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Showing results for tags 'legislation'.

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  1. The online gambling industry has really come into its own over the last few years and that is unquestionably due to the creation of regulated gambling jurisdictions around the world. With the installation of various gambling authorities has come mainstream adoption of online gambling, a real discussion about the challenges of safer gambling and the oversight necessary to allow players to gamble with the peace of mind that comes with having regulation protecting your interests. While we clearly understand the benefits provided by working with regulatory bodies what is not as clear is exactly what they do and what their responsibilities are. Join us as we look at the most recent Malta Gaming Authority (MGA) Annual Report by CEO Carl Brincat and try to understand more about this important aspect of the online gambling industry. ✓Core Vision and Functions When it comes to overseeing the regulated gambling of an entire country there must be a unifying set of standards and objectives to ensure that the various departments are all working to achieve a common goal. The MGA has outlined the following Vision Statement to help guide their decision-making processes: To sustain Malta’s position as one of the most reputable jurisdictions in the gaming industry. To raise standards within the global gaming sector to make gaming fairer and safer, thereby protecting consumers’ interests. To ensure gaming is kept free from crime by intensifying international collaboration efforts. To adapt Malta’s gaming regulatory framework to evolving market needs, aiming for excellence. Their Vision Statement works hand in hand with their key list of functions which includes: Regulating gaming; supervising our licensees and overseeing their gaming operations; ensuring the fitness and properness of individuals and companies in possession of a gaming licence issued by the MGA; ongoing monitoring and ensuring that our licensees are in compliance with the laws and regulations; acting as a supervisory authority in accordance with the Prevention of Money Laundering and funding of Terrorism Regulations; assessing licence applications and issuing approvals that are in line with our requirements; supporting and investigating player complaints; advising the Government on new developments and risks in the sector; and submitting legislative proposals to address changes within the sector. By simply following the news we report on here at GamblersPick is it easy to see that the MGA abides by these guidelines daily as they withdraw licenses from bad actors, collaborate with international bodies to shut down fraud rings and drive innovation in regulatory circles. ✓Ongoing Management of Regulatory Processes Given the ever-evolving nature of any online-focused industry, a reputable gambling authority must not only create a regulatory process that can effectively deal with the requirements of today but also one that has the flexibility to allow for the unknown. “Our main focus remains to improve the operational mechanisms to adapt to any external challenges that market conditions and industry developments may bring about, always acting within the spirit of the law that governs the gaming sector and our regulatory objectives as established thereby.” An overly rigid legal framework can be hamstrung by changes in definitions and the invention of new types of gambling or gambling-adjacent products. A key example of this how the rigid UK gambling laws are hampering their ability to effectively address the issues such as the impact of lootboxes in video games, despite their mandate to protect youth and children from gambling-related harms. To this end the MGA has three key segments to their regulatory processes: Licence Issuance Compliance Enforcement Each of these covers a necessary part of the MGA’s jurisdictional responsibilities but in a manner that allows for review and even amendment without damaging the work done by other departments. ✓Issuing Gambling Licences Once a valid application has been received it is evaluated using four specific processes. Each of these will ensure that once finally approved the applicant will be a provider that will treat players fairly and has displayed the characteristics the MGA consider important in a trusted licensee. Fit and Proper checks – Checks the legal status of the applicant, determining whether there are deep-dive investigations required or if they appear fit to be considered for a gambling license. Evaluation of business planning and feasibility – A committee of experts reviews the viability of the proposed business plan. This group takes into consideration the marketing plan, financial projections and even the HR plan of the proposal. Review of operational and statutory requirements – A team of legal experts then considers the plan in terms of the current legal framework and whether the applicant has proven they can effectively comply with local and international laws. System Review – The final step is for the applicant to build out their operation in a technical environment. This test build is then audited against the proposal and the standards of the MGA. If approved, it can then go live. This four-tier approach allows the gambling authority to move beyond a theoretical understanding of the operators’ intentions and abilities, as the entire application can be denied right up to the final phase should they appear to fall below the MGA’s standards. ✓Ensuring Operator Compliance With a clear objective to protect both their players and their reputation, the MGA takes the ongoing compliance management of their licenses very seriously. This is managed on a practical level through the use of several compliance instruments, which include: Prudential compliance mechanisms require licensees to submit to regular system and financial audits, as well as inspections of business and gaming premises. Ongoing reviews by the Financial Intelligence Analysis Unit (FIAU) aimed at uncovering any Money Laundering and Terrorist Financing activities. Strict adherence to Responsible Gambling requirements, specifically those aimed at protecting vulnerable and at-risk players. These must include both internal safeguards and external programs. Ensuring that all licensees have sufficient Player Funds on call to honour all player withdrawals and jackpot wins. They also ensure that procedures are in place to protect the financial prospects of players when a licensee loses their approved status. The analysis and control of approved marketing materials by the Commercial Communications Committee. This ensures that no illegal marketing methods are used which may attract at-risk players or youth to the operation in question. Taking a proactive stance on Sport Integrity to ensure that no licensee is involved in any activities which may be construed as match-fixing. This has included setting up a process to allow staff and punters to anonymously report suspicious betting practices. These ongoing reviews and activities are aimed at ensuring that while the business of gambling is free to grow and make a profit it is never done in a manner that will harm the individual player, the integrity of the sports world or harm the reputation of the Authority. ✓Enforcing Adherence While it would be fantastic if all applicants who have adhered to the stringent vetting of the MGA turned out to be honest and customer-focused that is sadly not the case. To deal with the bad actors in this case the MGA has installed a Compliance and Enforcement Committee which has the authority to investigate and apply the necessary enforcement actions. The actions include: Suspending a license Cancelling a license Issuing warnings and imposing penalties Where the breach of any related code of conduct also falls into the realm of criminal activity the MGA works closely with the relevant local authorities to bring about prosecutorial and other legal actions. ✓Dealing With the Unexpected Once again, the need for the overall Vision and Function come into play when the MGA needs to deal with an unexpected event. The most notable in recent history is the onset of the Covid-19 pandemic. It fell to the MGA and other gambling authorities to consider the broader impact of the pandemic on the gambling habits of level-headed players who displayed healthy gambling habits normally but who might be pushed into compulsive gambling through panic or loss of income. They had to make decisions on how to approach land-based gambling venues, considering the close-quarters nature of the casino floor, the jobs at stake and the uncertain nature of the virus. Not only that but they had to create policies to address advertising campaigns, should operators be allowed to speak about the pandemic, how to handle financial support for industry workers and much more. Most impressive of all this entire process, during normal times and during the recent chaos is managed by only 176 staff members, including upper management. A testament to the efficiency and integrity of their processes.
