The iGaming industry in comparison to other sectors is new and only came into being shortly before the turn of the millennium.
The gaming industry in such a short span of time has grown and evolved at an extraordinary rate resulting in substantial strengthening of the Maltese economy.
In this article, we will be focusing on how igaming has impacted Malta and its economy.
In 2009, the size of the online gambling industry was $20.51 billion. That is projected to almost triple by 2020 when the market is estimated to be worth $59.79 billion.
The industry contributes $1.41 billion to the country’s economy, which is equivalent to 12% of GDP.
Whether online gamer or video gamers, they have been a large and growing part of our culture for a long time.
This booming sector has emerged as a pathway for countries that aim to advance and boost their economies.
One such country that is reaping the rewards of the world’s continued love for iGaming is certainly Malta.
Acknowledging its fast-paced growth, the booming iGaming industry in Malta now has years of push behind and even ahead of it.
A leader and a world-renowned regulator, the Malta Gaming Authority (MGA) is considered as a flagship authority within the gaming industry.
The MGA is responsible for approximately 513 remote gaming licensees, including online casino license and 266 companies including iGaming/betting companies.
Each year there are many events organised for the iGaming industry in Malta, such as SiGMA which is the quintessential iGaming destination.
SiGMA has already held three exhibitions in the country and has a fourth event scheduled for November 2019.
Such events not only help existing companies recruit talent as per their needs but also demonstrate the potential for other iGaming companies to set up their business in the country.
Presently, there are some well-known companies already operating on the Maltese islands.
Not only mobile gaming operators, but Gaming operators abound too, including online casino Betway Casino, which is registered in Malta and licensed by the Malta Gaming Authority since 2006.
There are numerous reasons why Malta has become a top choice for iGaming companies to set up their operations and thrive there.
The fact that it is a European Union member state and is situated at a strategic point at the heart of the Mediterranean has made the country an attractive prospect for companies looking to settle there.
Running their companies in the country means business owners can offer their employees a good quality of life with economic stability.
The country is also home to a powerful and firm regulator called the Malta Gaming Authority (MGA), which seeks to benefit both operators and players. It aims to ensure that gaming is fair and operators follow legislation and best practices. All this can make companies based in Malta look more attractive to potential customers.
Players who know that an online casino, for instance, is governed and controlled by such a world-renowned gaming authority, are more inclined to trust the operator and be sure of the security of the operation.
Gaming Malta, an independent non-profit foundation set up by the Government of Malta and the MGA, has helped to promote Malta as a digital and remote gaming centre of excellence in recent years and continues to boost the country’s reputation as an unparalleled location for iGaming companies.
Gaming Malta is also accountable for liaising with the local relevant authorities to improve Malta’s attractiveness as a jurisdiction and improve the ecosystem surrounding the gaming industry.
Additionally, being one of the largest regulatory regimes worldwide, online gambling tax structure and the countries’ Corporate Tax Structure also plays a vital role in luring all the big brands in the gaming world to base their operations from Malta.
Nexia BT can provide assistance for a portfolio of services in connection with the gaming industry in Malta, including incorporation, tax advice, tax compliance and much more.
As an already well-established powerhouse, Malta looks set to prosper even further in the years to come.
The market is growing at a very fast rate, in parallel and this is thanks to the fact that technology is rapidly advancing alongside it.
Despite all the success, Malta recognised that it would need to continue to evolve if it wants to remain relevant and consistent as a jurisdiction.
The island saw strong growth because of its regulatory framework, which was revolutionary at that time and attracted the sector’s biggest companies to the island.
The regulatory overhaul is sure to see the persistence of the growth enjoyed to date, the welcoming of more global players and technological innovation and not least, the attraction of start-ups and new entrepreneurs.
Malta recognises the present and future values of the iGaming industry and is truly espousing it to unleash the sector’s full potential.
Opening up to the iGaming industry and moving to attract more companies to Malta has proven to be a masterstroke for the country. The fact that the market is growing at an alarming rate and has the potential to be worth so much more, means that Malta will be sure to reap the rewards for years to come.
Nexia BT provides a wide range of services ranging from basic company incorporation and compliance to specialised advisory services, audit, tax and accounting, for particular sectors such as financial services, international trade, remote gaming, investment funds, shipping and aviation.
We offer international support including back-office operations and advisory services, in a responsive, proficient and professional manner.
Nexia BT can provide assistance for a portfolio of services in connection with the gaming industry in Malta, including incorporation and tax advice of the appropriate corporate structures, assistance in the licensing application, provision of key function services, gaming compliance, tax compliance, accounting, assurance and IT Audit services. As an approved system and compliance auditor by the MGA, we are authorised to perform systems audit and compliance audit in relation to MGA licences.
Whether you want to start-up your business operations in Malta or you plan to relocate your established business to Malta, we are committed to offer and devise a tailor-made service to your company needs. We understand that the gaming industry has specific needs and our services are intended to cater to them.