Over the past years Malta has successfully established itself as a leading and well-regulated European gaming jurisdiction, which hosts approximately 10% of the world’s online gaming companies. The Government of Malta has carried out a complete review and consolidation of the gaming legislation, by virtue of which the Malta Gaming Authority (MGA) was created.
The processing time for an application for an iGaming license to be processed by the Maltese authorities takes on average 4 to 6 months. This period is solely dependent on the time it takes for the applicant to provide the necessary feedback and documentation.
Applicants must go through the KYC and Due Diligence process with the Malta Gaming Authority (“MGA”) prior to submitting an application. This is to ensure that the applicant complies with the legal requirements of Malta, the license application is properly developed and that all the essential elements are present and in accordance with the procedure.
This tends to speed up the licensing process, as there will be no missing or incomplete information that could slow down the entire process.
At this stage, the MGA evaluates:
1. Is the applicant suitable for conducting gambling activities?
The MGA conducts due diligence evaluating all information pertaining to those involved in the financing and management of the applicant’s company. The Authority also conducts a good faith investigation with other national and international regulatory and law enforcement agencies.
2.Is the business plan of the company prepared correctly?
MGA conducts an in-depth financial analysis of the applicant’s business plan. This business plan is expected to include a detailed forecast of operations, as well as details related to marketing strategies, workforce planning and growth rates.
3. Has operational and statutory requirements to fulfill the legal obligations expected by Maltese Law;
The candidate is being studied for the technical background necessary for running a business. This process includes the study of the constituent documents of the Company, games, business processes related to the conduct of remote games, rules, conditions and procedures for games, application architecture and system architecture of gaming and control systems.
The above three components are an audit of application requirements and should be completed within 12-16 weeks.
4.Did the candidate correctly implement what he used on the technical terms before the release of the application launch.
Once all three of the above steps have been successfully completed. The MGA will inform the applicant that the application has been successfully completed. It also will invite the applicant to implement the technical environment in preparation for commencement of activities.
The applicant is given 60 days to complete this operation. If during this time the applicant still does not complete this operation, the application will be considered suspended and subject to resubmission.
During these 60 days, the applicant may request an external systems audit (performed by an independent third party contracted with the MGA) at a fixed market price.
The MGA allows minimal deviation from the application itself at this stage. Any significant changes to the gaming system will require the applicant to re-submit through a new application.
Upon successful completion of the certification process, the MGA will issue a license for a period of five (5) years.
Once the license is issued, an independent third party will contract with the MGA (at a fixed market price) to perform a series of compliance checks on licensees’ transactions.
Basic requirements for obtaining a license:
If you need a Malta gambling license, our specialists will help you quickly and efficiently obtain a Malta gambling license. Also, you can buy a company in Malta with a gambling license. Write to us in the CRM form and we will help you get a gambling license in Malta.
The specialists of Eternity Law International will provide you with expert advice on obtaining a gambling license in a suitable jurisdiction.
If you have any questions or need advice on obtaining a gambling license, call us at the numbers listed on the website, or write to the CRM form, our specialists will answer you online.