Legislation process for Sports Betting Operators in Malta
Founded in 2001, the Malta Gaming Authority (MGA) is the official regulatory authority that oversees digital-based gaming and sports betting in Malta. Obtaining a license from the MGA is practically synonymous with achieving top-level status in terms of reputation and reliability in the realm of sports betting and gambling. Although very prestigious, the licensing process is nothing but easy.
Recent changes introduced to MGA Licensing
After a few changes in Games Act in 2018, the Maltese Government has considerably simplified the application process. In general, the requirement for multiple license types has been eliminated.
Instead of applying for a different type depending on the services offered by an operator, they simply choose between a B2B ua B2C certification. Betting companies are free to expand the offering of their products, without the need to apply for a new license every time.
Superbettingsites add that the period of validity of the licenses has been extended from 5 to 10 years.
Fundamental Steps to Obtaining a Malta Gambling License
The procedure for obtaining a Malta Gambling License may be extended than six months to less than a year, provided that all the documents mentioned below are diligently provided and all planned meetings are held. A pre-application process it is another requirement and involves a meeting with an official from the MGA.
To obtain a Malta Gambling License, each company is required to collect and provide a number of documents, as well as meet various requirements including:
Ø A certificate issued by the police certifying the good conduct of each company owner and applicant.
Ø A “Fix and Appropriate”Test, which evaluates all the information associated with the persons related to the company. Their ability to operate an online business is also valued.
Ø The ability to multitaskingor perform several different roles in the business.
Ø Original bank references u notarial copies ta ID documents
Ø Comprehensive business plan – The MGA evaluates the detailed business plan provided by the applicant. Its feasibility in all aspects like company growth, HR, and marketing is verified in minute.
Ø Detailed information about the games services and the software.
Ø All operations and equipment must be is located fi Malta – All companies applying for a MGA license are required to have a registered office in the country. In addition, applicants must indicate a director and secretary of the company.
Ø Verification of compliance – Before the actual start of business operation, applicants are supposed to go through an audit, which is basically a 60-day trial period to check the compliance of the online system.
Ø As a final step on the road, if applicants meet these requirements to the satisfaction of the regulator, they will receives the seal of approval. The cost of a Malta Gambling license is significantly higher compared to that of other regulators, but given its advantages, it is well worth it. Once the validity of the license has expired, operators are expected to pay the relevant renewal fees, as well as comply with all applicable requirements.
The Advantages of Licensed MGA Operators
Many benefits come from obtaining a Malta Gaming License. Getting one is neither simple nor cheap, and many sports betting companies realize that it is worth it. The well-known regulatory approval brings a number of advantages to companies operating in the sports betting industry. Here are just a few of the most important:
Ø Reputation and Trust of the Player With the MGA approval seal on their homepage, sports betting operators are enjoying higher levels of trust and a much larger number of registered customers.
Ø Stability – Securing a Malta license also involves a stable legal and regulatory framework for betting companies. In addition, the MGA adheres to strict anti-money laundering laws and operates in full compliance with EU legislation.
Ø Access to more markets – Every MGA license holder has the right to offer his or her 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 in the sports betting industry gain many advantages, once they acquire the industry gold standard.
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