Over the last few years, a little island country in the Mediterranean, Malta boasts an evolving and very active gaming industry with various thrilling sports betting options. The country has been more popular with online betters or gamblers aspiring to actively participate in online sports betting events. These bets may be placed on various sports betting events in Malta, from soccer to F1 racing, people remain curious and furious to start betting whenever possible.
Also, the Malta Gaming Authority is doing everything possible to promote sustainable and responsible practices within the industry. One such innovation is to launch a consultation with its licensees. Its main motive will be to gather input and feedback on a draft voluntary ESG Code of good practice.
The MGA aims to guide and prepare the upcoming legislation by actively involving licensees to operate responsibly so that they can reap its benefits later in the future. How? Keep reading the blog till the end to explore the significance of this initiative, benefits, scope, and its impact on the gaming industry.
Why The MGA Decided To Introduce ESG Gaming Code?
Maltese Law permits both online and offline gambling. But, it all started in 2022 when the members of MGA united to create an eco system which is stable, protective, and sustainable enough to prioritise player’s protection and well-being. However, the scene was not disorganised or harming to players, but to avoid every possible mishap or online fraud that may happen, the ESG gaming code was introduced.
And once it received support and participation, the authority thus, started to move fast and addressed the need. They started questioning about the impact of gambling in the industry. MGA left no stone unturned to create a successful Environmental, social, and governance (ESG) gambling code to prepare licensees for upcoming ESG legislation. It is also introduced to cater to the EU’s Corporate Sustainable Reporting Detective at the same time.
Since it is a nice step that will contribute to a healthy and protected gambling world, many gaming companies will also, align their operations with best practices to contribute to fulfilling MGA’s commitment to encourage self-regulation.
ESG Gambling Code – A Well-Informed & Reflective Code
This highly praised and anticipated Enviornmental, Social, and Governance (ESG) code is the work and result of an extensive six-month journey followed by three stages: peer review & research, materiality analysis, and stakeholder interviews.
Invest some time wholeheartedly and the outcome will be shining. True that.
The pre-consultation activities proved to be fruitful as they resulted in framing a solid foundation, ensuring that the code is well-informed, and must reflect the industry’s ESG priorities & stakeholder expectations. By incorporating those perspectives, MGA aims and wins in creating an effective instrument for self-regulation.
How Does ESG Code Benefit The Players & The Companies?
The newly proposed ESG Code of Good Practices holds numerous benefits for both gaming companies and player protection. Below mentioned are some ways in which the ESG code contributes to healthy gaming.
1. Helps Prioritize Player’s Protection:
The ESG code prioritizes players’ protection and their well-being. Responsible gambling, age verification, player support programs, and whatnot, the code help prevent excessive and addictive gambling habits by implementing measures addressing social aspects of gaming. The players will get access to adequate resources that will support responsible gambling.
2. More Emphasize On Transparent & Accountable Practices:
ESG principles emphasize more on introducing transparent & accountable practices & also, encourage licensees to adopt these practices. The game owners must disclose the relevant information about their operations in a true and fairly open manner, must make the players aware of their operations, and must educate them about the hidden claws if any. How will it help the companies? Transparent communication builds trust. Once there will be no ambiguity, the player will get access to all the required information and feel confident about their gaming experience.
3. E in ESG Stands For Environmental Sustainability:
The ESG code contributes beyond just social aspects. It addresses environmental sustainability & encourages licensees to adopt more environmentally friendly practices. Businesses must now focus more on eco-friendly initiatives such as energy conversation, and waste management, and promote sustainable business operations. Once incorporated, we will witness the gaming sector contributing to sustainable growth & a healthier planet.
4. Ethical Business Practices Will Be Promoted:
ESG Code will emphasize more on ethical business practices in the gaming industry. It will also encourage licensees to maintain high standards of governance, transparent functioning, and integrity, of course. This also includes implementing measures to prevent fraud, laundering, and corruption. All this contributes to a healthier gaming ecosystem where fairness & integrity are upheld.
5. Demonstrate Industry Leadership & Drive Innovation:
ESG is going to be a surely game changer in the world, and with healthy gaming practices, you will see the birth of new industry leaders. The code empowers the licensees to design or mould the gaming industry with new strategies that drives innovations and help built a strong gaming industry for the betting lovers.
Also, we will discover a not-so-rare gaming world which will promote responsible gambling where the players will feel safe, protected, and support their well-being. Moreover, it will help the industry to adapt to emerging trends and set higher standards within.
Let’s Discuss The Scope:
While targeting remote gaming companies in its initial state, MGA has begun to extend the ESG code’s scope to the land-based sector in the Malta Region. MGA motive is quite clear, they want sustainable growth across all segments of gaming industry. This inclusivity will help both the remote and the in-house or land-based cultivated business sectors to meet the growing demand for responsible gaming experiences in the region.
Conclusion:
As the Maltese Law permits both online and offline gambling catered to serve the purpose of amusement and earning, the introduction of Drafted code for ESG Gaming is going to be a game changer. This launch will make a significant milestone in the pursuit of a sustainable, transparent, and healthy gaming sector. By inviting new licensees and actively involving them in the development process, the MGA is already aligning practices with the best industry standards. You may expect the growth in players count, stakeholder expectations would be met easily and long-term business opportunities could be generated.
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