It is needed that market regulation be regularly updated to the prevailing circumstances. Business is a dynamic aspect that changes with time and the laws governing it should be regularly updated. The role of the regulations is to enact checks and balances on the prevailing operations, for the efficient running of businesses. Regulations also do away with the malpractices that prevail in the market.
The Italian gambling society has seen reducing business revenues over the past few years, an aspect that has sent shock waves to its closest allies. Malta, for example, has made the decision to improve legislation to free the system of money laundering and many other malpractices, which are making potential players shy away from the market. A market that is full of uncertainties is too much risk for an investor. Thus, people are discouraged to enter the online gambling sector.
Currently, the Malta Gaming Authority has less power over the activities going on in its territory. The fact has initiated heated debate in Italy, and has forced the authorities to forge step to implement better laws that can protect the right people and churn out the scrupulous ones. The process was initiated in 2013, but it has been quite slow. However, the Maltese Parliament Secretary, Jose Herrera, announced plans to introduce a bill to parliament in the next few months. He reiterates that plans are ready, and the law has been well thought off. In his statement, he exuded confidence on getting full support for the motion, which would later turn to the law. According to Jose, it is a bill that is meant to serve the interest of the people and all those that engage in gambling in Malta.
The new legislative framework will give Malta Gaming Authority more power, which will help in protecting the players concerning online gambling. Online gambling calls for more legislation because there is no face to face interaction. If a country fails to protect its people who partake in the trade, frustration may come in from being defrauded by the online casinos. Therefore, among the proposed legislation is the physical location for every company that runs an online casino, so that if a player is defrauded or treated unfairly, he may know where to seek help. Running online casinos is a tricky affair though profitable for a nation. It is a convenient way of betting as it can be done on any platform as long as the person intending to play has internet.
The judicial system in Malta is to be among the most efficient. The system was the first to put legislation on online gaming. It adopted the Lotteries and Other Games Act. A fact, which manages the sport from a distance while allowing it to thrive in the industry. However, the lack of transparency in the industry has been cited as the main reason legislation has to be enacted to week out those hiding in complicated company structures.
According to Bas Jongmans, founder of Gaming Legal Group, the people that think Malta has tight gaming regulations may see find it hard to operate. The participants may find the market not as vigorous as it has been in the past years.
Online gaming in Malta has grown vigorously over the years, and companies and people who wanted to ask questions could not find time to do so. Everything was going fast, and the industry now needs sanitation. Entry into the industry has not been restricted and the same can b said about operations. A few legal firms have been accepting all the clients that knock the door while knowing of their lack of capacity to do a thorough check. Such unscrupulous activities have created a market where everyone is doing what he wants without much care or fear.
Despite the fact analysts note that many companies are being investigated at the time, it is said that it’s just a tip of the iceberg. For a long period companies have been used for illegal trade and cleaning money, and Malta has failed to find appropriate regulatory measures. The present measures have no power to dig out the cartels and bring down companies that practice unfair gambling practices.
According to an MGA representative, the increased growth is enough reason for legislation to be updated. It shall be fundamental in tracking and checking for compliance. However, the representative denies allegations that the legislation was being updated as a panic reaction to the arrests of 41 people and closure of several online betting companies. Uniq Group Limited and Betsolutions4u Limited are among the companies recently shut down, for unfair practices. In his answer, he reiterated that the legislation was a step that is just coming it its end, having been started in 2013.
Those opposing the move to bring additional legislation to Malta’s online gambling insist that there will always be rot, but other companies should not suffer. Those opposing the move, go ahead to say that there may be much rot in the Italian online gambling system, but the authorities should move with speed and investigate instead of enacting unfair legislation. In fact, Herrera predicts that if the legislation is enacted, there will be protests in Malta.
Online gambling is a strict sport that should be under continuous monitoring. The industry is prone to unfair trade that ranges from money laundering to match fixing. Therefore, countries whose legislation is sufficient to curb all unfair practices hugely benefit from gambling