Lotteries And Gaming Authority of Malta
When we read a casino review, or visit an online casino website in many instances we see the words,
“… is fully licensed and regulated by the Lotteries and Gaming Authority of Malta.”
I know in the 10 months I have been writing casino and game reviews I have done as much if not more research on casinos, platforms, software, and similar topics than I did as a student in college. In that time there are many times I ran across those words, so I became more than curious about Malta and did some research and now I am going to share with all of you what I learned.
The words themselves in the blockquote above brings to mind for me a stern group of white wig wearing men in uniform like those in the colonial times, so what I did learn about the Maltese Islands has now changed the imagery I had connected to those words.
The Maltese Islands comprise an archipelago (chain of islands) in the Mediterranean that is approximately 316 square kilometers in size and is located approximately 100 kilometers south of the Italian Island of Sicily.
7,000 years of history in the making of what it is today; a modern country with an open market economy, excellent economic track record, stable currency, low inflation and enjoys a high standard of living at relatively low cost.
The picturesque charm and historic appeal, enhanced by its strategic position in the heart of the Mediterranean make the island a remarkable tourist destination offering modern five star hotels, numerous beaches and a typical Mediterranean climate with mild, rainy winters and hot, dry summers.
A member of the British Commonwealth and an independent republic; also becoming a member state of the European Union on May 1st, 2004.
Since the mid nineteen eighties a transformation took place as The Maltese Islands became a freight transshipment hub AND a first class financial center with reciprocal insurance and investment legislature regulations, boasting an independent Financial Services Authority based on the British system.
The islands have a hi-tech manufacturing sector and at present are working on an advanced system of e-government aimed at creating the first e-government state supported by one of the world’s first fully digital telecommunications network.
Well placed to reap the benefits from EU accession and embark on a path of rapid growth. Its human capital and geographical location place it in a favorable position in this regard. At present they are working on an advanced system of e-government aimed at creating the first e-government state supported by a fully digital telecommunications network.
Corporate law in Malta is in full conformity with European requirements; accounting and auditing standards are based on International Accounting Standards.
The Lotteries and Gaming Authority (LGA) is a single regulatory body that is responsible for the governance of all gaming activities in Malta including Amusement Machines, Broadcasting Media Games, Casinos, Commercial Bingo Halls, Commercial Communication Games, Gaming Devices, the National lottery, Non-Profit Games and Remote Gaming.
Since the enactment of the Lotteries and Other Games Act, 2001 the LGA established the following mission statement
“To regulate competently the various sectors of the lotteries and gaming industry that fall under the Authority by ensuring gaming is fair and transparent to the players, preventing crime, corruption and money laundering and by protecting minor and vulnerable players.”
Corporate Profile
As this whole world begins to rely heavily on high tech, the population of the gaming industry continues to transcend the limitations of the brick and mortar land-based casino! Player interactivity is increasing as the high tech innovations continue to transform themselves into bigger and better in smaller and smaller boxes (so to speak…in reference to mobile phones and tablets)… making it possible to gamble online from anywhere and any time of the day or night.
For this reason gaming is also fraught with difficulties when it comes to define its conceptual and legal parameters. Regulators are finding it increasingly important to be backed by an effective legislative instrument and to have a sound corporate structure that enables them to take on new challenges.
The enactment of the Lotteries and Other Games Act, 2001 was to serve as a comprehensive legislative instrument over all gaming activities in Malta; online and land based both, bingo games
The Act vested the Authority with a wide array of powers, thereby providing the necessary tools to implement effective regulation.
The LGA Aims To:
?Protect minors and vulnerable persons
?Safeguard players’ rights
?Promote responsible gaming in a safe environment
?Ensure the integrity of games and gaming devices
?Keep gaming free from criminal activities
The LGA Objectives:
?Consolidate all the regulatory functions relating to gaming activities
?Operate a successful and a fully integrated Authority
?Support the industry and technological innovation
?Provide authoritative and accessible information
?Provide a one-stop-shop for licensing
The LGA Activities:
?Conducting research on various aspects of gaming
?Granting licenses relating to gaming and lotteries
?Monitoring licensed gaming
?Collecting gaming taxes on behalf of the Government
?Supporting good causes
?Ensuring that the sector contributes to the country’s development
With 7,000 years of history, 200 generations of civilization, and 12 months of sunshine a year, Malta has transformed itself from a British colony to an independent EU member state in the last four decades and is now emerging as one of the fastest growing financial services center in the world and a front runner in the provision of ICT services.
