Maltese authority publishes end of year report
The Malta Gaming Authority (MGA) published its 2016 Annual Report for the 12 months ending December 31, 2016, Monday.
Key fiscals include:
Total revenues generated by the MGA were Euro 62.5 million (2015: Euro 60.9 million), up 2.6 percent.
Gaming tax contributions increased 0.7 percent to reach Euro 56.2 million (2015: Euro 55.8 million).
The Maltese gaming industry is estimated to have generated just over Euro 1 billion in terms of gross value added in 2016, up 12 percent over 2015 and increased its share in economic activity to around 11.6 percent in 2016.
Remote gaming licenses increased 5 percent y-o-y to reach 513.
6,200 jobs are directly connected to the gaming industry, an increase of 1,500 y-o-y. Factoring in indirect employment from the gaming industry, the number rose to 9,000 in 2016.
One of the key areas of focus during 2016, continuing in 2017, was the overhaul of the MGA’s regulatory framework which began early 2015 and is scheduled to come into force in 2018.
Other areas under review were human resources, threats and opportunities associated with gaming service consumption, the role of cryptocurrencies within the sector and compliance methodologies including the implementation of the Fourth Anti-Money Laundering Directive.
Technology and information systems development included the implementation of a CRM system enabling the MGA to streamline operator communications.
A rise in inspections on land-based operators, and an increase in cancellations of remote gaming licenses, were emphasised in the Authority’s report.
“I feel proud of the Authority’s achievements during the year under review,” Joseph Cuschieri, Chairman of the MGA, said. “These achievements engender a strong sense of responsibility for the Authority to ensure a continued, safe and sustainable growth of the industry, in a challenging global environment.
“It also drives us to reach new heights in our regulatory ethos, thought leadership, standards of regulation and innovation in our approach as a regulator”.