malta

website: http://www.lga.org.mt

maltaIn 2003, the Malta Lotteries and Gaming Authority made an announcement that they were putting together a new licensing regime dealing specifically with online gaming, such as online casinos, sports books and poker rooms. These measures were widely accepted and were subsequently rushed through, with a date set to launch operations in February of 2004.

Only missing their target by two months, the new Remote Gambling Regulations were published in April of 2004, and contained many new regulations besides those regarding online betting. The new regulations provided a multitude of tax exemptions and licensing opportunity for interested off-shore parties.

Although Malta already had similar regulations in place, this jump to the online gaming industry cemented the country's legacy as a reputable member of the gambling community. Their package is said to be unmatchable by other jurisdictions offering licensing arrangements, and Malta continues to work in order to advance in the field, constantly making enhancements with the way they handle business.

However, despite the many benefits from a Maltese license, all applicants must prove to be extremely reputable before being considered. All hopeful operators within the jurisdiction must demonstrate appropriate business ability in order to conduct the betting successfully. Malta issues a remote gaming license for online gaming, and a remote gaming license for online betting offices.

All licenses are issued for a period of no less than five years and may be extended for another five years. There are four classes of gaming license from Malta: Class 1 - Online Gaming License; Class 2 - Online betting office license/betting exchange; Class 3 - License to promote betting games; Class 4 - License to host and manage gaming operators online.

The licensing procedure with Malta is rather extensive. Only the cream of the crop manages to receive their gaming licenses and permission to operate in the industry within the jurisdiction of Malta. The vetting process usually takes five to six weeks, but it could take longer depending on the applicant's history.

Every application for a license requires a detailed profile of the company to be licensed. Every would-be operator needs to prove that their business idea can be successful. For this, a detailed plan is required. Applicants must also give a copy of their last audited accounts and personal details of every shareholder whose investment amounts to more than 5% of the company.

In comparison with other licensing authorities around the globe, Malta offers a high quality service for very low rates, with many advantages to license holders. They bring a reputable financial and legal system to the table, as well as a sound ICT infrastructure, a low-cost business, state-of-the-art telecommunications, and an extremely large internet market with 500 million EU citizens.

Corporation Tax Rate
35% tax on companies with certain rebate claims.

Gaming Tax Rate
Class 1: €4,658 per month for the first 6 months after the 'go live' date, and €6,988 per month thereafter.
Class 2: 0.5% on gross amount of stakes accepted.
Class 3: 5% of real income.
Class 4: Exempted from tax for the first 6 months, €2,329 per month for the next 6 months and €4,658 per month thereafter for the duration of the license.
Class 1 on 4: €1,165 per month after the 'go live' date.
Maximum gaming tax payable by one licensee shall not exceed €466,000

Minimum Share Capital for iGaming Company
Classes 1 & 2: €100,000; Classes 3 & 4: €40,000.
The minimum share capital must be issued and fully paid up.

Security Requirements / Indemnity for Player Deposits
The LGA must be notified that player deposits must be held separately in a client's account. The LGA monitors the accounts monthly and reviews bank statements to ensure that the deposits are covered.

Licence Fee
€6,988

Licence Length
One year

Software Testing Requirements
RNG test certificate and adequate systems review processing. A certifier is appointed by the LGA to audit the process before granting a license.

Reporting Requirements to Regulators
Bi-annual Monthly Accounts, Incident reports, Monthly player balances, client find liabilities and decommisioning of equipment.

Anti-Money Laundering Policy
The Financial Intelligence Analysis Unit is in its final stages of issuing the 3rd EU Anti Money Laudering Regulations to include all remote gaming amongst subject persons.

Country Restrictions
None

Contact Details
Lotteries and Gaming Authority
La Concorde, Abate Rigord Street,
Ta' Xbiex XBX 1121
Malta
Email: info@lga.org.mt
Tel: +356 21 316 590
Fax: +356 21 316 599

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