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The MGA publishes its 2022 Annual Report and Financial Statements

Published

3 years ago

June 2, 2023

Reading Time: 4 minutes

The Malta Gaming Authority (MGA/Authority) is publishing its Annual Report and audited Financial Statements for the financial year ending 31 December 2022. In addition to outlining the performance of the Maltese gaming business in 2022, the report gives a broad summary of the Authority’s accomplishments during the year under review and offers a medium-term outlook for the future. A thorough report outlining key statistics for the land-based and online gaming industries is then presented.

Supervisory Activities

28 compliance audits were conducted and 228 desktop reviews were carried out during 2022, accompanied by additional AML/CFT compliance examinations that are carried out by the FIAU, or by the MGA on its behalf. Following information which emerged from compliance audits, compliance reviews and formal investigations, the Authority issued 10 warnings and cancelled six (6) licences. In addition, the MGA issued a total of 16 administrative penalties as well as three (3) regulatory settlements, with a collective total financial penalty of €179,150.

A total of 25 licensees were subject to remediation and/or administrative measures by the FIAU, ranging from written reprimands to administrative penalties, based on the breaches identified during examinations carried out in previous years, including by the MGA. In total, these amounted to just over €738,000.

Six (6) individuals and companies were deemed by the Fit & Proper Committee to not be up to the Authority’s probity standards due to various factors, including due to the risks of money laundering or funding of terrorism.

Forty-one (41) gaming licence applications were received during 2022. Thirty-one (31) licences were issued, while twenty-one (21) were unsuccessful.

Over 1,500 criminal probity screening checks were undertaken on individuals, shareholders and ultimate beneficial owners, key persons and other employees, and companies from both the land-based and online gaming sectors.

The Authority conducted 48 interviews with prospective MLROs and key persons carrying out the AML/CFT function to determine the knowledge and suitability of each candidate.

The Commercial Communication Committee of the MGA issued a total of nine (9) Letters of Breach following breaches of the Commercial Communications Regulations (S.L. 583.09).

In its efforts to protect players and encourage responsible gambling, the Authority supported a total of 5,280 players who requested assistance, covering most of the cases received during 2022 and the spill-over from 2021.

The MGA conducted 85 responsible gaming-themed website checks, through which 38 URLs were found to have misleading information. This led to 17 notices being published on the MGA website, and 30 observation letters that were sent out reflecting responsible gaming issues.

Improvements in Efficiency and Effectiveness

The Authority commissioned a sectorial skills strategy to address the gaming industry’s challenges with respect to the ongoing demand for qualified and skilled human capital, which increased significantly as the economy grew and diversified into numerous sectors.

Consultation exercises were conducted with industry stakeholders regarding the bets offered by licensees – with a focus on sports integrity and player protection considerations – on the proposed amendments to the Player Protection Directive (Directive 2 of 2018), and on the proposed policy on the use of Innovative Technology Arrangements (ITAs) and the acceptance of Virtual Financial Assets (VFAs) and Virtual Tokens, which led to amendments and a finalised Policy, respectively.

The Authority streamlined the approval process of appointing an MLRO in collaboration with the FIAU while, at the same time, ensuring that the industry is kept updated on any changes affecting this process and on any best practices that are intrinsic to the role of the MLRO.

The concept of Agreed-Upon Procedures (AUPs) Reports was introduced, covering player funds and Gaming Revenue. Audit firms are drawing up these reports in compliance with the ‘International Standard on Related Services (ISRS) 4400 (Revised) Agreed-Upon Procedures Engagements’.

The MGA kickstarted a process for possibly implementing a voluntary Environmental, Social and Governance (ESG) Code of Good Practice for the industry to showcase and increase the positive social and environmental impacts of the gambling sector.

National and International Cooperation

Throughout 2022, the Authority issued 43 news items on its website and 26 external communications, providing a synopsis of various updates and developments at the Authority and across the industry.

A total of 224 alerts were sent to the industry, 167 of which were also sent to the appropriate Sports Governing Bodies.

A total of 44 requests for information specifically relating to the manipulation of sports competitions or breaches in sports rules were submitted by enforcement agencies, sport governing bodies, integrity units, and other regulatory bodies. As a result of such requests, data was exchanged in 25 instances. Additionally, a total of 475 suspicious betting reports from licensees and other concerned parties were received.

During the period under review, the Authority was a direct participant in 15 different investigations across the globe relating to the manipulation of sports competitions or breaches in sports rules, as well as an indirect participant in 3 such investigations.

The Authority received a total of 83 international cooperation requests from other regulators and sent 97 such requests, with the majority referring to requests for background checks as part of an authorisation process.

