Malta has one of the most prestigious, globally recognized and well-regulated gambling laws, known to be well-efficient and strict in preventing any illegal activity, money laundering for instance. The Malta online gambling license is recognized in several major developed countries. Before applying for gambling license in Malta, you should consider reading this article.
There are very strict and disciplinary rules and regulations related to the application procedure which you need to go thru if you want to obtain an online gambling license in Malta. The applicant has to unsparingly abide by all the rules and regulations laid by the gambling authorities. Although, it is known to be one of the fastest and most efficiently regulated gambling license procedure, it can often be slightly difficult to obtain if you do not qualify for the set requirements. Malta boasts a comparatively low taxation rate on its gaming operations as compare to most countries in the world. In fact, its strict and highly efficiently regulated gaming network assists it in maintaining its legal stability. Let us tell you some information about various types of gambling license in Malta.
The application process is completed within a period of 6 months. You begin by submitting all the relevant application forms along with the required documents, including your business plan, software details, model, and draft contracts. Your application forms and business documents have a significant weightage in the evaluation of your application and the assessment of your merit for qualification of the license. Therefore, it is important to ensure that you fill out all the forms with concentration and effectiveness, and your business documents provide an accurate and impressive analysis of your business proposal, in order to give your application strength and weightage.
Fees for applying for a license
The fee for the license application is Euro 2350, it is impertinent to be mindful of the exact dates and times listed for the submission of this fee, the Malta gaming authority is quite particular about the timely deposit of fee in order to provide you quick and efficient services.
Upon the submission of all relevant documents, your application will be reviewed by the Malta gaming authority. After reaching a favorable decision, they will issue you a letter of intent. This letter of intent will now allow you to successfully launch the operations your online gaming services in Malta.
As soon as you have activate your online gaming operation systems, the software verification process will begin. Once your gaming software has been successfully verified and certified, your gaming license will be issued. The software verification process will cost you a fee of Euro 2350.
Once your license has been issued, you have to make a payment of Euro 7000.This license has a validity period of 5 years, following which it has to be renewed to continue online gaming operations. Over the course of next 5 years, you will have to pay a licensing fee of Euro 1200.
Malta gaming authority offers four different types of license. All licenses differ on the basis of the requirements of gaming operations you take action in; and each license has its own different gaming tax. These four taxes include: Class 1, Class 2, Class 3 and Class 4.
4 types of gambling license in Malta
The class 1 gaming license in Malta relates to the random mixing of number sequences, for instance: lotteries and slots. This particular license is most frequently required by individuals involved in the casino business. It requires to pay a tax of Euro 4650 regularly for the next 6 months. Following that, you will only have to pay Euro 7000 per month after a period of 6 months.
Class 2 gaming license is required by the online betting exchange or any business that operates in betting offices. It allows you to create a widespread and well-connected market for the operations of sports betting, or any other activity that involves the element of a great deal of risk in the support of a certain element. That could be a player, a team, a derby horse, anything. You incur a tax of 0.5% on your betting operations, 0.5% on your betting exchange and 0.5% on your pool betting operations.
The class 3 is widely required for gaming activities such as poker, bingo, exchange games. The point is to promote all sorts of exclusive gaming requirements. It charges a tax amount of 0.5% on your net profit.
The class 4 license is required to manage the large and multifaceted operations of hosting exclusive and trending software houses. These operations promote the placement of bets and commissions on these bets. You do not incur a tax for the first 6 months, however, following that, you pay Euro 2330. Then, you need to pay monthly 4660 Euro.
Are you thinking about applying for a gambling license in Malta? If you need any help or have questions, please get in touch with us. We are happy to help you. We have long years experience in the Gaming industry. Contact us at firstname.lastname@example.org.