Financial & Operational Activity

People standing in groups in a boardroom. The desk in the boardroom contains papers, a tablet, and a glass of water.

On successful completion of a gaming licence application process, the applicant, now a Licensee, is granted a ten (10) year Licence.

Financial & Operational Activity

The Licensee is deemed to commence activity upon acquiring the gaming licence. Any changes to the gaming equipment, such as rules of the game or any other intended divergences from the original Licence application must be submitted to the Authority for approval.

Other key reports required by the Authority to monitor the overall gaming activity are listed hereunder.

An audited set of financial statements prepared and audited in accordance with the International Financial Reporting Standards and including a Directors’ Report. These are to be submitted within 180 days from the end of the company’s financial year.

2.1. Management accounts covering the first six months of a company’s financial year are to be submitted by the end of the 8th month of its financial year.

2.2. Industry Performance Return (Return) is to be compiled by all licensees on a bi-annual basis, providing key data on various aspects of the operation. The Return needs to be submitted in a correct, complete and accurate manner through the Licensee Relationship Management System (LRMS). Submission is due every six months as requested by the Authority. Data is collected for the following periods:

Time Frame           Due Date 
    1 January – 30 June 7 September
1 July – 31 December 28 February

 

For more information about the Return, click here.

The Licensee has to report the following on a monthly basis:

  1. Gaming Tax report; and
  2. Player Funds report

This list of reports is not an exhaustive one and others may be requested from time to time.

Compliance Review

The MGA mandates that after going live, a Licensee must undergo a number of compliance audits of its operations performed by an approved Service Provider appointed by the Licensee. Such audits need to be completed by the Service Provider within 90 days from the MGA’s notice.

The MGA will require the audit to adhere to the following schedule:

  1. After the first year of operation after being licensed by the MGA; and
  2. Any other audit depending on the compliance plan set by the MGA.

Failure of a compliance audit could lead to suspension or termination of a licence.