We demonstrate a state-of-the-art high-efficiency GaN-based vertical light-emitting diode (VLED) grown on a transparent and conductive (-201)-oriented (β-Ga2O3) substrate, obtained using a straightforward growth process that does not require a high cost lift-off technique or complex fabrication process. The high-resolution scanning transmission electron microscopy (STEM) images confirm that we produced high quality upper layers, including a multi-quantum well (MQW) grown on the masked β-Ga2O3 substrate. STEM imaging also shows a well-defined MQW without InN diffusion into the barrier. Electroluminescence (EL) measurements at room temperature indicate that we achieved a very high internal quantum efficiency (IQE) of 78%; at lower temperatures, IQE reaches ~ 86%. The photoluminescence (PL) and time-resolved PL analysis indicate that, at a high carrier injection density, the emission is dominated by radiative recombination with a negligible Auger effect; no quantum-confined Stark effect is observed. At low temperatures, no efficiency droop is observed at a high carrier injection density, indicating the superior VLED structure obtained without lift-off processing, which is cost-effective for large-scale devices.