MGA is one of the most popular licensing bodies in the world, with hundreds of licensed online casinos currently operating. The stringent, lengthy, and complex process doesn’t deter operators from seeking MGA’s renowned licensing approval. Let’s explore the steps a business must take to obtain the coveted license from MGA.
The first step to obtaining a license requires a business to maintain a registered office in Malta. Each company must have at least one secretary and one director. MGA also has minimum requirements for positions, which include obligations to the Chief Executive, Gaming Operations, and Compliance. Legal, technology, anti-money laundering, and accounting are other primary areas under review during the licensing process.
After reviewing the background of the company owners and key personnel, MGA officials assess all financial aspects of the company. Determining whether the information provided and all persons involved with the enterprise meet MGA’s standards. This step of the process consists of an investigation with law enforcement and bank references.
A business plan review is the next phase. After the company passes the initial two checks, MGA delves into the business plan to determine its efficacy. Scrutiny of all aspects of the proposed project may include reviews of human resources, software, operations, finances, and marketing. Even proposed hosting companies must meet strict standards under Malta’s online business requirements.
After accepting the business plan’s feasibility, MGA analyzes corporate documents, rules, procedures, software, and all agreements with third-party vendors. In addition, the company must meet the financial threshold MGA sets for the specific license class, which requires capital of at least €40,000 for Class 4 and up to €100,000 for Class 1. A final compliance review allows operators to go live and show how the online betting platform works. Here is a list of casinos licensed by MGA.