The Malta Gaming Authority (MGA) has recently revealed an Annual Report and Financial Statements for 2018. The report includes information regarding MGA’s activities in the previous year. In addition, the report contains a summary of its gaming industry performance over the last year as well as a projection for the future.
During 2018, the regulatory body focused on the introduction of the Gambling Act as well as on the adoption of multiple licenses for compliance purposes. It notably improved the entire gambling sector and lowered the risk related to gambling services. The annual report further concentrates on 2019 and predicts other compliance and enforcement operations.
According to the official report, the gaming industry contributed to the Maltese economy with a significant percentage. The entire gambling sector generated about £1.4 billion in gross value and the gaming sector appeared to be the third-largest expanding sector in Malta. In addition, the gambling industry brought about 6794 full-time jobs with 88% of online employees.
The annual report clearly states that both the MGA and Financial Intelligence Analysis Unit contributed to the growth of the gambling sector. Both bodies conducted gambling-related tests aiming to strengthen the sector.
It has been specifically concentrating on an enforcement policy. As a result, it issued about 16 Notices of Reprimand and 73 Breach Notices. Further on, the authority suspended four operators and cancelled four licensees. It was followed by 139 administrative fines for operators who made various breaches.
MGA has also stated that 63 individual providers or companies have been unsuitable for a gambling license. They either have a bad reputation or were connected to money laundering and terrorism issues. Over the previous year, it has received 209 application for a license which resulted in only 93 issued authorizations. Furthermore, it conducted two surveys related to gaming threats and opportunities connected to the local residents.
Chief Executive Officer of MGA, Heathcliff Farrugia said:
“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. The new regulatory regime has also been pivotal in ensuring the Authority could become more agile in its decision-making.”
He added:
“Last year was also the year when Malta adopted the EU’s 4th Anti-Money Laundering Directive, which saw online gaming companies in Malta becoming obliged entities for the first time. This was challenging, both for licensees and the MGA, which together with the FIAU, started conducting onsite AML inspections.”
Source:
“MGAˈs annual report confirms Malta gaming industry expansion by over 12% in 2018”, yogonet.com, July 2, 2019.