Connect with us
SOFTSWISS

Latest News

The MGA publishes its 2021 Annual Report and Financial Statements

Published

on

The MGA publishes its 2021 Annual Report and Financial Statements
Reading Time: 5 minutes

 

The Malta Gaming Authority (MGA/Authority) is publishing its Annual Report and audited Financial Statements for the financial year ending 31 December 2021. The report provides an overview of the Authority’s achievements during the year under review and outlines the performance of the Maltese gaming industry during 2021, coupled with a medium-term outlook into the future. This is also followed by a detailed report explaining key statistics for the land-based and online gaming sectors.

  Supervisory Activities

  • 54 on-site compliance audits were conducted and 230 desktop reviews were carried out, accounting for 65.5% coverage of the licensees base during 2021, accompanied by additional AML/CFT compliance examinations that are carried out by the FIAU, or the MGA on its behalf. Following information which emerged from compliance audits, compliance reviews and formal investigations, the Authority issued 64 warnings and cancelled seven (7) licences. In addition, the MGA issued a total of 31 administrative penalties as well as three (3) regulatory settlements, with a collective total financial penalty of €176,016.
  • An additional 10 licensees were subject to enforcement measures by the FIAU, ranging from written reprimands to administrative penalties, based on the breaches identified during examinations carried out in previous years, including by the MGA. In total these amounted to just over €863,000.
  • 13 individuals and companies were deemed not to be up to the Authority’s probity standards by the Fit & Proper Committee, mainly on the basis of mitigating the risks of money laundering or funding of terrorism. An additional three (3) applications were rejected by the Supervisory Council.
  • Over 1,150 criminal probity screening checks were undertaken on individuals., shareholders and ultimate beneficial owners, key persons and other employees, and companies from both the land-based and online gaming sectors.
  • The Authority continued with its commitment to supervise its online gaming licensees and conducted 91 interviews with prospective MLROs and key persons carrying out the AML/CFT function to determine the knowledge and suitability of each candidate.
  • The Commercial Communication Committee of the MGA issued a total of 21 letters of Breach, of which 13 operators were found to be in breach of the Commercial Communications Regulations, (S.L. 583.09).
  • In its efforts to protect players and encourage responsible gambling the Authority assisted a total of 6,170 players that requested assistance, covering most of the cases received during 2021 and the spill-over from 2020.
  • The MGA also investigated 79 cases of websites having misleading references to the Authority and published a total of 61 notices on its website with the aim to prevent the public from falling victim to such scams. Furthermore, an additional 26 responsible gambling website checks were conducted.
  • A sectoral risk assessment on money laundering and funding of terrorism-related risks affecting the land-based and online gaming sectors in Malta was undertaken.

Improvements in Efficiency and Effectiveness

  • With the aim of reducing any unnecessary bureaucracy on its licensees, the Authority has reviewed the Gaming Licence Application Process as well as launched the Personal Portfolio.
  • Improvements have been made in the way non-compliance matters are notified to the relevant licensee, and how operators are directed to rectify their position.
  • The MGA published amendments to the ‘Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Environment’.
  • Amendments to Article 22 of the Player Protection Directive (Directive 2 of 2018) were published, accompanied by a policy paper on ‘Amending the Return to Player Minimum Percentage’. Such amendments aim to streamline the minimum Return to Player percentage applicable to licensees across all sectors.
  • A series of amendments to the Gaming Authorisations and Compliance Directive (Directive 3 of 2018) were published, including the extension of the applicability of suspicious betting reporting requirements to B2B licensees as well as broader amendments to the key functions. The latter was accompanied by the introduction of the Key Function Eligibility Criteria Policy which outlines the requirements the persons holding the various key functions are expected to fulfil in order to satisfactorily perform these duties which are vital for the applicable regulatory outcomes.
  • A public consultation on the Applicability of the System and Compliance Audit Service Provider Guidelines to Financial Audit was issued with the aim of communicating and refining the proposal being put forward in relation to revised Guidelines and in order to promote a greater understanding of the proposal itself.
  • The Authority established a dedicated Business Transformation team, tasked with assisting each of the MGA’s directorates to continuously re-assess and improve processes, to increase efficiency and reduce administrative burdens on the MGA and industry alike, and to focus resources where these truly provide added value.

