For a long time, people have had many reservations when it comes to making financial transactions online. That is why it took so long before online casinos were accepted throughout Europe. Today, this mind-set has changed due to the strict regulations governing online transactions. The biggest online casinos are registered and operate from the island of Malta, where the financial environment is deemed to be favourable for online transactions.
In fact, GTG Advocates points out that Malta’s financial industry withstood the test of the 2008 crisis due to the robust nature of the industries there. According to the EU Commission, the online casino business is worth an estimated 85 billion euros. Needless to say, you don’t want to operate an industry of that size in an unstable environment, so it is good that they know what they are doing.
The Malta Gaming Authority has placed some very strict regulations to manage the industry. Online casinos collect and manage the players’ money online. They also pay the winners via the online platform.
According to their website, the owners of the online casinos have to give a monthly report to the Commission which includes:
- Account statements
- Balances of the players in the system
- The number of games and the logs
- Taxation reports
The game owners are also required to present an annual compilation of the overall performance of the online games. This is done to avoid fraud and protect the players.
In conclusion, all the online casinos operating in Malta are supposed to exhibit the highest levels of integrity. The strict oversight by the MGA ensures that the player’s money is safe. It does not matter where the player is located in the world. As long as someone is online, and they would like to participate, they are assured of fair play and their money’s safety.