Following a change in leadership at the Malta Gaming Authority (MGA) at the start of 2021, its new CEO, Carl Brincat, says both the industry and the authority must keep pace with each other in order for the industry to continue thriving.
In an interview with Gambling Insider, Dr Brincat – a lawyer by trade who previously held the role of Chief Legal and Enforcement Officer within the MGA – says the authority’s objectives remain constant and clear, which are “ensuring gaming is free from crime and that the players are safeguarded”.
As other legal obligations, namely anti-money laundering and date protection gain increased importance in how the industry operates, the CEO said that regulation must constantly adapt and be tweaked to reflect such changes.
Furthermore, the MGA has and continues to further digitalise its processes and the submissions that it requires of its licensees.
“With new and more complex financial structures taking an interest in the sector, our capacity of understanding them to ensure that our checks are tailored in such a way as to achieve, in the best manner possible, our regulatory objectives, has required constant change within the MGA,” he said, adding that the authority is seeking to accelerate its growth as a regulator to strike a balance between being fast and flexible, but also rigorous in its checks.
Sharing his views on how business has changed within the local gaming industry, Dr Brincat said that many more mergers and acquisitions are taking place for greater cost effectiveness and economies of scale.
“Although the industry remains one of the most dynamic and innovative, we have also seen that as the industry continues to mature, a certain level of stability is sought and corporate governance structures become increasingly more important, as operators know it’s only by being well-governed and compliant that they can ensure sustainable growth.”
He emphasises the importance of ‘the right approach’ to doing business and building relationships.
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