Malta reaps the rewards of online gambling
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Malta’s status as an online gambling hub is continuing to bring a wide range of benefits to the country as the iGaming boom on the island shows no signs of abating.
In 2004, the smallest member state of the European Union became the first to legalise online betting, giving Malta a vital advantage over its competitors. Eighteen years later, Malta is home to over 300 gambling firms with one in ten of the world’s gambling companies based on the island nation. The gambling operators, which are licensed by the Malta Gaming Authority, have 36.2 million active player accounts.
Much sought-after licences
Consequently, Malta is reaping the rewards through tax revenue and expensive gambling licences, which are amongst the most prestigious and sought-after in the industry. In 2020, the nation’s iGaming sector was valued at over £770 million, which represents eight per cent of the gross domestic product of Malta. As a result, the Malta Gaming Authority, the country’s gambling regulator, raised over £61 million from levies, consumption tax and compliance fees.
Carl Brincat, CEO of the Malta Gaming Authority, emphasises the sustainability of the iGaming industry and predicts continued growth on the island, which will be driven by the combination of the MGA drive to continue to improve and the Maltese government’s commitment to ensure “Malta remains an attractive and competitive place of establishment for the gaming industry.” This will be aided by the launch of the iGaming & Sports Betting FUTURE Magazine, produced by Internet Vikings, the publisher which has an office in Sliema.
This will be aided by the introduction of a flat tax rate of 15 per cent for gaming executives, which aims to attract highly qualified persons to the island. It is estimated that by the end of 2020 the iGaming sector employed over 8,000 people on a full-time basis, with the vast majority working for the online betting firms based in Malta. The nation recently introduced a nomad residence permit to encourage workers to move to Malta. The presence of the betting companies also has a knock-on effect for the wider economy as various sectors benefit from the increase in iGaming employees from home and abroad, including estate agencies, the banking sector and the hospitality industry.
Popular industry conferences
Indeed, the events industry benefits from online gambling in Malta as it also brings business to the island in the form of iGaming conferences. SiGMA Europe, known as the World’s Gaming Festival, will attract industry operators, suppliers and regulators to Malta from all over the world for the five-day event in November 2022. A vast array of speakers includes Robert Abela, the Prime Minister of Malta, the American rapper Fat Joe and Solomon Godwin, Africa Continent Manager for Pragmatic Play. In addition, iGaming NEXT Valletta features a wide range of expert speakers who provide insights into strategies, investments and the latest developments in the industry. These iGaming sector events also contribute to the highly important tourism sector of Malta, which raises around 15 per cent of GDP.
High levels of trust in iGaming companies
Numerous online casinos in the UK are based in Malta, including Casumo Casino, Casino Planet and NetBet Casino. Genesis Global Limited, for example, which owns the Casino Planet brand, is incorporated under the laws of Malta and is licensed and regulated by the Malta Gaming Authority as well as the Gambling Commission in Great Britain. This gives extra assurance to players that they are using the most trusted online casinos in the iGaming industry through two of the most reputable regulators of gambling in the world.
Malta has maintained its position as one of the most important gambling centres of the world, bringing with it a wide range of benefits, mainly, revenue from taxes, levies and licences, but also boosting the wider economy through iGaming industry conferences and high levels of employment in the sector.
