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The MGA publishes its 2022 Annual Report and Financial Statements

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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.”

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Adam Pentecost Chief Revenue Officer at Gaming Corps

Gaming Corps Taps Betty to Boost Content Options for Ontario Players

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Gaming Corps, a publicly traded game development firm located in Sweden, has entered into a new distribution deal with Betty, one of the rapidly expanding iGaming operators in Ontario. The agreement enhances Betty’s platform with Gaming Corps’ growing collection of content, increasing options for players in a market where the brand currently provides over 2,800 slot titles.

Thanks to the collaboration, Betty customers will soon enjoy the latest slot releases from Gaming Corps, featuring 3 Easter Pigs, the latest chapter in the well-known 3 Pigs series, which adds a new seasonal element to one of the studio’s most iconic franchises. Players will also gain access to the latest release, Vendetta Fury, from DEGEN Studios, Gaming Corps’ newest RGS partner.

This launch leverages the solid success of the broader 3 Pigs franchise, featuring games like 3 Pigs of Olympus and 3 Pigs of the Caribbean that are already part of Gaming Corps’ collection. These are included with the studio’s wider range of Slots, Plinko, Mine, Crash, and Table games.

Adam Pentecost, Chief Revenue Officer at Gaming Corps, said: “Ontario has become one of the most exciting regulated markets in North America, and Betty has built an impressive reputation by offering players both quality and variety. We’re delighted to partner with such a progressive operator and look forward to showcasing how our latest content can bring something genuinely different to their already rich portfolio.”

Paraskeva Smirnova, Senior Casino Operations Manager at Betty, added: “Betty has built its identity on being a homegrown Ontario brand with a clear focus on what local players want. Working with Gaming Corps allows us to continue that mission, adding content that stands out and gives our players something new to discover alongside the thousands of titles we already host.”

The post Gaming Corps Taps Betty to Boost Content Options for Ontario Players appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Adam Pentecost Chief Revenue Officer at Gaming Corps

Gaming Corps partners with Betty to expand content choice in Ontario

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Gaming Corps has signed a new distribution agreement with Betty, one of Ontario’s fastest-growing iGaming operators. The deal adds Gaming Corps’ expanding suite of content to Betty’s platform, strengthening the choice for players in a market where the brand already offers more than 2,800 slot titles.

Through the partnership, Betty customers will soon have access to the latest Gaming Corps slot releases, including 3 Easter Pigs, the newest instalment in the popular 3 Pigs series, which introduces a fresh seasonal twist on one of the studio’s most recognisable franchises. Players will also have access to Gaming Corps’ newest RGS partner, DEGEN Studios’, latest release, Vendetta Fury.

This launch builds on the strong performance of the wider 3 Pigs franchise, with titles such as 3 Pigs of Olympus and 3 Pigs of the Caribbean already established within Gaming Corps’ portfolio. These sit alongside the studio’s broader offering of Slots, Plinko, Mine, Crash and Table games.

Adam Pentecost, Chief Revenue Officer at Gaming Corps, said: “Ontario has become one of the most exciting regulated markets in North America, and Betty has built an impressive reputation by offering players both quality and variety. We’re delighted to partner with such a progressive operator and look forward to showcasing how our latest content can bring something genuinely different to their already rich portfolio.”

Paraskeva Smirnova, Senior Casino Operations Manager at Betty, added: “Betty has built its identity on being a homegrown Ontario brand with a clear focus on what local players want. Working with Gaming Corps allows us to continue that mission, adding content that stands out and gives our players something new to discover alongside the thousands of titles we already host.”

The post Gaming Corps partners with Betty to expand content choice in Ontario appeared first on Americas iGaming & Sports Betting News.

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Digital Isle of Man

The Isle of Man: Where eGaming Software Businesses Are Thriving

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Introduction

The global eGaming industry is highly competitive, technologically driven and heavily regulated. For software providers operating in this space, choosing the right jurisdiction is critical to long-term success. The Isle of Man is trusted by industry-leading suppliers such as Microgaming, Games Global, 3Oaks, Arrise (Pragmatic Play), and Altenar, to name a few, and has established itself as one of the world’s leading hubs for eGaming through a unique combination of tax efficiency, regulatory credibility, stability and technological infrastructure. This article explores the key advantages of being located on the Isle of Man.

