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New gambling law in Malta from July 1

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After a three-month standstill period in the European Commission, the new gambling law will come into force in Malta on July 1.

The act was proposed in the Maltese Parliament this spring and introduced to the EC for an obligatory review. It aims to dismantle the country’s current gambling regulatory system. The existing system grants licenses in several classes, but the proposed system will only have two categories of licenses: a business-to-business (B2B) one and a business-to-consumer (B2C) one, depending on the focus of applicants’ operations.

The new Gaming Act comes as the first revision of Malta’s gambling legislation in fourteen years and was initiated by the Malta Gaming Authority’s former Executive Chairman, Joseph Cuschieri.

Mr. Cuschieri assumed office at the island nation’s gambling regulator in the fall of 2013. Earlier this year, he was appointed CEO of the Malta Financial Authority, which required him to leave his post at the MGA. He was replaced by former MGA Chief Operations Officer Heathcliff Farrugia.

Aside from introducing a simplified licensing system, Malta’s new Gaming Act provides the MGA with extended regulatory powers and enforcement functions. The regulatory body will thus be able and expected to implement stricter rules and tools for countering money laundering, terrorism financing, and other illicit financial flows often associated with the gambling industry.

What’s Next for Malta’s Gaming Industry?

Malta has become an important gambling hub in the years since its gaming law was last revised. The nation’s gambling industry currently represents 12 per cent of its annual GDP and is poised to grow in the coming years.

The new Gaming Act is expected to facilitate the process of providing gaming services from Malta by introducing a simplified licensing process and thus boost the growth of the nation’s gaming industry even further. The new law also aims to bring Malta’s regulatory regime in line with the current iGaming landscape and demand for iGaming services.

The new regulatory regime is now set to come into effect from July 1, 2018 for remote gambling operations, and from January 1, 2019 for land-based businesses. It is also important to note that providers of B2B services will be exempt from taxes under the new regulations. That particular language in Malta’s new law aims to turn the nation into an even more attractive tech hub.

While the island nation is already home to some of the world’s largest online gambling companies, it is expected that Gibraltar’s uncertain post-Brexit future could result in industry stakeholders reducing their presence in the British Overseas Territory or leaving it altogether in favour of opening or extending their Malta operations.

Reports emerged last month that bet365 might be gearing up to leave Gibraltar and relocate its operations to Malta where it already runs business. The company denied those reports by confirming plans to expand its business in Malta but not at the expense of its Gibraltar operations.

Source: CasinoNewsDaily

Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Introducing Tower Rush – The latest Turbo Game Release by Galaxsys

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Galaxsys, a leading game studio in the gaming industry, is thrilled to announce the launch of its latest turbo game, Tower Rush. The game offers players a thrilling gaming experience with its innovative gameplay mechanics and exciting bonus features.

The Procedure of Conducting the Game and the Winning Options

Tower Rush challenges players to strategically place building floors on top of each other, aiming to achieve the highest possible odds. With limitless potential for stacking floors, players can create an endless chain of structures while avoiding collapses. Successfully placing a floor results in winning corresponding odds, while a collapse leads to a loss.

The Procedure of Making Bets in the Game

To start the game, players specify their bet amount and press the “Build” button. Floors are dropped from above, and successful placement results in winnings. Players have the option to cash out or continue building. Multiple successful placements increase winnings exponentially, while a collapse allows players to start a new round.

About the Game:
In Tower Rush, the goal is to avoid collapses and secure wins by successfully placing each floor. When players successfully place the floor, the winning odds for each new floor will be multiplied by one another, and upon cashing out, the bet amount will be multiplied by this cumulative odds value.

Main Highlights:

  • Up to 3 Unique Bonus Floors: In the game, there are three different ways to receive bonuses: Frozen Floor, Temple Floor, and Triple Build.
  • Unique Game Concept: Tower Rush introduces an original gameplay concept that sets it apart in the iGaming industry.
  • Dynamic Animations: As we put player satisfaction at the heart of all the design decisions, the game is designed in a way that is the most convenient for the players, both visually and functionally.
  • Bonus Systems: FreeBet and FreeAmount promotional tools provide an option to reward bonuses to the players, with the terms set by the operator.
  • Provable Fairness: We only use the most reliable and high-end Random Number Generator technologies to ensure true randomness.

Tower Rush is a unique turbo game, offering players up to three unique bonus floors, an original gameplay concept, dynamic animations prioritizing player satisfaction, and an advanced bonus system, all backed by provable fairness and latest innovation technologies.

For more information about the game please visit galaxsys.co/

 

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MGA Games presents Rainbow Gold Fortunes, a slot inspired by traditional Irish culture

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MGA Games, a leader in localised casino games for the iGaming industry, unveils a world of colour, excitement and riches in Rainbow Gold Fortunes, a casino game that immerses players in the essence of Irish culture. Starring a friendly Irish leprechaun, this new slot is filled with symbols typical of Irish culture, such as shamrocks, tankards, Celtic runes, pipes and mushrooms. Plus, traditional Irish music adds to the immersive experience.

This slot incorporates a 5×3 format with 20 paylines. Each win in the main game unleashes an explosion of excitement, replacing symbols and multiplying wins. Scatter symbols unlock access to the Free Spins screen, with even more powerful multipliers. Moreover, Rainbow Gold Fortunes features the exciting Cauldrons mini-game, which is accessed by landing three or more Bonus symbols in the main game. In this mini-game, 5 cauldrons filled with gold appear. The player must select cauldrons until all of them have been selected or Exit appears. The final prize is the sum of the accumulated prizes.

In MGA Games’ new release, the magic of Ireland and the excitement of a casino combine to deliver a unique, high-retention player experience with a variety of winning opportunities, whether in the main game, the Free Spins screen or its exciting mini-game.

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Kambi Group plc publishes 2023 Annual Report and Accounts

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Kambi Group plc, the world’s trusted sports betting partner, has today published its 2023 Annual Report and Accounts

This can be downloaded from the company website kambi.com or accessed via the PDF in this press release. The report is also available at .kambi.com/annualreport2023/.

Key highlights for Kambi during the year include:

  • A 13% increase in revenue to €173.3 million when excluding the one-off termination fee from Penn recorded in Q4 2022
  • €25.2 million in EBITA (acq)*
  • 10 new operator signings including Bally’s Corporation, LiveScore Group and Svenska Spel
  • Seven partnerships extensions including ATG, Betplay, LeoVegas Group and Rush Street Interactive
  • 60+ sportsbook launches across multiple markets in Europe, Latin America and the US
  • Repaid the full €7.5 million convertible bond previously held by Kindred Group to give Kambi full control over its future strategic direction

*EBITA (acq) = Earnings before interest, taxation, Items affecting comparability and amortisation on acquired intangible assets

The Annual General Meeting will be held on 21 May 2024 at 14:00 CEST in Birkirkara, Malta.

 

The post Kambi Group plc publishes 2023 Annual Report and Accounts appeared first on European Gaming Industry News.

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