Malta Gaming Authority - Online Gambling License
Malta Gaming Authority is the gaming control board of Malta. It is responsible for regulating all forms of gambling that fall under Malta's authority. It was established in 2001, with the aim of protecting the welfare of different gambling parties. They created the body since there is a significant increase in gambling activities, especially in online gambling.
Rules and Regulations
About 12% of the country's GDP comes from gaming. All the companies operating any form of gambling in the state are required to obtain a licence from them. The permit has all the gambling control rules, which are needed to be followed to the later by the licensee. In the case of the licensee failing, they withdraw the licence. Before a company receives a permit, it is examined to make sure it meets the gambling requirements.
License Registration Process
Before a company gets a gambling licence, it passes through a rigorous process. All the directors and shareholders of the company are required to undergo complete testing. The company is then needed to submit due diligence documents, which are carefully examined. In the instance they are satisfied, they will carry a financial analysis of the company as per the business plan presented.
They will then scrutinise the technical set up of the company, the proposed game rules and the types of the games to be offered. Any contract between the company and its game providers need to be verified. If the authority is satisfied that the company will be able to operate, they will grant them the licence. The process takes a minimum of 12 weeks.
Licensing in Malta is very straightforward. Any concept that requires players to participate in an electronic device and win prizes need to be licensed. There are four main types of licences. Class 1 Remote Gaming Licence – The licence is offered to operators who offer gambling activities which are repetitive, for example, table games. Class 2 Remote Gaming Licence - Covers any form of traditional fix betting and pool betting.
Class 3 Remote Gaming Licence – Eligible to operators who organise player to player games (without taking the full risk). They only receive a commission. Class 4 Remote Gaming Licence – Applicable to software providers who host or manages gaming operators with any of the above licence classes. They also depend on commission and cannot take the gaming risk.
Malta Gaming Authority ensures that all gambling is conducted with fairness of both parties. Their licence prevents gambling companies from recruiting people below 18 years. They implement that by ensuring any operator asks the gamblers some form of physical proof of the age before they are granted the ability to wager.
Operators are also required to set different security measures so that customers’ valuable data is protected from being leaked out. To sum up, the truth is that gambling should be treated as a source of fun and not an income generating scheme. You should spend only what you can afford to risk and not all your money. Players should also be wise in selecting the type of gambling. They can evaluate the number of losses against winnings and decide the best form of gambling.