MGA Releases Yearly Report, Spotlights Accomplishments in Regulatory Sphere
Malta's Gaming Authority's Annual Report: A Look at Malta's Thriving Gaming Sector in 2024
Get the lowdown on Malta's gaming sector with the Malta Gaming Authority (MGA)'s Annual Report and audited Financial Statements for the year ending December 2024. This review provides an insightful look at the MGA's activities throughout the year and offers a medium-term outlook for the industry.
New Licenses, Renewals, and Rejections
In 2024, the MGA received 28 applications for new gaming licenses and, after careful consideration, issued 17. Meanwhile, out of 12 license renewal requests, 8 were approved. The MGA Supervisory Council reviewed 30 license applications, 2 of which were rejected due to false or incomplete information. One application is still under review [1].
Additionally, the MGA issued numerous permits for low-risk events, including 1,812 permits for non-profit tombolas, 19 permits for non-profit lotteries, and 84 certificates for commercial communication games.
Ensuring Compliance
Ensuring gaming entities followed the rules was another top priority. The MGA carried out 1,200 criminal probity screening checks on various individuals connected to the industry. The Fit and Proper Committee made 64 decisions, with 16 cases identifying individuals who did not meet the necessary standards [1].
The MGA also conducted 13 compliance audits, 116 desktop reviews, and looked into 123 Technical Information Security Incidents. In 2024, the MGA's Commercial Communications Committee took 7 decisions related to possible violations of the Gaming Commercial Communications Regulations.
Stepping Up Enforcement and Player Protection
In 2024, the MGA continued its efforts to combat money laundering and terrorism financing. The MGA asked the FIAU to perform a total of 43 AML/CFT compliance examinations. The FIAU imposed remediation measures on 6 companies and imposed penalties amounting to €185K [1].
To safeguard players from excessive gambling, the MGA resolved 3,372 requests for assistance, issued 29 public notices regarding misleading information, and conducted over 9,000 inspections at retail gaming properties.
A Committed CEO and a Vigilant Regulator
Charles Mizzi, CEO of the MGA, highlighted the MGA's resilience and commitment to staying focused on the evolving gaming sector. Mizzi emphasized the MGA's dedication to staying proactive, adapting to challenges, and maintaining high standards that uphold Malta's reputation as a trusted gaming jurisdiction.
In 2024, the MGA saw a revenue increase of 2.5%, with total revenue reaching €84.1 million. The expenses rose by 2.3%, recording €13.4 million, resulting in an operating surplus of €70.8 million [1].
References:[1] Enrichment Data - Overall[3] Enrichment Data - Regulatory Activities[5] Enrichment Data - Licensing and Applications
The Malta Gaming Authority (MGA) experienced growth in the finance sector, particularly in its gaming industry, as evidenced by the increase in total revenue to €84.1 million in 2024. In the realm of business, the MGA issued new licenses, renewed expired ones, and rejected a few applications to maintain the industry's standards and integrity.
