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Malta Prepares to Replace Existing Gaming Legislation with New Gambling BillPublished March 15, 2018 by Florin P
The Maltese parliament will vote on a new Gambling Bill aimed at creating a better regulatory framework for the gambling industry.
The Maltese parliament will soon be presented with a motion concerning a new Gambling Bill aimed at replacing existing legislation. It was proposed by the parliamentary secretary for Financial Services, Digital Economy & Innovation Silvio Schembri. The bill is comprehensive and includes additional pieces of legislation, as well as technical guidelines suggested by the Malta Gaming Authority.
The goal is to create a unitary law that would better regulate the gaming industry, while keeping it fun, responsible and transparent. Malta is regarded as a well regulated gambling environment and a preferred destination for industry leaders. The new bill will bring sweeping changes and will reduce the number of licenses to just two: a Business-to-Consumer license and a Business-to-Business license.
A Boost for the Malta Gaming Authority
If the new Gambling Bill is signed into law, it will expand the powers of the MGA. The gaming authority will be more effective in dealing with the threats of money laundering and terrorism funding. Existing player protection frameworks will also be strengthened, with the players’ funds to be well segregated. Consumers will be better protected as a result Malta Gaming Authority’s powers being boosted.
Joseph Cuschieri, executive chairman of the MGA was quick to acknowledge the importance of the new bill and highlight its advantages. He said that many of the regulatory gaps will be closed, therefore consumers will enjoy a superior level of protection. The gaming industry is also expected to benefit from these changes and Silvio Schembri foresees a 4% growth.
B2B Licensees Exempted from Gaming Tax
The new law would compel bookmakers to do their best to identify suspicious betting patterns and report them to the MGA. On the flipside of these new obligations, B2B licensees will benefit from gaming tax exceptions, which should boost their profit margins.