MGA licensing process in 2021
Malta Gaming Authority (MGA) is most possibly the founding body of online casino sites and gambling. They have laid out the rules and ethics on the basis of which gaming authorities round the world have established their code of conduct. This just goes to prove how valuable exactly, a license provided by would be. Every casino site aims to get an MGA certificate of legitimacy but navigating through the sea of protocols and compliances put in place by them is easier said than done.
History of MGA
The MGA, formerly known as the Lotteries and Gaming Authority, is a governmental organization, founded in 2001 to keep crime and money laundering in check in the casino industry. They govern both land-based and online casinos falling under their jurisdiction.
MGA online casinos in Finland
The Finnish people absolutely love online casino. According to popular studies, about 78% of the population in Finland played one or another form of gambling game during this past year. Although, the number of casino sites available in Finland is limited, it has not dampened the spirit of people. Some of the casinos, have licenses and are certified MGA kasinot. Here is a list of the best casino sites for you to check out.
- Lucky Days
- N1 Casino
- Mount Gold
Classification of licenses
The licenses are also classified into 4 different types.
- Type 1 – Allows casinos to organize games that run on a game of chance.
- Type 2 – Allows casinos to organize games of chance where the winner is declared using the result of an event.
- Type 3 – Allows casinos to organize games to generate commission.
- Type 4 – Allows casinos to organize skill-based games.
Type 1, 2 and 3 cost about € 25,000 to acquire, whereas Type 4 license takes €10,000 to acquire.
Process to get an MGA license
The process to get an MGA license is as elaborate and thorough as you would expect. It is a lengthy process divided into five different stages. Keep reading to find out what those stages are –
Management and finance review
In this stage, the MGA checks all the information about the management and finance of the casino. The background of important personnel and executives is evaluated. This stage is also called the “Fit and proper Check” stage.
Business plan review
Now, the authorities analyze the business plan of the applicant from all aspects like human resource management, financial expectations, marketing etc. Once they are satisfied, they move on to the next stage in the process.
Operational and statutory requirements
This stage refers to the examination of documents like incorporation articles, articles of association, terms and conditions of service laid down by the casino and their policies for conduct of business etc.
System Review is the stage where an official from the MGA checks whether the site of the casino is technologically appropriate. The site should operate exactly as described by the company in the previous stage of business plan review. In case of a discrepancy, the company is asked to submit their application again.
This stage is more of a mandatory requisite for attaining the license and is the last step in the process. To pass this stage, applicants need to work for 90 days efficiently, to finally get their license granted.
The license, once granted, is valid for ten years. This was five years earlier, but the law was amended in 2018. An MGA license is a sure-fire mark of quality and reliability. If a casino is licensed by MGA, you can be sure that it will treat your money with respect.
Story by Matti Lipponen