Malta's Gaming Authority (MGA) aims to protect the gaming sector and improve it further via more research and better online presence.
Parliamentary Secretary for Competitiveness and Economic Growth, Dr José Herrera, and the Executive Chairman of the Malta Gaming Authority (MGA), Mr Joseph Cuschieri, addressed the topic of gaming during a Business Breakfast organised on the 24th of June by The Malta Business Weekly in collaboration with the Malta Gaming Authority (MGA).
During his presentation, MGA Chairman Joseph Cuschieri said that in 2014, the MGA increased its resource infrastructure, mainly to strengthen its enforcement, compliance, player protection and legal functions. It also started launched a programme of investment in IT systems and business intelligence. Mr Cuschieri also highlighted the objectives for the upcoming three years. Such objectives were to ensure high levels of integrity, efficiency, consumer protection, governance and value in gaming products.
Two thirds of those employed in the gaming industry are foreigners. There was therefore a need to introduce more incentives for young Maltese professionals to join the gaming industry. A new gaming academy will be launched later on this year, and will become fully operational in two years.
The Authority is also aiming for more collaboration with other European regulators to facilitate licensing procedures and streamlining of technical standards. As always, it was the MGA's priority to protect the consumer against money laundering among other things - given that Malta's reputation is at stake. He also said that legislation is slightly obsolete and needs to be freshened up especially because technology has changed and is becoming more mobile. We are therefore to expect a new legislative framework in 2016.
Parliamentary Secretary Hon. Dr. José Herrera said that the Authority is employing more qualified people and continues to invest heavily in training and development. It was of utmost importance to maintain efficiency and effectiveness in the gaming industry. The igaming industry has become a key contributor to the country's economic growth and development. Hon. Herrera stressed on the need to update regulatory legislation to cater for future challenges and dynamics. Malta is the jurisdiction of choice and the aim is to maintain the status quo.
Commenting, about the EU framework, he said that one of its biggest disadvantages is that it seems to be diverting from one of its main original traits that is 'freedom of movement'. When it comes down to funding and taxation, each EU country seems to protect its surroundings and divert from such 'freedom'.
The full MGA 2014 Annual Report, which was published in June 2015, provides a detailed overview of the salient developments during the year under review. The report also contains a broad overview of the MGA's activities, projects, strategic context, industry performance statistics and outlook for 2015.
In conclusion, one may say that 2014 was a year of change for the Malta Gaming Authority as it embarked on a wide-ranging transformation process of Malta's jurisdictional positioning and the Authority's strategic role within the European and global gaming sphere.
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