired, operators are supposed to pay the relevant renewal fees, as well as observe all applicable requirements.
The Advantages of MGA Licensed Operators
Numerous benefits ensue from obtaining a Malta Gaming License. Getting one is neither simple nor inexpensive, and many sports betting companies realize it is worth it. The highly-renowned regulatory approval brings a host of advantages to companies operating within the sports betting industry. Here are just a few of the most important ones:
Ø Reputation and Player Trust - With MGA’s seal of approval on their homepage, sports betting operators are enjoying higher levels of trust and a much greater number of registered customers.
Ø Stability - Securing a Malta license also entails a stable legal and regulatory framework for betting companies. Furthermore, the MGA adheres to stringent anti-money laundering laws and operates in full conformity to EU legislation.
Ø Access to more markets - Any holder of an MGA license has the right to offer their sports betting services in a range of jurisdictions.
Conclusion
At the end of the day, despite the time-consuming, expensive, and elaborate procedures that need to be observed, well-established brands within the sports betting industry get to enjoy many advantages, once they acquire the industry gold standard.
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