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The Malta Gaming Authority (MGA), founded in 2001, is one of the world's most essential online igaming regulators. At the time of their inception, MGA were the earliest flag bearers of regulatory organizations of its kind. Being one of the highly respected regulatory authorities in the world, to obtain a license from MGA, you know the prestige and credence it gives to online casinos and online betting operators.
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The primary role of MGA is the monitoring of both online gambling operators and providers, further providing players safety and security for online gambling users at a global level. You are not risking unreliable services when participating in an MGA-authorised platform every time you play.
With the gambling industry growing constantly, it stands to reason that regulatory authorities must oversee fairness, security, and the safety of players' welfare; MGA also instils preventative measures to prevent crime, including any underhandedness, corruption, and money laundering within the gaming world.
The MGA has several core objectives, which include:
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Give support to each other, working in tandem and respecting each other's views and working with an attitude of inclusion and togetherness
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Being truthful, open and honest in all matters, always maintaining the highest integrity
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Ensure players are always safe and secure and are never compromised by criminal dealings
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Having a business model with sound financial stability and operating with integrity
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Preventing all forms of crime, including money laundering in the gaming industry
Why is it essential for online gambling sites to obtain a license from the MGA?
Of course, having that buffer of a license from the MGA gives enormous credibility and credence to the operators and players. The fact of the matter is that the MGA is a very trustworthy and highly respected authority that carries a lot of prestige. A license granted from the MGA tells players that the site is straight as an arrow.
For online betting sites to apply for an MGA license, the operators know that they must uphold the strictest of measures. These include a solid financial base, implementing robust measures against money laundering, and always giving a proper, safe gaming service to all who play.
The MGA is highly defensive and protective of its regulations. Regularly, they carry out audits of licensed operators. If, for any reason, these sites don't fall in line or uphold the strictest standards of MGAs mantra, swift action will be taken.
Benefits of obtaining a license from the MGA
Obtaining a license from the MGA will bring benefits that online gambling platforms can enjoy. These benefits include:
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An EU country license: Malta is a member of the European Union (EU), which gives the flexibility to offer other EU players. With that in mind, this gives a vast customer base and the potential to grow the business.
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Trust from the players: This is the power of good business acumen from the regulatory authorities and the operators of the casinos and sports betting sites; once you establish you have a stalwart reputation and are highly trustworthy, you will, in turn, attract other players and therefore build better customer relations
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Reduced risk: With an MGA license, you know the requirements and standards that must be upheld. If operators fail in any compliance to obtain an MGA license, then naturally, the betting platform would be denied an MGA license. With this in mind, this reduces the risk of sites being tempted into criminality.
How to obtain a license from the MGA
Like with all red tape and procedures, obtaining a license from the MGA will take considerable time and effort. If the MGA feels you havent met the standards during the process, the MGA will not grant the license.
Like with authoritative clearances and applications comes much evidence-based information from the applicant. The operator must submit a detailed and comprehensive breakdown of all elements of the business; this includes:
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Business plan
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Financial resources
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Security measures:
Note: During the process, the MGA will do the following checks on the management team, operators and any other key personnel associated with the gambling site.
Once all the checks have been completed and the MGA is satisfied with the applicant, it will grant a license. That said, the license would not be permanent. The MGA will still process the licensee with regular checks and audits and can terminate a license if it finds that the casino or betting site in question has not abided by the high standards of the MGA.
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Conclusion
The Malta Gaming Authority is the early flag bearer of a regulatory authority in the iGaming industry; with two decades of experience, the MGA licensees are a sort-after asset, representing the height of loyalty and trustworthiness.
MGA licensees can enjoy several quality benefits, such as access to the European Market, the credibility factor and a substantially lower risk.
The process of obtaining this sought-after license can take many months to process and, at times, can be intricate; in the long term, however, if these sites are conscientious about delivering a good deal, then the license will provide a great asset.
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View source version on newsdirect.com: https://newsdirect.com/news/introduction-to-the-malta-gaming-authority-701535898
Acroud Media
COMTEX_444873554/2655/2023-12-13T04:02:52
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