Located in the Mediterranean Sea, south of Italy, Malta is a hub of gambling activities, with top gaming companies operating in the country. However, gaming activities on the Island are highly restricted by the government which requires any company operating within the island to comply with the strict rules and regulations.
Who created MGA – a Licensing Body for Online Casinos in Malta?
The Malta Gaming Authority (MGA) is the body mandated by the Maltese government to regulate Malta online casinos in the country. Originally known as the Malta Lottery and Gaming Authority, MGA was formed in 2001 after the passing of the Lotteries and Other Games Act. In 2015, it was rebranded to the Malta Gaming Authority.
Over the years, MGA has transformed into a reputable licensing body respected by both operators and players. Its licences are proof of trust for the bestonlinecasinosmalta.com where players enjoy various games. They fairly arbitrate casino-player issues, especially in areas where operators act unfairly.
An MGA licence is globally recognised thanks to the strict criteria used in getting one. For instance, the United Kingdom Gambling Commission allows MGA licence holders to operate in the UK without getting a new security compliance certificate.
Roles of MGA in Success of Best Online Casinos in Malta
The main aims of MGA include:
- Licensing and regulation of gaming activities within its jurisdiction.
- Guiding new operators during the application process
- Protecting minors and other vulnerable persons
- Safeguarding players’ rights in an online casino Malta
- Audit and testing of casino games to ensure fairness
- Ensure online casinos are free from fraudulent activities
Types of Licences issued by MGA
The Malta Gaming Authority offers two types of casino licences:
Business-to-Business (B2C) Gaming Service Licence
This licence is offered to operators offering or hosting gaming services. It covers both land-based and online casinos Malta.
Business-to-Business (B2B) Critical Gaming Supply Licence
This one is offered to businesses that supply and manage game elements and their processes. The two types of licences are provided after meeting the conditions set out by MGA.
Requirements for Acquiring Online Casino Licence in Malta
The MGA has a well-laid-out application procedure and criteria for obtaining the best online casino in Malta licence. It states the continuous obligations of licensed operators.
The operator must first own a Maltese-registered address. Secondly, the company should have at least two shareholders who will undergo stringent mandatory checks. These checks include financial checks where shareholders provide bank statements not older than three months. They should also provide copies of notarised passports.
Next is a detailed business plan which includes every staff that will be involved in the best online casino Malta. Lastly, details of the gaming software to be used and all third-party agreements should also be included in the business plan. The servers should be located in Malta.
Countries that allow operators to use MGA licences within their jurisdictions are Canada, the UK, Australia, Norway, Russia, India, Poland, Portugal, and New Zealand.
Benefits of an MGA Licence
Malta gaming licence is among the most reputable certifications in the world hence an online casino holding it attracts trust from players. It offers a strong legal and regulatory structure for operators, software providers, and online players.
Casino holders with a Maltese licence enjoy onshore status allowing them to advertise across EU member states. Companies operating in the nation do not suffer from offshore jurisdiction limitations.
The strict anti-money laundering laws enacted by MGA comply with EU legislation meaning an MGA-certified Malta online casino will always be updated. In addition, MGA ensures its laws are always in line with the trends and emerging issues in the industry. This includes allowing virtual currencies and the adoption of distributed settlement technology.
The application procedure is also fast enabling operators to launch operations in Malta within the shortest time possible. The changes introduced to the Gaming Act by the Maltese government in 2018 sought to simplify the licensing process. They also aimed at boosting safety for operators, software providers, and players.
Why is Malta a Popular Choice for Best Online Casinos?
Several reasons make Malta the favourite destination for operators seeking to launch an iGaming business. Online casinos in this country offer various staking options from sports betting on matches on the Malta Premier League, to table games and slots.
The corporate income tax rate can be as low as 5% subject to meeting certain parameters and depending on individual cases. Tax on revenue derived from gaming services is also set at 5% of the Gross Gaming Revenue. Operators are only required to pay tax on revenue from Maltese customers.
The stable political and economic stability in Malta attracts investors looking to start an iGaming business.
It’s however important to note that the reputable MGA accreditation doesn’t come cheap. The starting cost is € 40,000 followed by the application fee for the material supply certificate plus non-refundable application and renewable fees.
Conclusion
Malta Gaming Authority undoubtedly plays a significant role in certifying online casinos. This ensures that the games offered by casinos are fair, transparent, and secure. Having an MGA licence demonstrates credibility in the online casino attracting clients.
Although the process of MGA certification is costly, it’s worth the cost. A reputable online casino in Malta understands the importance of being MGA-licensed to remain compliant and attract players to their sites.