Their geographical position, picturesque charm, and historic appeal are further enhanced by the island’s highly skilled multi-lingual professionals, strong yet flexible legislative framework for business has promoted Malta to win both prestigious investment and international recognition.
Since 2004, they has received more than 450 remote gaming applications and 2,085 employees directly employed in the remote gaming industry.
Why Relocate to The Maltese Islands? I know I would consider this possibility, for the reasons listed below and many others I can’t think just yet as this article is being written… I just remembered one more reason… If I lived there I could gamble online at Microgaming and IGT online casinos!
1. Healthy Outlook – High standards of health care and operations that are 30% cheaper than in the UK, along with English-speaking and largely British-based specialists
2. Safest Travel Destination in the World – Several survey have proved that they are one of the safest vacation spots in the world’- US State Department, 2008; WHO Report, 2008, Travel Expert Laura Mc Kenzie, 2007
3. There are no modern day terrorist threats and its crime rate is very low … the police force is one of the oldest in the world … Malta is the perfect place to take terrific photos’ – Renowned American Travel Expert and TV Host – Laura McKenzie, 2007
4. Lowest Road Related Fatalities in the EU – Official EU figures, 2007
International Economic Evaluation
1. Malta has made an outstanding performance in the field of financial services … It is well-regulated, well-run and thriving and I see it thriving even more in the years to come’ – EU Commissioner – Charlie Mc Creevy, May 2008
2. Malta’s banking system is well-placed to weather the current global turmoil. Banks have healthy liquidity positions and a good funding profile – IMF Report, May 2008
3. The Maltese Authorities must be commended for the successful adoption of the Euro on January 1, 2008: a crucial landmark in their growth oriented reform agenda’ – IMF Report, May 2008
4. They are a textbook case of the beneficial effects of meeting the EU entry criteria – The Economist, July 2007
5. The ‘Only EU & the Only Mediterranean Country that has been named a Miracle Economy out of 13 economies in the world who registered an average more than 7% economic growth rate in the past 50 years.’ – Growth Report 2008, World Bank
6. As a member of the EU, they are actively strengthening its national and cross-border crisis management framework in the light of lessons from the recent international financial turmoil – IMF Report, May 2008
Key Benefits to Business
1. Effective Tax Systems – Offer incentive for firms to relocate their business including investment and employment tax credits as well as planned R&D tax credits, soft loan financing and bank guarantees.
2. Sound yet flexible legislative framework – Malta’s legislative framework is in line with the main EU directives.
Excellent economic track record with sustained growth, economic and political stability
3. Skilled, Qualified and Multi-Lingual Professionals with comparatively low ancillary labor costs and an excellent work ethic – social capital is one of the prime resources there with over 60% of students following a tertiary level of education or vocational courses.
4. They have excellent flight connections and Maltese Standard time is one hour ahead of Greenwich Mean Time
5. High Standard of Living with diverse entertainment and sport facilities and relatively Low Cost of Living
6. Major Transshipment Hub in the Region – The Freeport is one of the most efficient and successful Freeport operations in the Mediterranean.
7. Up market apartments and quality homes as well as excellent office space at reasonable prices
8. Paramount anti-money laundering standards have nurtured the financial services sector.
9. Business Environment – a product driven economy , established international banking and insurance services.
Achievements in FDI (( … so far))
1. The advantageous tax rates and its highly skilled and educated workforce has contributed widely to their success in attracting foreign investment.
3. Lufthansa Technik – €60 million expansion of their existing MRO operations there
4. Services Sector – HSBC Call Centre
5. Manufacturing Industry – ST Micro Electronics, Methode Electronics, Dowty
6. About 20 international pharmaceutical firms such as Actavis and Siegfried Holdings have moved business there
It is good to know that most all Microgaming Casinos are licensed and regulated by the LGA…and because Microgaming will only allow their casino operators to be available in regulated markets, this unfortunately leaves players from the United States of America without the option to play at Microgaming Casinos…I remember before they pulled out of the United States Market, the Microgaming Casinos were plentiful with some nice bonuses they are all now known for, and I had accounts at as many as I could…I miss the Microgaming Casinos personally, they have the best games , they pay out nicely and the operators are very trustworthy! For those of you that can take advantage of playing at a Microgaming Casino I highly suggest you do so! See our complete list of these casinos by clicking the above “Microgaming” link in this article.
Written By Gayla Lynch
Published On July 10, 2014
Source Cited:
Lotteries and Gaming Authority of Malta