The country of Malta, which is well-known among players at online casinos, is set to update the regulations surrounding its gambling industry. Malta’s parliament gave the green light for a final, third draft of new legislation to be presented on the floor as an update to the Gaming Act. The amendment to existing regulations are designed to give the Malta Gaming Authority more power as a governing body. As a result, the Maltese government hopes that more legitimate land-based and online casino providers will be attracted to the country and seek to do business there.
The implementation of the updates to the Gaming Act will give the Malta Gaming Authority a bigger reach in terms of how it can oversee and supervise casino operations. Legislation from the new Gaming Act specifically focuses on enforcement of regulations by the Malta Gaming Authority and more power towards ensuring compliance from online casino operators. Malta has had a history of being an excellent location for casinos. However, the country has also had its fair share of controversy over money laundering and terrorism funding through gaming venues. Government officials are hopeful that new legislation can help to combat these issues.
Of course, the new step forward by the Maltese Parliament hands over what may be seen as government overreach to the Gaming Authority. This type of power is always met with resistance, especially by the private online casino operators within the industry. New legal jargon in the Gaming Act strengthens the oversight of the Malta Gaming Authority and allows the agency to intervene whenever necessary. The Player Support Unit will also be made official, though it has been in service for some time. Function of the Player Support Unit focus on resolving casino/consumer disputes.
Online casinos will be the first to have new regulations applied. If all goes as planned, the Gaming Act’s updates will take effect on the 1st of July in 2018. However, the legislation will still need to pass through the process under a directive from the European Union. The process ensures that the new legislation complies with standing laws, but it is more or less a formality.
The Malta Gaming Authority is undoubtedly one of the top agencies in the world. It was designed to protect players who gamble while also cultivating a favorable environment in which online casinos and land-based casinos can operate. This regulatory agency offers licensing to casino sites online that allows them to serve players on an international scale.