Daily fantasy sports (DFS) platform provider Oulala.com received the first ever Malta Gaming Authority (MGA) B2B Skill Games Licence.
Oulala announced that the obtained licence was a culmination of a target set four years ago to be „regulated separately from other iGaming activities“. Due to “the lack of proper regulation”, Oulala was unable to operate legally in the UK, therefore it had to acquire a remote gambling licence.
“The authorities in Malta were the first in foretelling the impact of DFS’s potential in Europe, and the MGA was in fact the first regulator to acknowledge our needs,” Benjamin Carlotti, Oulala co-founder and managing director emphasised that the approval represents an important corporate milestone.
“We are incredibly proud to be participating in the development of a licensing framework that regulates skill-based games, fantasy sports included. This was a highly significant step in the right direction, and our hope is that other European regulators will soon follow suit,” added Carlotti.
The MGA spent over two years examining and working on a new licence category for controlled skill games, which specifically regulates DFS and defines it as a game of skill as opposed to gambling.
A controlled skill game licence is valid for five years and can be used for either B2C and/or B2B purposes. It is a subject to a number of requirements, including segregation of operational and players’ funds.
MGA executive chairman Joseph Cuschieri said that MGA is pleased to be issuing a B2B licence for fantasy sports to Oulala under the new skill games regulations.
“Malta’s regulatory framework ensures a high standard of player protection and game fairness whilst allowing operators space for growth and innovation. It is for this reason that operators such as Oulala have chosen Malta as their primary place of establishment” commented Joseph Cuschieri.
© Copyright 2004-2020 S.S. NETSHOP INTERNET SERVICES LTD trading as “NetShop ISP”. All rights reserved.