While the gaming sector has been described at times as being recession-proof, it is not invincible to the disastrous effects of COVID-19 and like almost any other competitive sector, these are indeed trying times for a number of gaming providers. The Malta Gaming Authority (MGA) has taken note of the issue and has issued a couple of measures with the objective of lifting (or rather ‘deferring’) some of the COVID-19 financial burden which the gaming providers are facing. The measures are directed to those entities vested with a Type 2 Gaming Licence, and therefore to those who offer gaming services like fixed odds betting, pool betting and spread betting; they consist in the following:
MGA has also sought to remind licencees that where their activity generated from a gaming vertical has come to a halt or has lessened to amounts that do not justify the continued operation of such vertical, the authorisation to operate that vertical may be voluntarily suspended by the licencee due to the extenuating circumstances brought about by the current pandemic. Lastly, MGA referred as well to a couple of other COVID-19 schemes which are currently present, and which aim to provide some financial relief to gaming providers:
Should you require any clarification as to how the MGA deferral scheme shall affect your gaming business or as to whether you, as a gaming licensee may benefit from it, please do not hesitate to contact KSi Malta. Our team of legal professionals are always happy to help. In addition, we can provide you with any other required assistance which you may need to apply for any COVID scheme which has been announced by the Government.
“Licensees that are facing difficulties due to a sudden, acute liquidity shortage may wish to explore the possibility of accessing financing for their working capital requirements from their bank in line with the guarantees provided by the Malta Development Bank’s COVID-19 Guarantee Scheme
Moreover, licensees are also reminded that any company that has seen a significant downturn in turnover, which would certainly be satisfied if it has seen a drop in sales of circa or exceeding 25%, may apply for a deferral of payment of Provisional Tax, VAT, and National Insurance contribution on salaries as announced by Government over the past weeks”
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