JUE 28 DE MARZO DE 2024 - 21:37hs.
Industry to grow by 4%

Maltese Parliament introduces new gaming bill

The Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Silvio Schembri, announced this week in a press conference that a motion will be presented in Parliament for the first reading of a new Gaming Bill that will seek to repeal all existing legislation and replace it with a singular primary Act of Parliament.

According to Schembri, the move also considers the introduction of new subsidiary legislation covering horizontally the main thrusts of gaming regulation as well as a series of technical directives and guidelines currently being consulted on by the Malta Gaming Authority (MGA) for eventual publication and roll out by the regulator once the Act comes into force.

"This bill marks a major step in streamlining and encompassing the governance of all gaming services offered in and from Malta and across all channels under the competence of the MGA. The Government wants to ensure that the gaming industry continues to be run responsibly, fairly and free from criminal activity, so that the Maltese jurisdiction provides a safe and well-regulated environment where the industry can also develop and innovate," Schembri said.

Through this bill, the government is ensuring that the MGA has the necessary latitude, resources and powers to regulate effectively the gaming industry and protect consumers, as required, focusing on evidence-based methodologies.

The Parliamentary Secretary added: "We hope to remove any red tape by increasing efficiency and flexibility for the regulator while improving the robustness of the current framework and focusing regulation on outcomes," while also adding that the Act elevates the excellent reputation of the Maltese jurisdiction in this sector. He remarked that thanks to this new gaming bill, the industry will grow by another 4%.

The press conference was also addressed by Joseph Cuschieri, Executive Chairman of the Malta Gaming Authority (MGA), who stated: "This is an important milestone, and we welcome this major step forward by the Maltese Government. This bill contains draft proposals which aim to bridge the regulatory gap between various gaming verticals and channels, including new technologies serving as a platform to future-proof gaming regulation, whilst ensuring that consumers enjoy a consistent level of protection."

The proposed regulatory framework will strengthen the MGA's compliance and enforcement functions to better achieve its regulatory objectives, in line with concurrent developments in anti-money-laundering and funding of terrorism obligations.

Other important areas of focus include consumer protection standards, responsible gaming measures, reporting of suspicious sports betting transactions in the fight against the manipulation of sports competitions, and objective-orientated standards to encourage innovation and development.

The motion presented in Parliament is a result of an extensive period of public consultation conducted by the MGA, with various industry stakeholders and the general public, as well as numerous technical studies, economic and financial impact assessments. The consultation was launched in July 2017 and was very well received by the industry, resulting in feedback from 53 different parties based both locally and abroad.

Source: GMB