Malta Gaming Authority enjoys 71% rise in online licence applications
Regulator releases its 2017 annual report
The Malta Gaming Authority (MGA) has confirmed it saw a 71% increase in online gaming licence applications during 2017, receiving over 220 separate applications.
In its 2017 annual report, released on Monday afternoon, the authority said the number of online gaming companies directly registered in Malta increased by 11% to 287 during 2017, while the number of B2B licences (Class 1 or 4) constituted over 57% of Maltese online gaming licences.
During 2017, the MGA generated total revenues of €66.3m in licence fees, gaming taxes and other administrative fees and fines, an increase of 6% year-on-year from the previous 2016 total amount of €62.5m.
Of these taxes the online sector paid €26.5m in total gaming tax during 2017, a drop of 3% year-on-year, despite a 13.9% increase in online customer accounts.
The direct contribution that the gambling industry makes to the Maltese economy was valued at €1.1bn (£973.4m) in 2017 and created over 9,800 full time jobs in the industry during the period. Of these jobs 5,861 were in the online gaming sector.
The figures come less than a week after the Maltese government announced the deferment of the implementation of the Malta Gaming Act to August 1st, following the submission of a ‘detailed opinion’ by an EU member state to the MGA, which the authority has confirmed that they are now reviewing.
The new Malta Gaming Act removes all pre-existing gaming legislation, replacing it with a single parliamentary act, while at the same time passing several supplementary pieces of legislation, most notably the implementation of the requirements of the EU’s 4th Anti-Money Laundering Directive.
In a statement discussing the report and forthcoming regulations, Heathcliff Farrugia, chief executive officer of the MGA, said: “Last year was perhaps one of the most exciting years for the MGA. The ongoing efforts and relentless work of MGA officials on the various projects the Authority embarked upon was reaching its final stages, with the new regulatory framework and the 4AMLD being the most notable ones.
“Their introduction in 2018, coupled with the investment in IT systems shall continue to elevate our regulatory standards, by strengthening our controls and empowering the Authority to adopt a risk based approach towards enforcement and supervision.”