Betting reporting has been become obligatory from January 1, 2021, in Malta and its licensees. The Malta Gaming Authority is going to remind its companies that they must be bound to report regularly as the stakeholders. This obligation has been imposed to prevent the suspicious betting activities that occurred recently by a few of the licensees. It was found that most of them are involved with the money laundering by hiding the information of the gamers from the law-making authority.
Betting reporting obligation
In section 43, the Betting requirements had been published by Directive 3 and the act was passed in 2018 by the parliament. Using the power of the act, Gaming Authorisations and Compliance Directive can take the necessary action against the betting companies who are providing the illegal betting services to some countries where their licenses are not valid. The act will be brought into force again by the first January of 2021 for the prevention of the usage of the casinos as the ATM machine of the Mafias. It was found in the report of the Italian police that the Mafias were using these betting companies as the ATM to make their black money white.
With the use of the Consultation paper, sports betting is offered by the licensees and now they have to fill up the requirements of the MGA that has been validated recently. Necessary Feedback Paper and Guidance have been formalized already to make the best use of the laws against the illegal operators.
The authority has provided the access to the mechanism already that can be used for the Suspicious Betting Reporting. The reporting processes the data between the Sports Integrity Unit and MGA licensees to ensure transparency.
Now, it is considered the right time for the formalization of the directive that has been noted already. To make the directive effective, the MGA has reminded the stakeholders to fulfil all the Betting Reporting Requirements strictly.