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Gaming Industry,One of the Largest Contributors to the Maltese Economy

Written by: Bridgewest

Maltese-gaming-industry-one-of-the-largest-contributors-to-the-economyOnline gaming is currently one of the largest contributors to the Maltese economy, according to Malta Gaming Authority (MGA) representatives who reported a 4.3% increase in incomes in the past year compared to 2014. Tax contributions paid by gaming companies have also rose by more than 2 million euros in 2015. If you want to open a company in the gaming industry, our company formation representatives in Malta can assist you.

Online gaming brought 60.9 million euros to the Maltese economy in 2015

Malta Gaming Authority announced that it had delivered a total revenue of 60.9% million euros in 2015, 4.3% more than in 2014 to the national economy. The contributions paid by Maltese companies in this industry accounted by 55.8 million euros paid to the tax authorities, compared to the 53.2 million euros paid in 2014. On a year-to-year basis, the total growth stood at 2.6 million euros, or 4.9%.

In its report, the MGA announced that both remote and land-based gaming companies in Malta have experienced a solid growth. The industry with all its clusters made a direct contribution of 8.2% to the Gross Valued Added. Land-based gaming companies have reported a 3% growth in the past year, with a total income of 78.1 million euros.

Gaming legislation to undergo a few changes

The MGA also announced the gaming laws would be slightly amended in order to provide for more “robust and flexible” regulations for gaming operators, but also to allow easier growth and evolution to the industry. Among the changes, the MGA announced the establishment of a Supervisory Council which would strengthen the MGA’s role as an overseeing authority. The other changes will target the industry which will be driven towards enhanced performance.

The Competitiveness Minister also commended the gaming industry for its results and the contribution to the economy and announced that compared to other sectors, this field is far more valuable for the economy as it accounts for 11% of the Gross Domestic Product. The 7% growth registered by the industry last year is expected to be retained in 2016 as well.

For complete information about investment opportunities in the gaming industry, please contact our Maltese company registration consultants.

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