The gaming industry as leader in ESG reporting – MGA CEO, Carl Brincat
What is the current direction of Malta’s progress in terms of ESG (Environmental, Social, Governance) standards? Dr Carl Brincat, CEO of the Malta Gaming Authority (MGA) delved into the question when delivering the keynote address today during the ESG business breakfast organised by Zampa Debattista and GTG. The morning seminar, entitled “Embracing ESG – An ongoing commitment for the gaming industry” delivered three informative panels of key stakeholders in the industry and proved both informative and engaging.
During his delivery of the welcome introduction, Dr Ian Gauci, managing partner at GTG, stressed that when considering ESG, the correct mindset must be imbued. Effective implementation of ESG reporting and standards requires collaboration between industries and public authorities to create measures that are proportional, sustainable and effective. ESG standards, Gauci added, should be a concept that goes beyond the appeal of a great marketing tool. Currently, a common mindset is one where ESG is viewed as an obligatory burden.
MGA CEO Carl Brincat reiterated that establishing the right ESG mindset alluded to by Gauci gives impetus to the MGA to lead by example. Companies are not only expected to perform well financially but “to contribute to the betterment of society and ensure that their impact, when negative, is as little as possible.”
Brincat elaborated an interesting concept where gaming operators do not only get a licence in the regulatory, legal sense. They also get a social licence. Due to the nature of the business, gaming operators “are given a licence with an intent to prove that they care about their customers not only in terms of revenue per capita but they care about the impact they have on their lives.
Companies should care, Brincat said, “because it is the right thing to do, but it also makes business sense.” A proven ESG strategy attracts customers, investors, and banking relationships. Data has shown that due to raised public awareness, players take ESG into account when deciding who to play/bet with. Banks are also starting to look at ESG reporting and genuine credentials when deciding to give credit.
The CEO believes that the gaming industry can be a leader in the ESG reporting. Brincat referred to the voluntary ESG code of good practice that the MGA will be publishing in the coming months. The consultation process on the draft code is now closed, and the MGA is currently reviewing the feedback received. Preceding the consultation phase, the MGA conducted a series of pre-consultation activities that included a peer review and research phase, materiality assessment, and stakeholder interviews.
As from 2024, all large or listed companies will be required to report under the Corporate Sustainability Reporting Directive (‘CSRD’). In this context, the code will set out common priorities for ESG in gaming to reduce environmental, social and governance impacts whilst continually enhancing Malta’s reputation as a leading Gaming jurisdiction.
Find out more here about Zampa Debattista and GTG
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SiGMA Europe’s Malta Week festival brings together a diverse and international group of industry leaders for a convergence of expo, conference, and networking. The event will be held at the Mediterranean Maritime Hub (MMH), a larger, more dynamic venue that promises a raw, industrial, and unconventional space unlike anything ever used before.
In the words of SiGMA Group founder Eman Pulis, “We’re redesigning your entire experience, from the minute you land in Malta until the very last moment. I look forward to welcoming you with open arms to this iGaming festival.”
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