The legislation of the island state of the Republic of Malta is very convenient for conducting all forms of online gambling in the EU. Thousands of licenses issued, hundreds of clubs and casinos are the main source of income for the country. The authorities of the island value this reputation and are constantly improving their business attractiveness.
Features of the laws of Malta for gambling
The current legislation of the Republic of Malta regarding gambling complies with all the standards of the EU countries. The main difference is that obtaining a license to legally run a gambling business is much simpler and cheaper. There are many areas of activity for which licenses are issued, including fantasy sports and other skill-based games with prizes.
Responsibilities for monitoring compliance with the law, reviewing and issuing all permits for gambling are vested in the Malta Gaming Authority (MGA), the gambling regulator of Malta. The deserved authority of this organization determined the recognition of licenses issued by it in the jurisdictions of many countries.
It is recommended that owners and operators of land and online casinos, bookmakers, lotteries, carefully read the MGA requirements, including those that the organization plans to accept soon.
Malta’s upcoming gambling laws changes
The recently published white pages will introduce significant changes and additions to the existing gaming legislation of Malta, among which the key ones are:
- Replacement of issued license types distributed by classes (1 – 4) with related B2C and B2B interactions;
- Simplification of taxation and exemption of B2B licensees from taxes on games;
- Improving the protection of players through the support group (Player Support Unit);
- Introducing more effective justice tools based on MGA decisions and dividing them into administrative and criminal ones;
- Strengthening the control and powers of the MGA in the regulation and supervision of compliance with regulatory requirements, combating fraud, money laundering, and terrorism;
- Implementation of an automatic reporting system;
- The introduction of obligations to ensure control over sports bets to combat the manipulation of competition results.
Public approval of the fundamental points has attracted discussion of all participants in the gambling business. According to experts, their introduction will improve the competitiveness of Malta and the credibility of the MGA.
Benefits of Malta gaming laws
Despite the strict legislative framework of the Republic of Malta, operators of all areas of the gambling business receive the following benefits:
- Low EU taxes and convenient financial mechanisms;
- Real opportunities to quickly and legally obtain legal resident status;
- Fast and accurate licensing process;
- The financial and political stability of the republic;
- An innovative approach to registration and licensing of new types of gambling;
- Gambling and financial industry IT center.
The created favorable environment for business gives residents a lot of opportunities for beneficial interaction. The authorities of Malta regularly organize forums and conferences where business participants discuss innovations and changes in gambling. As a result, Malta successfully competes with other countries in the region for the development of gambling.