Online sports betting has become a huge global industry worth more than $80 billion. The last few years have seen the market expand rapidly, with many experts estimating the value to increase to $167 billion by 2030. Improvements to technology and increased access to the internet have meant it’s easier than ever for people to sign up. In addition, better legal and regulatory frameworks have made online betting safer and more trustworthy.

Malta has become a major player in this global industry, helping to create laws and regulations to ensure people can bet with real money without any issues. Over the past few years, this regulation has helped make online betting in Malta more appealing and led to a greater number of sports betting sites for fans to choose from. Recently, plainenglish.io posted their choice of best betting sites in Malta to make it easier for anyone to get started.

Online betting regulations in Malta

The regulation of the online betting industry began in Malta during the early 2000s. The government recognised the potential for growth in this sector and established the Malta Gaming Authority (MGA). This organisation is now responsible for governing all online gambling on the island and also regulates betting sites that operate across the rest of the world.

The Malta Gaming Authority license

The Malta Gaming Authority created regulations which were designed to protect online users from harm and ensure that gambling operators adhered to safe and fair business practices. Those operators who follow the correct procedures can apply for a license, which shows that they’re fair and safe to use.

The MGA license is used by bettors to determine which sites are safe and trustworthy. It’s become a seal of approval and a sign that a site can be used without worrying about losing money or falling victim to scams. Learn more about common scams and how to avoid them from Which. Essentially, these regulations have created a safer environment for bettors, which has helped encourage more users to sign up and start betting.

Age verification

Age verification is an important part of legal and regulatory compliance at betting sites Malta. Most countries, including Malta, have strict laws on the minimum age requirements of gambling. All licensed and legal betting sites can only be accessed by users of a certain age, and this must be enforced properly by the site.

As a result, betting sites Malta must carry out proper age verification. This is done during the signup process. All users will sign up to create an account before they can bet. When they sign up, they’ll need to provide their full name, address and contact information. Finally, an upload of a government ID is required before the user can make a deposit and place their first bets.

Responsible gambling

All legal and licensed betting sites should also encourage users to gamble responsibly. While gambling at sports betting sites in Malta can be a lot of fun, it may lead to issues and problem behaviour if it gets out of control. Gambling is addictive for many people, and betting sites should be responsible for the well-being of their users.

In an effort to reduce the risks of problem gambling and ensure that users are protected, the MGA requires licensed sites to offer support and resources to all users. This means tools such as deposit and time limits, which can easily be activated from the account settings. In addition, licensed sites are required to offer self-exclusion. This automatically blocks the user from any licensed site, preventing them from opening new accounts so they can block themselves from gambling online.

Anti-money laundering

Money laundering is a big risk for online gambling companies, and in recent years, more efforts have been taken to curb this potentially insidious practice. Criminal gangs are able to launder their illicit money through a variety of means, but anti-money laundering measures established by regulations can help prevent it.

All Malta best betting sites feature measures such as Know Your Customer (KYC) and payment processing checks, which are designed to minimise the risk of money laundering. KYC checks ensure that the customer is who they say they are, and multiple accounts cannot be opened by a single user. Find out more about how it works from Indeed. In addition, withdrawals can only be processed by payment methods registered in the user’s name.

Customer protection

Online betting sites have a responsibility to keep their users safe and ensure their funds are protected. The best betting sites in Malta take customer protection seriously while also delivering a high level of customer service. This means offering customer support through live and friendly representatives who are available 24/7 to address any issues or questions that users might have.

Aside from customer support, betting sites protect their users by following strict protocols on data protection. When signing up and making deposits, users need to provide sensitive information, Encryption is used to ensure that this information doesn’t fall into the wrong hands.