The Malta Gaming Authority has published its annual financial report for the year ended December 31, 2015 earlier this week. The regulatory body has said that the local gambling industry had yet another year of healthy growth in both land-based and online gaming sectors.
During the period in review, the regulator generated the total amount of €60.9 mullion in revenue, up 4.3% as compared to the figure posted for the previous calendar year. In addition, a total of €55.8 million was contributed to the Maltese government in gambling taxes as compared to the amount of €53.2 million generated in tax revenue in 2014. Last year, Malta’s gambling industry contributed directly 8.2% of the proceeds earned to the local Gross Value Added.
Gross gaming revenue from land-based casino operations totaled €78.1 million, up 3% year-on-year. Gambling customers wagered the total amount of €333.1 million at local brick-and-mortar casinos during the year in review. Winnings amounted to €255 million.
Last year, the Malta Gaming Authority set up the GamingMalta Foundation with the main purpose to promote the country as a jurisdiction that has turned into a preferred destination for gambling operators and providers of options for the international gaming industry.
A Supervisory Council was established during the period in review. It has become its responsibility to oversee the regulatory body’s work on maintaining integrity and consistency. Last year, the Malta Gaming Authority continued being focused on overhauling the jurisdiction’s gambling regulations. The new legislative framework to be introduced is aimed at providing innovation, flexibility, and effective regulatory oversight. The regulator has pointed out that the new regulations will facilitate the gambling industry’s further evolution and growth at the same time.
Commenting on the publication of the Authority’s annual report, Executive Chairman Joseph Cuschieri said that 2015 was an intensive but rewarding year for them. The official also noted that the posted results have strengthened their determination to further bolster their regulatory performance.
In 2014, the regulatory body launched a three-year strategy, with the creation of a sustainable gambling industry base being its main focus. Malta gaming officials have pointed out that this is to be achieved despite the challenges arising constantly from both the European and the global gambling environment.
