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How to play Captains Treasure
Speaking at the launch event, MGA CEO Charles Mizzi emphasized that the framework is meant to foster progress rather than stifle it.
“Our role as a regulator is not to stand in the way of innovation, but to help create the certainty and confidence needed for innovation to flourish responsibly,” Mizzi said.
The charter does not create new regulatory obligations and was designed to complement legislation including the EU AI Act and GDPR.
How to play Captains Treasure
Operators were encouraged to take several practical steps, including enhancing terms and conditions, maintaining robust evidence and uptaking technical standards.
They have also been advised to thoroughly review their Know Your Customer, fraud detection protocols and contractual terms to reflect the guide’s recommendations.
They must also evaluate their current technical safeguards to ensure alignment with regulator expectations and certification standards.
What is Captains Treasure?
The proposal establishes criteria for classifying products according to their potential for harm. Among the characteristics considered are instantaneous or short-lived results, continuous repetition at short intervals, use of random mechanisms to determine the outcome, intermittent rewards, near-miss incentives, incentives to recover losses and features that make it difficult to stop betting or induce successive, impulsive, or increasingly valuable bets.
Products offered to the public must undergo prior evaluation by a competent body of the Federal Executive Branch, to be defined in regulations. Products classified as high-risk will be subject to specific harm reduction measures. Products with excessive risk may not be offered. This category includes products with outcomes determined by random mechanisms, continuous cycles and variable rewards, such as roulette, slot machines, collision games and simulated virtual sports.
Furthermore, the text maintains obligations for monitoring and institutional cooperation, with the provision of aggregated and anonymised data to the competent authorities. It also provides for actions by the executive branch aimed at monitoring the impacts of betting, training health professionals, updating care protocols and periodically disseminating information on the effects of the activity.
