Boom in online casino uptake in New Jersey is good news for Maltese business
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Malta’s economy is reliant on foreign trade. Its strategic location has meant that it has always been a trading post and a focal point of major trading systems. The opening of the Suez Canal in 1869 saw the Mediterranean become the world’s highway for trade and the Maltese ports and merchants flourished. Sadly, the introduction of super-sized shipping meant that by the early to mid-20th century Malta’s ports were no longer essential stopovers and the economy went into a sharp decline. This, coupled with the changes in modern warfare, also saw its military importance decline.
Modern-day Malta is now a global hub due to its highly industrialised market economy with thriving manufacturing and service sectors. With its outstanding climate and rich history, tourism and foreign exchange also helped to boost the economy in the post-war period. Malta has made itself attractive to foreign investment by offering low corporate tax rates, a highly productive, multi-cultural workforce, and well-developed finance and ICT initiatives.
The gambling industry has always been of great importance to the Maltese economy with glamourous land-based casinos attracting visitors from across the world. However, it is the online entities that have fuelled the exceptional growth of the sector. The 2004 online gaming regulations gave companies a clear framework in which to work and made the country an attractive place for gambling companies to establish themselves, employing local people and bringing new residents to the country. Malta’s gross gaming revenue accounts for nearly eight per cent of the country’s economic activity.
However, it’s what has been happening outside of Malta that is equally important to the success of the gambling sector. Online gambling attracts a global audience. People can travel virtually from anywhere in the world to the online casino. What matters is that online gambling is legal where the bets are being placed.
The US has always had a complicated relationship with the gambling industry. From selling lottery tickets to fund Independence Wars to total prohibition, recent legislative changes have seen a huge growth in this sector. New Jersey was one of the early adopters of the land-based resort-style casino with the creation of Atlantic City. However, as more and more states opened Casinos, the fortunes of New Jersey waned. Then in 2013, the lawmakers worked to pass a bill that legalised online gambling sites. In 2020 New Jersey’s online casinos had a cumulative revenue of 970.3 million US dollars.
Now gamblers at the best NJ online casinos are benefiting companies operating out of Malta and directly contributing to this important sector of the economy. For a country with a population of half a million people, it is an impressive statistic that Malta is the world leader in online gambling.
It is predicted that the global online gambling market will be worth $94.4 billion by 2024. 10 per cent of the world’s online gaming companies are registered in Malta. A very significant proportion of the global revenue will be handled by businesses in Malta.
The Malta Gambling Authority makes providers abide by very strict structures. This, in turn, allows companies with a gambling licence from Malta to project an image that is incredibly trustworthy to the online gambler. This creates, as you might say, a win-win situation.
