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Malta Emerges as Potential iGaming Haven in Newly Published FiguresPublished July 2, 2016 by Lee R
The robust growth is part of a greater national strategy for successful adaptation.
The Malta market is growing robustly, according to just released annual figures.
New Report Positive
The Malta Gaming Authority´s annual financial report for the year ending December 31, 2015 was published earlier this week shows healthy growth in both land-based and online gaming.
Total revenue for the year reached €60.9 million in revenue, for an increase year-on-year of 4.3% as compared to the figure posted for the previous calendar year. The Maltese government brought in €55.8 million in tax revenue for 2015, up from the 2014 total of €53.2 million.
The total for gross gaming revenue from land-based casino operations reached €78.1 million for a 3% jump year-on-year, with brick and mortar casinos wagering €333.1 million, garnering winnings of €255 million.
The Malta figures are more important than just as indicators of growth, but also as benchmarks in a three year strategy launched by Malta gaming officials in 2014, designed to establish the autonomy of the Malta market and regulation model despite the turbulence of the EU market, which of course was shaken considerably by the recent Brexit.
The Malta Gaming Authority has of late increased its efforts provide a haven for players and operators alike, setting up the GamingMalta Foundation to promote the jurisdiction as a new hotspot for gaming.
To this end, GamingMalta established a supervisory council to maintain the integrity and cohesiveness of Malta´s regulatory model and overhauled the jurisdiction’s gambling regulations. A new legislative framework is in the works to provide further innovation, flexibility, and oversight to facilitate growth.
A second goal of said strategy is diversification, according to a series of policy building blocks which includes increased focus on quality, innovation, fairness, consumer protection, proportionality, evidence-based regulation and consistency as specified by Malta Gaming Authority Chairman Joseph Cuschieri.
As a small economy, the welcoming of a diverse new industry such as iGaming can substantially bolster the Maltese economy, and any turbulence in global or regional online economies can only help the Maltese cause, as long as the regulation model remains sustainable. So far, so good.