The Malta Gaming Authority (MGA) is once again ramping up its restrictions on the gambling industry. This week, the powerful gambling body has announced a new set of guidelines on gambling advertisements. They’ve also created a new committee to ensure that all laws are being followed.
Malta is home to many of the world’s biggest and most profitable online gambling companies. The MGA ensures that these companies are responsible. Let’s look at what’s happening here.
It’s well known that many of the world’s top gambling companies were formed in Europe. The UK, specifically, is where most of the biggest gambling operators currently base their operations. A huge number of these companies receive their licenses in Malta.
Malta is a tax-haven for gambling operators. This small country has a very stable economy and offers fantastic rates for the gambling companies that choose to become licensed here. Sports betting companies, for example, face a 0.5% tax rate.
The Malta Gaming Regulator is responsible for monitoring all of these companies. This government body sets regulations and collects the money from the industry. Generally speaking, this group implements very relaxed laws on the gambling industry.
Just days ago, a major Malta-licensed company was fined more than €4 billion for tax evasion. Many companies here have also chosen to ignore advertising laws, leading to a significant increase in gambling addiction throughout Europe.
The MGA is now pushing against this. The group has announced a fresh new set of guidelines towards gambling advertisements.
This week, the MGA announced a new 30-point checklist that all companies licensed by the government must abide by. These new laws all focus on how online gaming operators use advertisements and promotions. Malta’s Commercial Communications Committee is responsible for monitoring the guidelines.
The government will be reviewing all gambling ads for 10 days. After this period, the new committee will decide whether or not the gambling ads and promotions that these companies use are above board. These companies will then have three days to respond to the committee’s decision.
The MGA gave a more thorough description of what the Commercial Communications Committee’s job will be.
“The main functions of the committee lie in reviewing commercial communications brought to its attention and assessing any possible breaches,” the authority explained. “The guidelines are intended to serve as guidance on the interpretation of the regulations, and should not be considered to be a substitute for the relevant laws and regulations.”
These guidelines, the MGA argues, will help to ensure that all advertisements are socially responsible and protect minors from the dangers of gambling addiction.
The Malta Gaming Authority isn’t the only group implementing new laws on the gambling industry. Several gambling authorities around Europe have also begun setting new laws on the industry to help cut down on rates of gambling addiction. The UK is really beginning to take its gambling laws seriously.
The United Kingdom has the largest internet gambling market in Europe. Unfortunately, rates of gambling addiction are soaring here. As a result, the government has announced a new “National Strategy” that sets a wave of new regulations on the online and land-based gaming industry.
Sweden is also working to increase regulations on the gambling industry. This country opened its doors to foreign gaming companies earlier this year, yet they now have some of the strictest regulations of any country.
We’ll need to wait and see how the new guidelines set by the Malta Gaming Authority impact gambling companies. Let us know what you think will happen in the comments section below!
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