Malta Gaming Authority (MGA) is one of the most well-known licensing bodies in Europe and around the world for online gambling sites. Many betting sites have to get licensed before they become operational and that’s where MGA comes into the picture. If you’re wondering how they regular and control casinos, then this guide is the best for you. Read more to enlighten yourself about the MGA process to keep online betting sites in check.
Background of MGA
MGA first came into existence in 2001. Since then, this regulating body has been responsible for providing e-gaming licenses to different gaming industry sectors under its authority. They adhere to stringent regulatory laws and follow a robust framework to ensure players stay protected from all sorts of scams and frauds, meanwhile, trying to limit the risk of money laundering and other factors as well.
MGA has set up high gambling standards that every new operator has to meet before obtaining their e-gaming license. They run constant audits and keep track of the performance of online gambling sites regulated by them. This authoritative body aims to ensure transparency and safety for players, safeguard minors, promote fairness, and eliminate the risk of criminal activities through online betting sites.
Licensing and Regulation by MGA
When you are looking for an online gambling site to fuel your passion for betting, it’s crucial to look for MGA casinos. Scams and frauds are pretty common in the betting industry; therefore, it’s best to keep yourself protected at all times by signing up on a licensed e-gaming platform.
MGA is a reputable regulatory body that has set up a whole framework for betting sites to match up before they become eligible for their license. Once a betting site comes under the umbrella of MGA, they are subjected to following a long list of rules to keep their business operation. One wrong move can throw the site’s operations under the bus and can even lead to license cancellation.
One of the best things that MGA does before giving a betting site license to operate freely is to check the randomness and fairness of games offered on the platform. Many times, the betting sites cheat players and steal all their investments to profit themselves. But if MGA licenses the online gambling site, then you don’t have to worry about all this stuff.
Regular Auditing of MGA Casinos
All MGA-licensed casinos go through regular auditing to ensure the gambling site meets all the standards set up by the authority. An independent auditor is responsible for checking the operations of a gambling site thoroughly to make sure they are following all rules and regulations. The auditor needs to have:
- At least 5 years of experience in auditing;
- Expertise in risk management, financial reporting, and internal control systems.
The audit is specifically to evaluate the ins and outs of the casino, including the withdrawal and deposit methods, security measures, game fairness, financial performance, and other important factors. The auditor does not accept normal financial statements, they must be prepared by International Financial Reporting Standards (IFRS). The gaming operations must be working properly if the casino does not want to get its license canceled.
Process to Get Your MGA License for Online Casino
MGA follows a whole procedure to give a casino license. You must be aware of it all before you start your application on their platform. Here’s a quick overview of the process, so you can get started almost instantly.
- Apply for your license on the MGA’s website by filling out the application.
- Give full details about everything related to the company, including the company’s owners, background, business operations, and others.
- Submit your application on the website and wait for MGA to verify the entire information before granting you the license. MGA will check the integrity, honesty, and financial stability of the company and will give the license only when everything is approved. Later on, MGA will further conduct a technical assessment of the gaming platform along with verifying the gaming platform’s compliance with the procedures and policies to ensure they are responsible.
- After everything is verified, you will be given the MGA license to make your gaming platform operational.
All betting site owners have to get their work permit renewed every year and it will only be done if they are following policies. This rule further makes sure that no casino owner ever crosses their boundaries.
Get an MGA License to Avoid Risks in the Future
MGA licenses are pretty necessary if you wish to become operational in the country. Online gambling is the perfect option to fulfill your love for betting, but it’s not permitted in many countries. This is the reason why online casino sites are gaining a lot of traction; however, frequent scams and frauds are happening every day.
To get rid of the risk, you must register for a license to ensure your players are safe to play on the site for as long as they want. Now that you know how to verify for the license, start your application and become operational today!
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