The online gambling market has seen numerous changes in Europe and across all continents since the very beginning. Some countries adapted faster to the market’s requests and established regulatory bodies and laws to make it safe for customers. Although the global gambling industry is not yet fully regulated, Malta managed to not only be ahead of multiple countries but also created an authority worthy enough to be globally recognised and wanted.
An insights article published by the iGambling Business proves that casino players open more accounts on Malta-licensed platforms than others. In 2020, there were 19 million active players in online casinos that had an MGA certificate. Although 2021 saw a slight decline, the year-on-year increase is at an 8.7% rate.
About 9 million young adults created new accounts, bringing the Maltese gambling sector €573 million in gross value in the first half of 2021.
From an economic perspective, in 2021, 8.0% of the Maltese economy was sustained only by this sector. Moreover, the first half of 2022 created over 11,000 jobs in the gambling sector and employed 10,861 people. They also cancelled eight gambling authorisations in the last two and a half years.
Malta Gambling Authority Background
The Malta Gaming Authority was established in 2001 and is responsible for ensuring that all gaming and gambling activities in Malta are conducted fairly, transparently, and responsibly. The MGA also ensures that operators comply with all legal and regulatory requirements, including anti-money laundering and responsible gambling measures.
The Malta Gaming Authority has many responsibilities, including licensing and regulating gaming operators and monitoring and enforcing compliance with regulations. The MGA also works closely with other regulatory bodies and law enforcement agencies to combat illegal gaming activities and protect consumers from fraudulent and illegal operators.
Their work is incredible; almost every online gambling website desires an MGA working permit.
One of the safest licensing authorities
Detailed analysis of regulatory bodies licensing top online casino brands shows that the number of new gambling platforms willing to strike a collaboration deal with the Malta Gambling Authority is continuously rising. Currently, increasingly more new online casinos have been reported to function following MGA’s guidelines nowadays than was the case in past years.
Although getting a valid license is complicated and slow, online operators want to ensure a safe market and happy customers, so they are eager to get it.
How to obtain an MGA license
The first step is applying for a Malta Gaming Authority license. The application must include detailed information about the company, its owners, and its business operations. After that, the MGA will conduct a thorough background check on the company to ensure they meet the required honesty, integrity, and financial stability standards.
They will also conduct a technical assessment of the company’s online gaming platform. This is a crucial step because if the website doesn’t meet the required technical standards or the games aren’t fair, they will turn down your application.
The MGA will review the business’s compliance policies and procedures and check for responsible gaming tools and other regulatory requirements. If the company meets all the requirements, the MGA will grant a license to operate an online gaming website in Malta.
However, business owners must renew this working permit yearly and provide good policies all year around. This extra rule makes the market safer for players and keeps unlawful websites away from the public.
Besides these steps, if you want to open an online casino and authorise it with an MGA certificate, you have to be prepared to spend at least €5000 for the license and €300 for additional fees.
Online gambling licenses are a must in 2023
Many players prefer online casinos with an MGA certificate because it provides an added layer of security and trustworthiness. It guarantees that the casino has undergone a rigorous process to obtain the license and that they operate under strict guidelines.
In addition, MGA-licensed casinos are regularly audited and monitored to ensure they continue meeting the licensing requirements. This gives players peace of mind knowing that the casino is held accountable for their actions and practices.
Choosing an online casino with an MGA license is smart for players who prioritise safety and fairness in their online gambling experience. However, the MGA is one of many certificates that matter.
The UKGC is another suitable authority with similar conduct with a well-established name in the sector. The authority makes studies about problematic gamblers and underage betting and has the power to alter laws and impose new ones. For example, you can’t use a credit card to bet on any gambling platform regulated by the UKGC.
In 2023, most of the best-developed countries with strong gambling markets will have their own regulatory body with specific power and strict responsibilities.
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