There are separate licenses for online gaming, online betting, betting promotion, and hosting of betting...
The Malta Lotteries & Gaming Authority was all set to launch operations pertaining to gambling and betting activities online in February 2004. It was agreed to by one and all and the guidelines were eventually implemented. Hence, Malta had an entirely new licensing procedure.
Although, the implementation was done in April instead of February, it was still pretty successful. The licensing was very liberal and very easy owing to which a large number of parties saw the opportunity for acquiring a license.
Owing to the new licensing procedure, Malta has acquired a reputation of being one of the prominent countries in the online gaming industry. Every one vouches for the freedom offered by Malta in the new regime. Malta is constantly improving the quality of its license in order to move forward in the field of online gaming. It has definitely made quite some progress.
Yes, acquiring a license in Malta is easy but it is only easy if you showcase that you’re capable of handling a betting business. Hence, if you’re aspiring for a license make sure you can present your caliber properly before the jurisdiction. It will issue a remote gaming license for online gaming and for online betting offices. Thus, if you wish to acquire a license in Malta, you need to have some kind of standing already.
If you prove yourself, you shall be issued a license for a period for 5 years. You can go on extending this license for the next 5 years and so on. There are separate licenses for online gaming, online betting, betting promotion, and hosting of betting games online. All these are classified into class 1, 2, 3 and 4 respectively.
The licensing process with Malta is exhaustive. Only those who are fortunate enough receive their gaming licenses & permission for operating in the industry in Malta’s jurisdiction. The vetting process normally takes around 5 to 6 weeks, but this duration can be longer depending upon the history of applicant.
Like it goes with every country, the richer you are, the easier it is to acquire a license. If you have a commendable history then you shall receive a license within 5 to 6 weeks. Otherwise, it would take a little longer.
The application requires you to detail the jurisdiction to a great extent. You will have to show them all the details of your account along with identity and audition proofs. You will also have to give them a list of share holders whose shares are higher than 5%. You will have to give them your entire business plan and will have to tell them that your business plan is successful. This will require deep thinking and planning before you go ahead and apply for a license.
Malta is better off than a lot of other countries. It offers excellent services at reasonable rates. The license holders of Malta enjoy a huge number of benefits which license holders of other countries are unable to. It holds quite a reputation for its financial & legal arrangements. There are around 500 million citizens of the European Union operating in the internet market at Malta.
