Betting on Malta: gambling industry contributes €1.1bn to economy
Malta's gambling industry directly contributed €1.1bn ($1.28bn) to the economy with about 9,800 people employed in the sector by the end of 2017, the Malta Gaming Authority (MGA) said in its annual report published on Tuesday.
The country collected €66.3m ($77.1m) in revenue from licence fees, gaming tax, and other fees and fines, a sizable amount for an island with a population of 436,000. Gambling accounts for about 11% of Malta’s economy.
“The robust growth of the gaming industry in recent years has been sustained in 2017,” the MGA report said. “The gaming industry thus consolidated its position as the third-largest economic sector, contributing to the generation of activity in other sectors.”
The MGA outlook for the gaming industry’s future is positive, with surveys indicating that gross gaming revenue should grow by an average of about 15% and employment should rise by 10%.
According to the report, “existing operators expect to increase their expenditure in Malta, in a range of around 8% to 13% per annum over the next two years, thereby further contributing to the growth, in particular, of the services, retail and real estate sectors.”
The MGA also think it is possible that the gaming industry could see more growth with the activities of new investors in Malta.
The MGA will be implementing GDPR-based impact assessments during 2018 in order to ensure the privacy of customer data. It will also be looking to focus on the security of its information with an overhaul of its IT infrastructure.
Malta’s new Gaming Act comes into force on 1 August 2018, a month later than previously expected.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
