Malta Gaming License
The Republic of Malta comprises of island archipelago in the central Mediterranean Sea. Only two of those islands, Malta and Gozo are permanently inhabited. The main languages spoken on the islands are English and Maltese. The country is a member of the European Union, making accession to the block on 1st of May 2004. Malta has adopted Euro but islands’ original currency was Maltese Lira.
Since becoming a member of the European Union it was necessary for Malta to find its competitive niche for conducting businesses among the international community. iGaming business was identified as sector having solid growth potential. Due to remote nature of interactive gambling, flexible regulatory framework and attractive tax regime bear more importance than exact location of operations. This was one of the main reasons of Malta being selected for setting up headquarters and obtaining online gaming license in Malta by many leading gambling companies. This lead to Malta becoming home for lots of people from EU and beyond, getting transferred to the island as part of gaming operators’ staff. That brought Malta a truly global, multi-lingual workforce. Which created additional attraction for more gambling firms to set up offices in Malta due to presence of multi-lingual customer support to be hired for serving international customers.
Malta became one of the undisputed leading countries in the field of iGaming. There are currently almost 500 Malta remote gaming licenses issued by Malta Gaming Authority. In the present many of the leading operators transferred bulk of their operations to Malta. Since 2004, online gaming sector in Malta has shown a massive growth currently presenting around 12% of country’s Gross Domestic Product.
Most types of interactive wagering can be offered from Malta, including online casino, sportsbook, betting exchanges, poker rooms, lotteries and more. This flexible regulatory framework served as additional driver that attracted many leading iGaming companies to do business in Malta. The country regulates remote gaming on a point of purchase basis, positioning as global iGaming jurisdiction. Country has set up measures to prevent Malta licensed online gaming businesses from offering services to underage and problem gamblers. Obtaining Malta casino or betting license is relatively inexpensive and time efficient if applicant company is well prepared. The license fees are transparent and publicized on MGA website along with list of licensed entities. Many financial service institutions are available in Malta to support the remote gambling operators.
The principal question for many iGaming market entrants is how to get a gaming license in Malta. Firstly, it needs to be determined which of the four Classes of Malta gaming license is suitable for planned operation. In order to launch online casinos, company would apply for Class 1. Class 2 is for remote sports betting, while Class 3 is for Player-to-Player type of wagering, including poker rooms and betting exchanges. Class 4 license is available to companies seeking to host and manage remote gaming operators without offering services to players. There are Remote Gaming Regulations providing guidance for the prospective applicants seeking to obtain a gambling license. Company in Malta has to be established and there is rigorous ‘fit and proper persons’ test in order to provide identification as to who owns the business. Gaming license applicant should demonstrate the financial and technical ability to carry out the gaming operations in compliance with Malta laws and regulations. There should also be a paid up capital of 40 or 100 thousand euros depending on the license class to ensure solvency of the enterprise and security of player winnings and deposits. The gaming system has to be presented for audit to Malta Gaming Authority to ensure it meets the control objectives.
To perform oversight of operations and report to MGA, the company must appoint a resident of Malta as Key Official. This person has to be available for any inquiry from Malta Gaming Authority. The other responsibilities the Key Official has is to supervise that operation runs according to the laws and regulations set by Malta and EU regulatory bodies.
The Malta Gaming license fees comprise of one-time application fee of 2330 euros and system audit fee of 2500 euros. If application is successful, there is annual license fee of 8500 euros. These are only the license fees, and there are company registration and capital contributions to account when considering a gaming license Malta. There are also differing gaming taxes depending on Class of remote license that operator is planning to obtain
The gambling license from respected jurisdiction and solid business structure is the key to launching a successful iGaming business. Prospectacy Limited assists with applications for online gaming license in Malta. Our experienced team is ready to offer time and cost effective process of obtaining Malta remote gambling license for iGaming businesses ranging from startups to seasoned operators seeking to benefit from EU’s top licensing jurisdiction.