Competitive Tax Environment

One of the most compelling reasons to base an eGaming software company in the Isle of Man is its favourable tax regime. Suppliers based on the Island receive the following advantages to maximise profitability and support international expansion:

  • 0% Corporation Tax
  • 0% Capital Gains Tax
  • 0% Inheritance Tax

Reputation and Credibility

The Isle of Man is widely recognised as a tier one licensing jurisdiction. The Gambling Supervision Commission’s (GSC) enforcement of strict compliance standards means that attaining a licence is a testament to the integrity and good standing of the supplier. Licensed suppliers gain reputational benefits, which in turn create greater opportunities to engage with partners, including operators, aggregators, banks, and payment providers.

For more information regarding the Isle of Man’s software supplier licence, Global Gaming Solutions has released other articles explaining in detail what distinguishes the Island from other licensing options.

However, for Isle of Man software suppliers, a licence is not a mandatory requirement. This places the Isle of Man in an ideal position for startup suppliers, offering unique tax, infrastructure and Government driven financial incentives, with an attractive opportunity to expand into the regulated sector once their concept and strategy are proven.

Playzia, a client of Global Gaming Solutions, has leveraged this opportunity to establish operations in the Isle of Man and has built the brand into a recognised international name, partnering with leading operators and securing exclusive titles such as Love Island.

Access to Global Markets

eGaming software companies based in the Isle of Man enjoy significant operational flexibility. As an outward-facing jurisdiction, the Island maintains a strong international reputation (particularly across Europe and Asia), and obtaining a local licence does not restrict suppliers’ target markets outside sanctioned or blacklisted jurisdictions or those with local regulatory regimes. As such, the Isle of Man provides suppliers with the reach needed to establish their brands in a global market.

In an industry where market access can determine success, an Isle of Man company, and more so a licence holder, has greater access to key partners through its reputation and credibility than “competitor” jurisdictions such as Curacao, Belize, Anjouan and Tobique. As a result, companies can scale internationally with fewer operational barriers, making the Island an ideal base for growth-oriented businesses.

As global markets mature and establish local regulatory regimes, the Isle of Man remains relevant. The ability to hold regulated licenses such as UK, Ontario, Irish, and Finnish licenses through an Isle of Man company allows suppliers to maintain their advantageous position and global focus, whilst also utilising their structure to enter competitive regulated markets. As evidence of this, Global Gaming Solutions has supported leading aggregator St8, securing successful Ontario and UK licences to scale rapidly whilst maintaining operations on the Island.

Advanced Technological Infrastructure

The Isle of Man offers world-class digital infrastructure tailored to the eGaming sector’s needs. High-speed internet connectivity, secure data centres, and reliable telecommunications systems provide a strong foundation for suppliers operating internationally.

The jurisdiction also supports emerging technologies such as cryptocurrency payments, which are increasingly utilised operationally by suppliers. CoinCorner, a local Bitcoin service provider, boasts over 350,000 users and 10 years of service, providing on-the-ground support to local and international businesses.

Government Support and Business-Friendly Environment

The Isle of Man government actively supports the eGaming sector, the GSC has a legacy as an approachable and friendly regulator, whilst Digital Isle of Man frequently attends and hosts eGaming events and meets with prospective businesses to represent the Island as a global tech centre. As such, businesses are supported and encouraged at all levels.

Local Expertise

The Island’s local high-tech sectors, including eGaming, data hosting, blockchain, and AI initiatives, have created a highly skilled workforce that enables and incentivises well-established names such as Microgaming, Games Global, and Arrise (Pragmatic Play) to build local, boots-on-the-ground operations in the Isle of Man.

For start-up operations, the Isle of Man has a wide range of trusted service partners with decades of industry experience to support and advise future leaders. However, as operations grow, the Island makes a strong case for local offices and a headquarters. The Islands’ talent pool of industry-leading compliance and operations professionals enables suppliers to expand existing operations and build substance whilst maintaining the tax, infrastructure, and trusted relationships they have established.

Conclusion

For eGaming software companies, the Isle of Man presents a highly attractive and unique proposition. Companies can not only reduce costs but also enhance their reputation, expand into international markets, and operate within a stable and forward-thinking ecosystem.

By choosing the Isle of Man, suppliers gain immediate tax incentives and credibility, but also future-proof their investment. Clear and realistic opportunities to obtain local and international licences, access a wide network of partners, and establish local offices mean that the Isle of Man is not just a tax-efficient structure but also a commitment to building a reputable brand as a future industry leader.

The post The Isle of Man: Where eGaming Software Businesses Are Thriving appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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