Malta Gaming Industry Makes Up Over 12 Percent of National Economy
The negative impact of gambling companies always seems to make the headline but one forgets the vital role the gaming industry plays in many jurisdiction like Malta. The Maltese Gaming Authority has just released their interim report for the six months ending June 30 and the figures show that Malta’s Gaming industry accounts for over 12% of the Maltese Economy in the first half of 2017.
According to the report Maltese-based gaming operators contributed €556m of gross value to the economy which is 10.4% higher than the same period last year.
As of June 217 there are 282 Malta-licensed gaming operators which is 65 up from the end of 2016. Of these licensed companies 275 held online gambling licenses which is an increase from the 259 at the end of 2016.The addition of a new “controlled Skill Games” licensing category of which 13 were issued in H1 helped to establish Malta as an industry leader when it comes to innovation in gaming.
Gaming tax revenues reached €29m in the opening six months which is equivalent to 5.5% of tax indirect tax intake. In terms of jobs created the figures are even better as initial forecasts were that 6,400 full time equivalent jobs were set to be created by June 2017. In reality the figure is more in the region of 9,000 when taking into account the direct and indirect employments.
In terms of their planned changes to the regulatory framework, the MGA says they have provided an update to its existing regulatory framework which they believe will help “streamline, consolidate and future-proof ” all their gaming sectors under one legislative umbrella.