Online casinos from Maltese providers will soon offer higher player protection
Every European country attaches great importance to safe gambling and for this reason, has adopted its own gambling laws. The regulations and rules enshrined in this law should allow every gambling enthusiast to play especially safely. However, apart from player safety, all providers must comply with other rules regarding money laundering and terrorist financing. After many providers based in Malta, the Malta Gaming Authority is now reacting and wants to introduce stricter rules.
Investigations are ongoing
Although the Malta Gaming Authority announced in a press release that there will be stricter rules and regulations in the future, they are not yet fixed. First, the Gambling Authority will launch an investigation to find out what new rules and regulations can be introduced. Experts are also being consulted to make sure that the guidelines are easy to implement and safe for all participants. Their opinion should be taken into account to create new guidelines for the five points. The Malta Gambling Authority has not revealed which five areas will be involved.
The areas certainly won't be too surprising. After all, all gambling laws and internal regulations of gambling providers are concerned with player safety, limiting opportunities to lose, preventing money laundering and preventing terrorist financing. However, all areas will necessarily be related to the problem of gambling and the improvement of online casinoer. At least that's what the Malta Gaming Authority said.
Tightening when playing for real money is planned
The Malta Gaming Authority revealed something else: in particular, playing for real money, which can lead to large losses, is the main focus of the new instructions. Here, too, everything depends on the opinion of experts and at the same time on the gaming authority's own research. However, the Malta Gambling Authority is also interested in the opinion of game providers that are already licensed. After all, they have enough practical experience and can use certain player behaviors to assess whether they will develop problem gambling. On the other hand, there are behaviors that are present with an already existing gambling addiction. The Malta Gambling Authority wants to get information about all these experiences.
Based on the information, it is necessary to develop recommendations to prevent the development of gambling addiction. These new rules also aim to ensure that players do not lose too much money. According to many games, this is also the responsibility of the game provider. After all, all providers have to do more than just comply with the current legislation. They are repeatedly instructed to develop and implement their own ideas to protect their own players. The Malta Gaming Authority is of the same opinion and repeatedly advises providers to issue their own rules.
Employee training is also important
The Malta Gaming Authority also remembers that setting new and stricter rules alone will not work. The gambling provider must also be able to effectively apply these rules. For this reason, the Malta Gambling Authority also involves employees of gambling companies. Therefore, the authorities advise that there should be more and better training of employees in the future. The better-trained employees are, the faster problem gambling is recognized. Thus, the company can start with the player much earlier and thus avoid large losses.
In addition to this, money laundering should also be taken into account. Recently, it often happens that other gambling companies are fined for not checking the origin of a larger amount of money. However, this should not be the case, because behind the investment of large sums of money there could always be an attempt to launder money. At the same time, it is always necessary to check whether the player can really afford to make such large bets. Such verification also increases the player's security, as no one should be over-indebted while playing. After all, many players end up spending more money than they earn.
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Malta has been strengthening player protection for years
For a long time, many gambling companies have chosen to have their headquarters in Malta. From this country, gambling providers offer their range in several European countries but this has been described as illegal. Many European countries were concerned that players would not be able to play Maltese gambling games safely. This may be the reason why the Malta Gambling Authority has been trying for a long time to strengthen player protection as well as prevent the possibility of money laundering. In this context, we would like to point out that Malta was on the grey list of the Financial Action Task Force until this summer.
Malta was included in this list due to the identification of some vulnerabilities to money laundering and terrorist financing. Malta reacted relatively quickly and thanks to some measures managed to be removed from the list again. In the future, all companies will have to be checked more frequently: they must always provide correct company data. At the same time, the government's financial affairs department should better detect and investigate tax fraud and money laundering. This agency was also asked to cooperate better with law enforcement agencies. Gambling companies can play their part in this by exercising more control over their players and being more attentive to higher stakes.
Famous gambling companies located in Malta
If player safety is improved in Maltese gambling companies, it will also be easier for them to get licensed for other countries. However, it can be assumed that regulators in other countries will wait for some time to monitor developments. On the other hand, there are already some gambling companies that are not only well known but have implemented numerous regulations to increase player safety. That is also one of the reasons why the Malta Gambling Authority includes all companies.
In addition, some gambling providers have already managed to obtain a license for other countries, including Germany. This applies, for example, to Tipico and Betsson. Nevertheless, it won't hurt if Malta tightens the rules and players feel even safer. However, it may happen that because of the stricter rules, all the players who used to use gambling to launder money will leave. This would solve two problems in one fell swoop.