How to Get MGA License for Gaming Website in India?
A Malta Gaming Authority’s license has set the golden standard in the gambling industry as many IndiaToday has set in journalism. When a player sees a gambling website with an MGA license, a trust factor is developed. According to various surveys, no player has faced any severe repercussions after playing at MGA licensed casinos.
The world is prolifically changing day by day, and since gaming has become the new craze, many gaming websites are coming up. If you are someone who’s got a great plan of starting a gaming website or looking forward to it, then you’ve landed in the right place.
What is an MGA license?
Malta Gaming License is the best license a casino or gaming company can have. Malta is a place where most of the gambling activities take place. Online gambling websites take an MGA license to meet the already established standards. Suppose you’ve signed up for an Indian gaming website, but it doesn’t have any license. ‘What if they don’t release the payout?’ What if the site has a fraudulent nature?’ These are some of the questions which would cross your mind.
Well, Malta Gaming Authority ensures that these questions never cross your mind. MGA is a non-profit organization that gives licenses to gaming websites. But, the license is only given after the website meets MGA’s stringent requirements. It is like an examination or several examinations that ensure the fitment of a candidate.
MGA Licensed casinos are all the craze right now in India. As we can see casinofox.in and other portals, they are promoting more MGA casinos than any other license.
How to obtain MGA license for gaming website in India?
Obtaining an MGA license is not an easy task. It requires many scrutinies, and when it is given, the gaming website remains free from any significant issues. You can still find a few technical or petty glitches on some of the licensed websites, not only MGA licensed but also overall. However, one thing can be promised, and that is the trustworthiness and reliability of websites.
India doesn’t have a gaming license of its own, and hence, many gaming websites in India opt for foreign gaming licenses. However, some countries such as Sweden and the UK have their gaming licenses. But, even they choose a gaming license of MGA because of the standards it has set. Any other license like Curacao or UKGC can’t provide the advantages that MGA does.
To get a gaming license of MGA, one must need to apply –
A gaming website in India or a casino in India must first apply. After the gaming website has been used, MGA will cross-check the details of shareholders, compliance with the gambling laws, etc. It also reviews the business strategy that the gaming website has set along with statutory compliance. Once all the theoretical checks are done, MGA checks for the development team. By development team, we mean website holder’s capability to develop a robust website.
The website can go live for testing
MGA then gives 60 days to the websites to go live for testing. Remember that if you are unable to go live within 60 days, you will lose the application. The process will again restart from scratch. Now that the website is live – MGA will cross-check and scrutinize every minute detail. It will check whether the bonus offers are correct. What is the average response time? And the KYC process? Etc.
Usually, MGA calls a third-party audit to check all the methods when the website is live. MGA chooses a third-party auditor to bring out more compliance factors into action.
After this process, MGA provides a one to five-year license. Usually, an MGA gives the license for ten years. But, this short period is to ensure that the gaming website is following the compliance set by MGA. However, only specific or some gambling websites receive this short period. Therefore, always check it at the time of application.
MGA conducts timely audits in six months to one year. The payout details, tax details, and many other details are cross verified to conclude. When everything goes clear, MGA gives ten years license to the gaming website. However, it is always good to go for an internal audit than an external one.
MGA conducts audits throughout its license so that no gaming website can further take the unfair advantage.
Benefits of having MGA license for gaming website in India
There are various benefits that an MGA license gives a gaming website in the world and India. We have mentioned the major ones below:
It is very tough, especially in India, for a casino site to gain the audience’s trust. Many players don’t trust casino websites and end up not playing at them. However, when the websites receive a license from a reliable authority, the trust factor increases. Even if a player doesn’t know about these licenses, he would google and learn about them. Hence, a website with an MGA license stands at a win-win situation.
MGA follows stringent laws based on anti-money laundering. This point is one of the primary reasons why many players have trust in MGA licensed websites. A gaming website that has an MGA license can never indulge in any money laundering or malicious activities.
When a gaming website opts for a different license from different authorities, the website pays heavy taxes, depending on the laws. But, with a gaming license from MGA, a website is supposed to pay lower taxes.
Present since many years
According to the reports, Malta Gaming Authority came in 2001. Since then, MGA has never looked back and carved a niche in the entire gambling space. MGA has increased the stringent laws for obtaining a license which helped in eradicating problem gamblers.
Obtaining an MGA license is tough. But, when a gaming website in India adheres to the laws of MGA, the whole process is finished within minutes.