National and International Cooperation

  • A new alerting process was introduced vis-à-vis the sharing of knowledge on suspicious events that is reported with the whole industry without revealing the source of the information. Since its introduction, during the last quarter of 2021, a total of 72 alerts were sent to the industry, which resulted in a total of 20 new suspicious betting reports received via the Suspicious Betting Reporting Mechanism after such alerts were corresponded.
  • A total of 131 requests for information specifically relating to the manipulation of sports competitions or breaches in sports rules were submitted by enforcement agencies, sport governing bodies, integrity units, and other regulatory bodies. As a result of such requests, data was exchanged in 41 instances. Additionally, a total of 329 suspicious betting reports from licensees and other concerned parties were received.
  • During the period under review, the Authority was a direct participant in 20 different investigations across the globe relating to the manipulation of sports competitions or breaches in sports rules, as well as an indirect participant in 29 such investigations.
  • The Authority received a total of 89 international cooperation requests from other regulators and sent 75 such requests, with the majority referring to requests for background checks as part of an authorisation process.
  • A total of 125 letters of Good Standing were issued providing feedback on the regulatory good standing of our licenced operators to the relevant authorities asking for this information.
  • An International Affairs Strategy has been devised as one of the measures aimed at enhancing Malta’s international credibility, fostering collaborative relationships with targeted stakeholders and mitigating the risks that the gaming industry in Malta is facing.
  • In collaboration with the Malta Institute of Accountants two technical release notices were published, “Audit 02/21 Gaming Tax Payable and Levy on Gaming Devices” and “Audit 02/21 – Player Funds and Jackpot Funds”.
  • Through a joint collaboration between the Authority, the FIAU and the MFSA, a document was published providing an overview of the key findings of Business Risk Assessments carried out by subject persons as per their obligations under the PMLFTR and the FIAU’s Implementing Procedures.
  • A two-day workshop in collaboration with Bank of Valletta was organised, whereby various aspects of the control mechanisms as a Regulator were discussed.

In publishing this report, the CEO, Dr Carl Brincat said: “As an organisation, beyond continuing to ensure that we meet our day-to-day objectives, we used 2021 to start laying the groundwork for improvements that we will see in the months and years to come.  It is a priority for us to move towards leaner and more efficient processes, to remove unnecessary bureaucracy which introduces burdens on the industry without providing added value, and to become more effective in achieving our regulatory priorities.”

Latest News

Games Global and PearFiction Studios Excite with Three Thrilling LockNWin Features in Cerberus Gold

Published

on

Reading Time: 2 minutes

 

Features combine for ultimate thrills in captivating new title

Games Global exclusive studio PearFiction Studios has unveiled its latest release, Cerberus Gold, incorporating three engaging LockNWin bonuses that can be combined for great win potential.

This mythological title boasts an exciting triple collection mechanic that sees each collection pot protected by a head of the fearsome guardian of the underworld, Cerberus, who precariously sits above the reel set.

Multiply, Jackpot, and Supreme LockNWin bonus games can be triggered whenever orange, yellow or pink Cerberus coins land on the reels.

Each colour initiates a different LockNWin round with Multiply seeing the total multiplier applied to all new fireballs that land on every spin, Jackpot offering the chance to win one of five different jackpots worth up to 5,000 the bet and Supreme seeing yellow fireballs collect all red fireball values and purple fireballs collect all yellow and red fireball values for bigger wins.

The different bonuses can be activated individually, in tandem or all together, meaning that as many as seven LockNWin bonus games can be triggered with all features appearing at the same time, offering players exciting and varied experiences.

During base gameplay, fireballs worth up to 10x the stake can land on the first four reels and if a collect symbol also lands on reel five, it instantly collects and multiplies the fireball values. Every soul symbol landing is collected by an orb alongside the reels, increasing its multiplier by +1 up to maximum 10x the bet. Split symbols can also appear on the top row, adding up to three additional symbols to each reel and boosting the number of pay ways up to a hefty 7,776 ways.

This feature-filled title contains elements players have become accustomed to from PearFiction Studios with vibrant designs depicting the ominous landscape of the underworld, featuring pools of green liquid and dark caves.

PearFiction Studios has quickly established a reputation as a studio that creates games that contain standout graphics, high-end production values and an array of engaging features. Winner of the coveted Rising Star award at the 2023 International Gaming Awards and recently shortlisted for four CasinoBeats Game Developer Awards 2024, the brand prides itself on developing content that stands the test of time.

“In Cerberus Gold, our team has elevated the mythological theme with outstanding graphics and gameplay to stunning effect,” the Commercial Director for PearFiction Studios, Jeremy Coleman, said. “Especially exciting is the number of LockNWin games for players to get stuck into, our take on the popular three-pot mechanic. With the beautiful creative elements dovetailing with its array of engaging features, Cerberus Gold is proving to be a winner for operators who have already launched the game.”

“PearFiction Studios has yet again delivered a title that represents its ethos and Cerberus Gold is set to a be a huge success when it goes live globally,” the Chief Product Officer for Games Global, Andy Booth, said. “Indeed, it’s already shown great potential for operators during an exclusive early release period. The popular LockNWin features add extra depth and excitement to the game while the mysterious backdrop of the underworld sets the stage for an unforgettable slot experience.”

Continue Reading

Latest News

Aspire Global Appoints Jonathan Chilton as Managing Director to Accelerate Progress for ‘White-Label’ Solutions Business

Published

on

Reading Time: < 1 minute

 

Leading provider to leverage wide-ranging experience of industry veteran

NeoGames SA (Nasdaq: NGMS) (NeoGames) subsidiary Aspire Global, the iGaming unit of the technology driven provider, has appointed vastly experienced industry leader Jonathan Chilton (pictured) as Managing Director to further cement its status as a leading ‘white-label’ platform and services provider.

