How to get Malta Gaming License in 2023

The Malta Gaming License is a coveted credential in the global iGaming scene. MGA license, granted by the respected Malta Gaming Authority, paves the way to the European Union for iGaming operators. It has no equal in terms of authenticity, prestige, and power. However, acquiring it entails certain costs. To expand your understanding of various online gaming licenses, we suggest reading our article about online casino licenses. If you want information about other licenses to compare it with the Malta gaming license, we recommend checking our article about How to get a Curacao iGaming License in 2023.

Step-by-step guide on getting an MGA license

Step 1 - Gather the necessary documents

Assembling and readying the required documentation for an MGA License is crucial. These papers confirm the candidate's identity, financial soundness, operational aptitude, and adherence to the requisite legal and ethical benchmarks. Here is a rundown of documents likely needed:

• A police good conduct certificate, not more than three months old
• Notarized copies of passports for all directors, shareholders, and ultimate beneficial owners
• Comprehensive Curriculum Vitae (CV) of each involved party, illustrating their expertise and fitness to manage an online gaming enterprise
• A thorough business plan, encompassing business description, market assessment and strategy, marketing scheme, competitive analysis, management, and organizational layout
• Detailed specifications of the utilized software, with insights into the gaming, payment software, and protective measures

Every authorized person, shareholder, beneficial owner, and director of the online casino must present the aforementioned documents.

Step 2 - Satisfy the requirements

Getting an MGA License involves an extensive process. Beyond assembling the documents, your gambling business should also satisfy the standards set by the Malta Gaming Authority. As of 2023, these standards have broadened to promote improved accountability, enhanced transparency, and stricter security in the online gaming industry. The key steps and requirements for getting Malta gaming license include:

• Operational and Statutory Requirements: It's imperative to showcase your ability to effectively manage the proposed gaming operation. This involves complying with the MGA's standards for game rules, terms and conditions, and player registration procedures.
• Business Entity Registration: Your business must be registered under the Maltese jurisdiction.
• Financial Standing: Your online casino should demonstrate sufficient financial standing and liquidity, with a minimum share capital as per the license type.
• Adherence to Tax and Anti-Money Laundering Regulations: Your gaming business should abide by the Maltese government's tax laws and be committed to preventing money laundering and terrorism financing activities.

Step 3 - The Application process

The application process for a Malta gaming license is thorough and necessitates an exhaustive inquiry, a reflection of the Malta Gaming Authority's high regard. The application comprises several stages, including a fit and proper test, financial and business evaluation, due diligence, and system and compliance review.

• Fit and proper test

The fit and proper test assesses whether the corporate entity owners should be granted a license. You'll need to present a robust strategy showcasing your ability to launch and operate an online casino in Malta.

The fit and proper test will evaluate your career, experience, and competence, alongside that of all involved individuals. It also examines if the parties can meet the operational and legal requisites outlined by the Maltese gaming policy.

• Financial and business assessment

The MGA conducts a thorough financial review of the business plan submitted during the application process. Your plan must be financially viable and well-founded, with a detailed look into gaming content, marketing, HR, software specifications, among other aspects. The MGA license necessitates all hosting and servers to be located in Malta.

• System and compliance review

The final test involves launching and operating your online casino in a controlled environment, allowing a 60-day simulation period. A qualified system auditor, selected by you and approved by the MGA, will conduct an external system review, the results of which will be evaluated against your business plan.

License Issuance

Upon satisfactory results from the system audit, the MGA issues the license, valid for ten years. You're then free to launch and operate your casino. Nonetheless, the MGA continues monitoring and auditing throughout the license period to ensure compliance with Maltese and EU legislation.

For a more in-depth understanding, refer to the complete version of the article about How to get a Malta Gaming License in 2023.