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Why Should You Start an IGaming Business in Malta?
- How to start an iGaming business in Malta
- Analysis of KYC
- Assessment by Compliance Department
- Compliance system audit
- The different types of iGaming licenses in Malta?
Most gaming businesses have the Malta Gaming Authority license, which answers why most would start their iGaming business there and not anywhere else. Malta has a few significant benefits for new establishments, and these include:
- A highly reputable license recognized internationally and holds strong on a sound legal regime.
- Malta is a part of the EU and sits in a strategic position in the heart of the Mediterranean with a professional workforce and good work ethic.
- A strict and professional regulatory board.
- Malta has a regulated gaming industry that places priority on responsible gaming.
- A relaxed lifestyle.
- Modern technology & Infrastructure.
- A strong economy.
- Good tax regulations.
Malta is also dedicated to making the iGaming industry thrive with consistent investment in modern technology and many other favorable services.
How to start an iGaming business in Malta
Malta ensures a thorough check on companies in the iGaming industry before granting a remote gaming license. This is done to ensure credibility and also to continue the stronghold of the Malta Gaming Authority license. To set up an iGaming business in Malta, you need to go through three stages:
- Analysis of KYC;
- Assessment by Compliance Department;
- Compliance system audit.
Analysis of KYC
It is stage one of setting up your iGaming business in Malta, and it deals with the analysis of KYC and all relevant information. All relevant information in the sense of finances and management that relates to the company or individual involved. In this stage, the applicant’s business plan will also undergo a thorough review by the Gaming Authority in Malta.
Assessment by Compliance Department
Once the first stage is completed successfully, the company in the iGaming Industry can proceed to the next step. This next stage is where the online gambling business undergoes a thorough review by the compliance department. This compliance department checks all business and technical aspects of the proposed remote gaming operation.
Compliance system audit
When stage two is complete, the applicant is issued with a provisional license which is valid for six months. The provisional license is in the form of a letter of intent (LOI). It then brings the applicant to stage 3, where the applicant is expected to commence his operations while simultaneously undergoing a compliance system audit.
Before these system checks, the iGaming business is expected to have a business plan and share capital requirements subject to the class of the gaming license applied for.
The different types of iGaming licenses in Malta?
For iGaming companies in Malta, the remote gaming regulations has four classes of remote gaming licenses, which include the following:
- CLASS 1 — This is the type of gaming license that regulates casino games and online lotteries. With this license, operators manage their own risk on repetitive games.
- CLASS 1 on 4 — With this type of license, the class 1 license would operate its games on the software through the tools of a class 4 license.
- CLASS 2 — This is a gaming license whereby operators manage their risks on events based on a matchbook. An example is fixed odds betting.
- CLASS 2 on 4 — the operator can use a licensed class 4 as its platform.
- CLASS 3 — With this gaming license, the applicant can promote remote gaming whereby operators get to take a commission from promoting and abetting games. Examples are in P2P gaming and Poker networks.
- CLASS 3 on 4 — whereby the operator uses a licensed class 4 as its platform.
- CLASS 4 — With this gaming license, applicants can host and manage remote gaming operators, and software vendors provide management and hosting facilities on their platform.