The key hire adds a wealth of knowledge to the provider, given Chilton’s extensive background across both B2B and B2C operations, as it continues to make waves by empowering brands in regulated markets worldwide.

With over 19 years of extensive experience in the iGaming industry, Chilton served as Chief Operating Officer and Executive Director at GM Gaming Limited, a Betway company under the Super Group umbrella. He spearheaded the expansion of the Betway brand into several regulated European markets and served as a director on seven licensed entities.

Previously in his career he spent twelve years at Osiris Trading in South Africa across a number of roles, playing a pivotal role in introducing Betway into African markets.

Chilton’s proven track record in delivering success positions him as a driving force behind Aspire Global’s growth strategy as the company continues to grow through the provision of all-encompassing and technologically advanced iGaming solutions.

“It’s fantastic to be joining Aspire Global at what is a very exciting time for the company and its growth prospects,” Chilton said. “We have a talented team here and I’m determined to accelerate our growth through the delivery of a full spectrum of cutting-edge solutions.”

“I’m thrilled to welcome Jonathan onboard,” the Chief Executive Officer for NeoGames, Moti Malul, said. “Jonathan brings a vast wealth of experience with him and will be a major asset both for Aspire Global’s ‘white-label’ focus as well as the broader NeoGames group.”

Continue Reading

Gaming

Metaverse Studio Karta Reaches Huge Milestone with New Game Beat Builder

Published

on

Reading Time: 3 minutes

 

Karta pushes the boundaries of music game innovation with Built Builder on Fortnite – reaching 100k players

  • Beat Builder is Fortnite’s first-ever build-based rhythm game
  • Karta partners with NoCopyrightSounds for the game’s music library
  • Two new big songs just added: Royalty by Egzod & Maestro Chives and Invincible by Deaf Kev

Karta, an award-winning metaverse studio pioneering the world of in-game experiential marketing, continues to push the boundaries of music game innovation as its latest project, Beat Builder, reaches 100,000 players.

Beat Builder is an interactive music rhythm game where players put down walls, ramps, floors and cones to the beat of the music. Centred on building a core Fortnite gameplay feature used in its very popular Battle Royal, Beat Builder is the first-ever build-based rhythm game on the platform. As well as being a music-filled experience played for fun, the game is also used as a practice tool for players to improve their game-playing skills on Fortnite.

To create the game’s eclectic music library, Karta has partnered with NoCopyrightSounds, a copyright-free record label and music platform. Focusing on drumstep, phonk and trap electronic music for now, with artists such as Twisted, if found, XTOM and Lost Sky, players interact with the stems of each song that have their own visual world to match the vibe. Karta aims to develop the game further, updating it with a plethora of new music and genres such as metal, K-pop and rock. The long-term aim of Beat Builder is to integrate artists into Fortnite to share their music with fans, with the game becoming a recognised platform for exploring new artists and music.

Reaching 100,000 players is a significant milestone for a new metaverse game with Beat Builder continuing to grow in popularity since its launch recently. To mark the milestone, Karta has updated the game with two of NCS biggest songs; Royalty by Egzod & Maestro Chives and Invincible by Deaf Kev and is already planning further extensions, partnerships and new seasons.

“We’re thrilled that Beat Builder has gotten off to such a great start,” the Chief Executive Officer for Karta, Erik Londre, said. “We wanted to create a rhythm game that felt 100% Fortnite native, where the music is connected to the platform’s core building gameplay. A rhythm game that makes you a better gamer is an idea that excites us a lot.”

“Beat Builder truly encapsulates what Karta is all about; innovative and forward-thinking design that combines incredible music with interactive gaming in one entertaining place,” the Chief Growth Officer for Karta, Tony Barnes, said. “Music’s presence in the metaverse is evolving and we think Beat Builder has the potential to become its own platform for artists and brands to authentically connect to a Fortnite audience through gameplay and new music. We can’t wait to develop it and see how it grows.”

Since launching in 2021, Karta has worked with brands such as Amazon Music, McDonald’s and Hugo Boss. As well as working with Spotify on its iconic global campaign, Spotify Wrapped, to gamify the listening habits of Spotify users and bring this into the metaverse. Through these partnerships, Karta is reshaping entertainment experiences in the metaverse and creating meaningful connections between brands and their audiences. In the past year, the London-based studio has also worked with global artists like Nicki Minaj for her Gag City experience in Roblox, K-pop giant Blackpink with its hugely popular Blackpink the Palace and Twice with its Twice Square, which has become the most successful persistent music experience on Roblox.

“We’re very happy to provide the music for Beat Builder, a brilliant new game that gives players the chance to interact with the music like never before,” the Brand Manager for NCS, Charlotte Lee, said. “It has the potential to become a go-to platform for music gaming and we’re proud to support it.”

Beat Builder is available now to explore on Fortnite. For more information, go to www. Karta. game.

Continue Reading
Advertisement
Alpha Affiliates
Advertisement

EveryMatrix

Advertisement

SaaS-builder for partner program development and performance marketing optimization

Advertisement

Launch your iGaming business swiftly and effortlessly with our comprehensive turnkey solutions

Trending

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.