  2. As human beings, we are remarkably resilient creatures that can adapt and evolve to survive anything served to us. 2020 quite simply proves this fact and provides yet another historical showcase of how we manage to take a bitter scenario and create a fabulous silver lining from it. The COVID-19 pandemic was certainly one of the worst global disasters we have had to face in recent history, yet we have managed to adapt and become even stronger because of it. One of our greatest assets during the past year has been our push for global digitalisation. Our love for technology has worked tremendously in our favour and has made lockdown and social distancing so much easier. In fact, 2020 is a defining moment in the refinement of the digital realm. Great advancements were made to cater to the scenario, such as improvements in online shopping, digitised payment solutions, advancements in live chat technology, and so much more. The effects of the pandemic challenged us to find a new normal that could pander to our needs as social beings. Fans of online gambling have experienced a similar renaissance in response to these worldwide improvements in working, living, and playing online. In search of our very own silver lining, we have discovered 5 ways in which the online gambling industry has become safer, more secure, and more popular over the last 24 months. Newly Regulated Regions Many countries previously opposed to online gambling have seen reason when it comes to digital gaming and recognise its positive impact on regulated economies. While land-based gambling establishments closed in various countries due to lockdown protocols, online casinos have taken over and provided socially distancing residents with sought-after ways to amuse themselves. Did you know? More states in the USA are looking to legalise online gambling at the moment. These include regions like California, Connecticut, Indiana, Illinois, Massachusetts, and New York. As more countries and regions move to legalise iGaming, it only improves the security of the citizens in those areas. Many players gamble without the security and protection of regulation, so steps to regulate the market are set to create a safer environment for all punters. Thriving Business Where various businesses were forced to close their doors to limit social interaction, digital companies like online casinos have had the privilege of remaining in full operation over the lockdown periods, which has had a hugely positive effect on the overall market. Quick Fact: According to the Online Gambling Market Report 2020-2025, COVID-19 has led to a sudden rise in online gambling revenues, with some reports citing a 67% increase. An influx of people has moved over to the digital gambling realms, as it presents one of the few forms of entertainment available to adults in an environment where social distancing and staying at home is the societal norm. Active Approach Towards Legislation Thankfully, regulators recognised the need for rapid changes to gambling legislation. Laws that would have taken months or years to pass before, were passed quickly to cater to the sudden growth in popularity of internet gambling. Did you know? Official figures show that online gambling has emerged as one of the most popular pass times during the pandemic alongside online retail, food delivery, and subscription services. It’s only natural that its infrastructure would adapt to keep up with its growth. Various regions are in the process of passing laws to establish viable iGaming markets to ride the gravy train to wealth. There is much to recover and make up for, especially with land-based casinos only operating at limited capacity right now. A Proponent for Responsible Gambling The sudden attention of the masses in the online gambling sphere was a positive catalyst for governments and gambling commissions to improve their oversight and increase their focus on maintaining a responsible gambling environment. With much more time to play casino games, it was evident that enhanced responsible gambling protocols were needed to protect the playing public. Regulators in Spain and Britain were among the first to increase their safety protocols. Some of these security measures have included lowering the betting limits, the introduction of enhanced verification measures, and restrictions on marketing. Quick Fact: Spain has been the most heavy-handed with its laws on gambling marketing and has recently passed laws to prohibit sports teams from being sponsored by gambling institutions in the region. Some gaming commissions have limited the types of bonuses and promotions allowed at online casinos with certain regions putting a hold on such offerings. At the end of the day, these improved protocols ensure a safer gaming experience, despite the fact that old-school gamblers have not been in favour of these security enhancements. New Betting Avenues Although it is an online betting practice, sports betting has not faired as well as online casino entertainment because of the banning of live sports events. While football has since made a return, along with many other prominent sports, their initial absence from the scene caused bookmakers to become more innovative. Now that sport is back, there are far more options for the public to enjoy. Egaming became extremely popular thanks to the global lockdown. More and more people took to the exciting video gaming world to pass the time away. Of course, competitive protagonists found it the perfect platform to stage competitions and tournaments. This in turn provided an opportunity for sportsbooks to expand their repertoire and add new gaming options into their libraries – something that has been well-needed to this point anyway. Quick Fact: While you may think that games like FIFA Soccer would have ranked highly in the Esporting arena, the number one game for total winnings in 2020 is held by a shooter game. ‘Counter-Strike: Global Offensive’ forked out $14.75 million in winnings to its players last year! Esports is only gaining momentum and is an area of interest that needs watching over the next few years. Heightened regulation may be needed in this arena to protect under-aged players from getting caught up in the betting aspect of the market. Round-Up It’s always good to find the positive in any negative situation. The iGaming industry is one of the only markets that can safely do this when looking back over the last two years.
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