Malta has had a good run for the last 11 years as a hub for online gambling, but to stay competitive in a changing market, it must look to reinvent itself. That was the message the Malta Gaming Authority’s Executive Chairman Joseph Cuschieri had in a recent interview posted on the authority’s webpage.
Here are some excerpts:
“Malta has a reputation for being one of the most tried and tested jurisdictions in the world, and this reputation has served us well for all these years,” Cuschieri said. “Now, 11 years down the line, it’s clear that what brought us here will not take us there. We can’t use the same approach going forward as the landscape has changed drastically. To stay ahead of the game, we are in the process of overhauling the iGaming regulations. It is an intensely competitive market and the dynamics have changed with the concept of national authorizations—a move accepted by the European Commission.
“The fact that Malta is English speaking across the board is a big asset as is our excellent education system that provides the necessary skills-set for the industry, he said. “Gaming has also created a big expat community in Malta, which is a sign of success—Malta is a safe place to live, with the added bonus of a great climate and relaxed Mediterranean lifestyle. We have a good business portfolio, with 270 companies and over 460 active licenses. We are in the process of transforming the MGA into a regulatory organization with an entrepreneurial spirit, instilling a more private-sector mindset with more agility, professionalism and efficiency.”
Q: What new initiatives is the MGA working on?
“We are working to create a complete gaming ecosystem and have recently rebranded the entire organization. One of the major changes will be the overhaul of the regulatory framework. We have also launched GamingMalta, which is the promotional body for the gaming industry, and are working on the knowledge development aspect, by launching the Gaming Academy in 2015. These two initiatives will add significant value to the Malta license. We are strengthening our position as Europe’s top gaming jurisdiction and placing strong focus on enhancing consumer protection.”
Q: How are you developing the regulation side of things at the MGA?
Our vision is to be the top regulator in the world when it comes to remote gaming. We’ve had that pole position before, and we want it again. Over the years, we’ve lost some of that edge with other jurisdictions coming onto the scene and our model has been copied nicely. However, imitation is the best form of flattery. Today, our key priority is to ensure we have a regulatory framework in place that incentivizes innovation in the industry, enables us to start licensing other forms of gaming, and raises the standards of our service providers.
“The MGA wants to bring in a better concept of certification for service providers to allow more products to be launched so that the market can grow and develop. We’re looking to strengthen our compliance and due diligence processes and increase the powers of the MGA, so that we’ll have more teeth when it comes to enforcement, as we must protect and foster a healthy industry.”
Q: What do you see as your current top priority?
“We want to excel in consumer protection, as this can be Malta’s strong point and a force for leading the way globally. Malta must be known for something unique and special, not just because it’s sunny or because there are a lot of operators based here. The aim is to make the name Malta Gaming Authority synonymous with consumer protection.
“I would like to see Malta recognized as being the true center of excellence in the global gaming industry. We want operators and players to see Malta as the best location to be based for both our excellent regulatory framework and for the expertise we have created to support the growth of a vibrant industry.
