Malta Gaming Authority | The regulatory body of Malta
Malta Gaming Authority, formerly known as Lotteries and Gaming Authority (LGA), is the central controlling authority of gambling and games all over Malta. The regulatory body exercises its control over both land games and online casinos. It is the first legislative body formed in Europe that ensures a secure and professional gambling experience to the gamers of the betting world.
The Malta Gaming Authority came into being in the year 2001 with a motto to provide a legal base to gambling and casino companies of the country. This organization introduces a host of legal directives that put a check on the working of the casinos, as per the laws of Malta. The organization ensures transparency and fairness in the world of casinos by preventing money laundering and corruption in gambling.
Malta Gaming Authority offers a strong legal base to the gambling sector and the decision of the board sometimes even leaves an impact upon the trading in the global market. From the point of its inception to the stage of its winding up, any gambling establishment has to comply with the terms and conditions laid down by the gaming authority. Being one of the most prestigious regulators in the business, MGA is very powerful in dictating the do’s and don’ts of the casino world and thereby helps in building authentic and world-class gaming platforms for the players.
Objectives of Malta Gaming Authority
The prime objectives of the Malta Gaming Authority are as follows:
- To safeguard the players, especially the young adults, from illegal trespassing, crimes and other such activities.
- To protect and preserve the rights of the stakeholders by preventing leakage of confidential information and proprietorship.
- To ensure the safety of the funds deposited and withdrawn by the players.
- To maintain a safe, secure and conducive gaming atmosphere in the world of casinos.
- To enforce rules and regulations at every stage to secure transparency in gambling.
- MGA has vowed to offer a fair and pleasant atmosphere to online casino players. To ensure this, it demands gambling businesses to provide reliable information and keeps a check on the licensing and funding activities.
Malta Gaming Authority: Mode of operation
Malta Gaming Authority keeps a constant vigil on the different aspects of the gaming industry that come under its purview.
- The Board of Governors consists of a CEO who is vested with the task of invigilating the overall functioning of the body and timely execution of its responsibilities.
- Next in the administrative hierarchy comes the Executive Committee, which handles the day-to-day functions of the organisation and reports it to the CEO.
- The Audit Committee is entrusted with the task of risk control, checking internal financial records and maintaining audit reports.
- The Supervisory Council acts as an advisory body that also deals with legislative issues and helps in working with integrity and ensures fair play.
- The Fit and Proper Committees deal with the application process, like licensing, authorisation, and ascertaining the eligibility of the applicants.
To get a license from the Malta Gaming Authority is not an easy task. Casino operators have to oblige various rules and regulations and go through a stringent procedure to get a secure place among the pool of the most respected and trustworthy casinos of the world. The eligibility criteria to secure a license from MGA are:
- The companies should be based in Malta.
- The companies must operate and serve the Maltese.
- The software and the database of the gambling operators must be present in Malta.
The licenses offered by Malta Gaming Authority can be classified into four types – Class 1, Class 2, Class 3 and Class 4. The class of license to be given to the clients is determined by the random generators in Casinos, Bingo, lotteries, betting exchange and poker rooms. It is, however, interesting to note that the companies are obliged to pay a small part of their income as a tax, which varies from one class to another.
Who Can Apply?
The primary condition is that the companies applying for the license must be involved in the gaming sector. These include:
- All Types Of Casinos
- Racecourse And Betting
- Remote Gaming
- Bingo Halls
- Non-profit Games
- Lottery Played at The National Level
- Games Related to Skill Development
Sports like horse racing and binary betting, among others, are barred from getting a license from Malta Gaming Authority.
Malta Gaming Authority is legally equipped to provide the best in class services with maximum security, consistency and integrity on the gambling platforms. The organization covers its players from all kinds of deceit and foul play.
With the iGaming industry getting more competitive by the day, a company functioning in this space can get an edge by acquiring a license from the Malta Gaming Authority. It plays a big part in gaining the trust of its clients and instil confidence in its players.