A total of 177 official replies were issued providing feedback on the regulatory good standing of our licensed operators to the relevant authorities asking for this information.

The MGA works together with other local regulating authorities and governing bodies. This is reflected through responses furnished by the MGA to requests for information made by the Asset Recovery Bureau (ARB), the FIAU, as well as the MPF on the gaming sector. Additionally, the relevant information is provided to the Sanctions Monitoring Board (SMB) to assist in issuing penalties in instances of non-compliance with sanctions screening obligations.

In publishing this report, the CEO, Dr Carl Brincat said: “This report is testament to our collective efforts in promoting a fair and sustainable gaming ecosystem. Through proactive measures and leaner regulation processes, we strive to ensure a level playing field that nurtures innovation while safeguarding against any potential risks.

“As the global gaming landscape evolves, our role becomes even more critical. We embrace this responsibility with utmost determination, working tirelessly to stay ahead of emerging trends, technologies, and challenges. We remain steadfast in our pursuit of robust frameworks that inspire confidence, protect vulnerable individuals and render Malta the home for gaming operators of good will.”

BIS

BiS Brasília projects growth and boosts betting debate in Brazil

Published

14 hours ago

May 7, 2026

GamingAmericas.com

bis-brasilia-projects-growth-and-boosts-betting-debate-in-brazil

Event will bring together leaders and experts at a time of high visibility for the sector

With an expected 20% increase in attendance, BiS Brasília reaches its second edition in a scenario of strong prominence for the sports betting market in Brazil.

Regulatory advances and growing public interest have placed the sector at the center of strategic discussions, boosting the event’s relevance this year.

Held at the Royal Tulip Brasília Alvorada, the gathering will bring together experts, executives, and authorities to discuss market trends, challenges, and opportunities, with a focus on innovation, integrity, and the sustainable development of the industry.

“The BiS Brasília arrives at a decisive moment for the Brazilian market, bringing together leaders to discuss the paths of regulation, innovation, and sustainable growth of iGaming and sports betting in the country.

It will be a strategic opportunity to promote qualified dialogue and strengthen an increasingly professional and transparent ecosystem,” explains Flávio Figueiredo, co-founder of BiS SiGMA.

Based in the federal capital—epicenter of Brazil’s main political and economic decisions—the event reinforces Brasília’s role as a convergence point for the different stakeholders involved in shaping the new regulatory landscape.

This edition is expected to consolidate itself as a milestone in the maturation of the debate on the legality of betting in Brazil.

About BiS Brasília

In its second edition, BiS Brasília is an event dedicated to the iGaming and betting ecosystem, promoting dialogue between the private sector, government, and society on the development of the regulated gaming, casino, and lottery market in Brazil.

The event brings together business leaders, authorities, and experts to discuss strategic topics such as Brazilian regulation, taxation, integrity, innovation, responsible gaming, compliance, AML / anti-money laundering, licensing, sports integrity, government relations, advertising, and CONAR.

BiS SiGMA South America is part of the event portfolio of SiGMA World Group, one of the leading global platforms for B2B business and event organization focused on the gaming and betting industry.

The post BiS Brasília projects growth and boosts betting debate in Brazil appeared first on Americas iGaming & Sports Betting News.

apuestas

Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas

Published

14 hours ago

May 7, 2026

GamingAmericas.com

nuevas-reglas-del-cmn-y-spa-reorganizan-el-tablero-del-igaming-y-las-apuestas-deportivas

Rafael Brunati y Celso Basílio, abogados de Silveiro Advogados especializados en mercados regulados, derecho corporativo y derecho de la competencia, analizan las recientes medidas adoptadas por el Consejo Monetario Nacional (CMN) de Brasil y la Secretaría de Premios y Apuestas (SPA/MF), así como su impacto en la industria del iGaming y las apuestas deportivas.

En este artículo, examinan cómo el nuevo marco regulatorio redefine los límites entre las apuestas, los instrumentos financieros y los modelos emergentes de mercados digitales, al tiempo que refuerza la Ley N.º 14.790/2023 como pilar central de la regulación del sector.

Por Rafael Brunati y Celso Basílio

El conjunto de medidas adoptadas recientemente por el Consejo Monetario Nacional (CMN) y la Secretaría de Premios y Apuestas del Ministerio de Hacienda (SPA/MF) representa un nuevo capítulo en la consolidación regulatoria del mercado brasileño de iGaming y apuestas deportivas.

Más que una respuesta puntual a los llamados mercados predictivos, las iniciativas señalan un intento más amplio de reorganizar los límites entre apuestas autorizadas, instrumentos financieros y actividades consideradas irregulares en el país.

