Malta Gaming Authority Lauds 2018 as "Remarkable" In Its Annual Report

The summary of online gaming industry in Malta has been published in the yearly report by Malta Gaming Authority (MGA). In it, a thorough overview of all the regulatory activities and work performed is laid out as it happened all throughout 2018.

A big focus in the report was placed on effective enforcement – the regulator issued 16 warning notices, 73 breach notices, revoked four licenses and cancelled further eight. In total, 139 fines were handed out to operators who have been found guilty of violating laws.

All in the Numbers

The highlights of a very good year were the implementation of a new gaming act, regulatory compliance strengthening through internal and external initiatives and anti-money laundering overseeing.

MGA’s committee has deemed 63 individuals or companies not fit for a license or for having any significant role in gaming industry in Malta. There was, in total, 209 applications for Malta’s iGaming license submitted to MGA. 93 were issued, while the remainder are still waiting for the confirmation of acceptance.

A gaming revenue of €75.2 million was generated during the course of 2018’s 12 months…

…which is a 14% annual rise from 2017’s €66.3 million. Gaming taxes contributed with €63.2 million.

MGA Looks Ahead

What’s in store for Malta Gaming Authority? Functions of risk and enforcement and compliance reinforcement are seen as number one priorities…

…and so is maintaining of growth in line with the global industry. Gaming is currently Malta’s third most productive sector with an economy share of about 13%.

MGA’s CEO, Heathcliff Farrugia, provided his two cent on the year behind:

“2018 was a remarkable year for the authority, predominantly because of the coming into force of the new law on the 1 August 2018. The new framework strengthened the MGA’s supervisory role, specifically in the areas of compliance and enforcement, enabling it to focus efforts on areas which present a higher risk profile.”

Focusing on Market’s Integrity

Farrugia added that the new regulatory regime has been pivotal in making sure that authority could become way more agile with decision-making.

2018 was also the year in which Malta adopted fourth anti-money laundering directive by the European Union. This made gaming companies ed in Malta obliged for the first time ever. He acknowledges this was a challenging process, for both the companies and the MGA.

“In 2019, the MGA’s focus will be that of consolidating what has been built so far, and continue building on its regulatory powers, to ensure holistic regulatory oversight focusing on the integrity of market participants and the protection of consumers, whilst also embracing technological innovation without prejudicing the attainment of its regulatory objectives.”

2019 is Busy Too

Revoking of licenses belonging to operators who do not comply with domestic laws continued in 2019…

…with the most recent of these instances being the order sent to ASAP Italia to cease all operations and activities in Malta at once.

The operator was instructed to put a notice on their official website and instruct their players that they need to MGA in case they have any pending payments to be made.

Source:

“MGA lauds remarkable year for the authority”, casinobeats.com, July 1, 2019.