MGA Announces ESG Code for Remote Gaming Operators
The Malta Gaming Authority (MGA) has announced a set of guidelines for remote gaming operators called the Environmental, Social, and Governance (ESG) Code of Good Practice, which focuses on the best practices in these areas.
The Code of Good Practice gives guidelines to all gaming operators in the Maltese region, and the MGA says that all licensees in the gaming industry should adhere to it. The aim of the Code is to help the gaming operators in the Maltese jurisdiction promote an environment of sustainability and responsibility in the online iGaming industry.
The ESG Code is to be a voluntary set of practices, however, the MGA is urging all operators in the gaming industry to join the scheme as self-regulated members of the code.
The MGA has always strived to be at the forefront of regulatory innovation and progress. We have been working not only to supervise the gaming industry but also to nurture it, to foster a space where operators can thrive while ensuring that the welfare of society remains paramount. Our ESG Code represents our commitment to this.
MGA's New Approach to Gaming Industry Regulation
MGA is promoting the ESG Code as a voluntary scheme that allows gaming companies to self-regulate by following the broad set of rules in the code. The code scheme allows operators to provide reports on their performance within the program, and there are 2 levels of reports that stakeholders can produce for the ESG Code.
By making the code voluntary, MGA is not expected to have the substantial administration costs that are associated with running a scheme like this and hopes the stakeholders in the industry will adopt this scheme and make it the standard in the region.
All businesses should embrace tools to reduce risk and transform successfully, and when it comes to remote gaming, one of the tools is using ESG metrics. The ESG code will serve as an instrument for self-regulation, helping remote gaming companies align with best practices and maintain a position that allows them to effectively meet the evolving expectations of key stakeholders in the sector.
MGA to Award ESG Approval Seals
Gaming operators in the Malta jurisdiction have expressed that they want companies that follow the ESG Code of Good Practice guidelines to receive some form of acknowledgment. The MGA has responded by stating that it intends to award the MGA ESG Code Approval Seal to live casinos and other gaming operators that show they can meet the guidelines laid out in the code.
There will be two levels of award, the tier 1 and tier 2 Approval Seal awards. These will be given to gaming operators depending on the level and depth of ESG code reporting the gaming companies provide.