La Resolución CMN N.º 5.298/2026 prohibió la oferta y negociación de derivados vinculados a apuestas, eventos deportivos, juegos en línea y temas políticos, electorales, culturales o de entretenimiento sin referencia económico-financiera.

En la misma línea, la Nota Técnica SPA/MF N.º 2.958/2026 encuadró las plataformas de mercados predictivos como explotación ilegal de apuestas de cuota fija, lo que derivó en el bloqueo de decenas de plataformas por parte de la Anatel.

El movimiento refuerza de manera clara la centralidad de la Ley N.º 14.790/2023 como marco regulatorio exclusivo para la explotación de apuestas de cuota fija en Brasil.

En la práctica, el gobierno ha comenzado a delimitar con mayor precisión quién puede operar en este mercado y bajo qué condiciones.

Las plataformas que buscaban posicionarse como mercados financieros, contratos de eventos o estructuras tecnológicas alternativas pasaron a ser tratadas materialmente como operadores de apuestas.

El mensaje regulatorio es directo: si el producto compite por el mismo público, utiliza una lógica económica similar a las apuestas y conlleva riesgo asociado a eventos futuros, tiende a quedar dentro del perímetro regulatorio de la SPA.

Desde la óptica regulatoria y de competencia, esto genera un efecto relevante para los operadores autorizados.

Las empresas que invirtieron en licencias, cumplimiento normativo, prevención de lavado de dinero, integridad deportiva, políticas de juego responsable y estructura regulatoria dejan de competir con plataformas que operaban al margen de estas exigencias mediante encuadres jurídicos alternativos. Se produce así un fortalecimiento indirecto del valor económico de la licencia regulatoria otorgada por la SPA.

Al mismo tiempo, este fortalecimiento viene acompañado de un aumento significativo de las obligaciones operativas y de cumplimiento.

Las recientes medidas también reabren un debate importante sobre los límites regulatorios de las llamadas betting exchanges y los modelos peer-to-peer.

La propia Nota Técnica SPA/MF N.º 2.958/2026 reconoce que la negociación entre apostadores y la existencia de precios dinámicos no desnaturalizan necesariamente la condición de apuesta de cuota fija. Esta interpretación es relevante porque acerca los mercados predictivos a las estructuras de bolsas de apuestas ya previstas en la Ley N.º 14.790/2023.

Este punto podría abrir espacio, en el futuro, para modelos regulados de betting exchange en Brasil, siempre que estén dentro del perímetro autorizado por la SPA.

Sin embargo, la regulación operativa de este formato aún no ha sido desarrollada por la autoridad, lo que mantiene un nivel importante de incertidumbre para los operadores interesados en innovación de producto.

Desde otra perspectiva, las medidas también tienden a generar una intensa judicialización. Existen debates relevantes sobre los límites de la competencia del CMN para restringir ciertos tipos de derivados, sobre la actuación interpretativa de la SPA respecto a los mercados predictivos y sobre el bloqueo de plataformas sin orden judicial.

Independientemente del desenlace de estas disputas, lo cierto es que el mercado brasileño de iGaming y apuestas deportivas entra en una nueva fase.

La lógica regulatoria deja de centrarse únicamente en la autorización formal para operar y pasa a incorporar de forma más intensa temas como integridad financiera, protección de usuarios vulnerables, gobernanza de datos, trazabilidad de pagos y supervisión operativa continua.

El sector continúa creciendo, pero ahora dentro de un entorno significativamente más sofisticado —y más exigente. Para los operadores autorizados, esto representa simultáneamente una barrera de entrada para competidores irregulares y un aumento relevante en los costos de cumplimiento. En un mercado cada vez más regulado, la diferencia competitiva tiende a depender menos de la capacidad de ofrecer apuestas y más de la capacidad de operar con seguridad regulatoria, integridad operativa y rápida adaptación a las nuevas exigencias del Estado.

Rafael Brunati, abogado en las áreas de Derecho Societario, Contratos, M&A y Private Equity, así como del sector bancario en Silveiro Advogados, es graduado en Derecho por la Universidad Presbiteriana Mackenzie, posee un LL.M en Derecho Societario por INSPER y es miembro de la Comisión de Derecho Bancario de la OAB/SP.

Celso Basílio, abogado en las áreas de Mercados Regulados, Telecomunicaciones, Contratos y Derecho de la Competencia en Silveiro Advogados, es máster en Derecho por la FGV Derecho SP, posee un LL.M en Derecho de los Contratos por INSPER y es graduado en Derecho por la Universidad Presbiteriana Mackenzie.

The post Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas appeared first on Americas iGaming & Sports Betting News.

298/2026

New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil

Published

15 hours ago

May 7, 2026

GamingAmericas.com

new-cmn-and-spa-rules-reorganize-the-igaming-and-sports-betting-landscape-in-brazil

Rafael Brunati and Celso Basílio, lawyers at Silveiro Advogados specializing in regulated markets, corporate law, and competition law, analyze the recent measures adopted by Brazil’s National Monetary Council (CMN) and the Secretariat of Prizes and Betting (SPA/MF) and their impact on the iGaming and sports betting industry.

In this article, they examine how the new regulatory framework reshapes the boundaries between betting, financial instruments, and emerging digital market models, while reinforcing Law No. 14,790/2023 as the central pillar of regulation in the sector.

ByRafael Brunati and Celso Basílio

The set of measures recently adopted by the National Monetary Council (CMN) and the Secretariat of Prizes and Betting of the Ministry of Finance (SPA/MF) marks a new chapter in the regulatory consolidation of Brazil’s iGaming and sports betting market.

More than a targeted response to so-called predictive markets, these initiatives signal a broader effort to redefine the boundaries between authorized betting activities, financial instruments, and operations considered irregular in the country.

CMN Resolution No. 5,298/2026 prohibited the offering and trading of derivatives linked to betting, sports events, online games, and political, electoral, cultural, or entertainment themes without a financial-economic reference.

In the same direction, SPA/MF Technical Note No. 2,958/2026 classified predictive market platforms as illegal fixed-odds betting operations, leading to the blocking of dozens of platforms by Anatel.

The move clearly reinforces Law No. 14,790/2023 as the exclusive regulatory framework for fixed-odds betting in Brazil.

In practice, the government has begun to draw a sharper line around who can operate in this market and under what conditions.

Platforms that previously positioned themselves as financial markets, event-based contracts, or alternative technological structures are now being materially treated as betting operators.

The regulatory message is direct: if a product targets the same audience, uses similar economic logic to betting, and involves risk linked to future events, it is likely to fall within the SPA’s regulatory perimeter.

From a competitive and regulatory standpoint, this produces a meaningful effect for licensed operators. Companies that have invested in licensing, compliance, anti-money laundering controls, sports integrity, responsible gaming policies, and regulatory infrastructure are no longer competing with platforms operating outside these requirements under alternative legal interpretations.

This indirectly strengthens the economic value of the license granted by the SPA.

At the same time, this strengthening comes with a significant increase in operational and compliance obligations.

The recent measures also reopen an important discussion on the regulatory limits of so-called betting exchanges and peer-to-peer models.

SPA/MF Technical Note No. 2,958/2026 itself acknowledges that betting between users and the existence of dynamic pricing do not necessarily alter the nature of fixed-odds betting.

This interpretation is relevant because it brings predictive markets closer to exchange-style betting structures already contemplated under Law No. 14,790/2023.

This point could, in the future, open space for regulated betting exchange models in Brazil, provided they fall within the SPA’s authorized perimeter. However, operational rules for such formats have not yet been defined by the regulator, leaving a significant area of uncertainty for operators seeking product innovation.

From another perspective, these measures are also likely to generate substantial litigation.

There are important debates regarding the limits of the CMN’s authority to restrict certain types of derivatives, the SPA’s interpretative role regarding predictive markets, and even the blocking of platforms without judicial orders.

Regardless of the outcome of these disputes, the fact is that Brazil’s iGaming and sports betting market is entering a new phase.

Regulatory logic is no longer focused solely on formal authorization to operate, but increasingly incorporates issues such as financial integrity, protection of vulnerable users, data governance, payment traceability, and continuous operational supervision.

The sector continues to grow, but now within a significantly more sophisticated—and more demanding—environment. For licensed operators, this simultaneously creates a barrier to entry for unregulated competitors and increases compliance costs.

In an increasingly regulated market, competitive advantage is likely to depend less on the ability to offer bets and more on the capacity to operate with regulatory security, operational integrity, and rapid adaptation to new state requirements.

Rafael Brunati is a lawyer specializing in Corporate Law, Contracts, M&A, Private Equity, and Banking Law at Silveiro Advogados.

He holds a Law degree from Universidade Presbiteriana Mackenzie, an LL.M in Corporate Law from INSPER, and is a member of the Banking Law Commission of the São Paulo Chapter of the Brazilian Bar Association (OAB/SP).

Celso Basílio is a lawyer specializing in Regulated Markets, Telecommunications, Contracts, and Competition Law at Silveiro Advogados.

He holds a Master’s degree in Law from FGV Direito SP, an LL.M in Contract Law from INSPER, and a Law degree from Universidade Presbiteriana Mackenzie.

The post New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil appeared first on Americas iGaming & Sports Betting News.