Attractive Measures to Consolidate the Gaming IndustryMEDIA ROOM
As reported by the Malta Independent, the Remote Gaming Business Section (RGBS) within The Malta Chamber of Commerce, Enterprise and Industry hosted a business breakfast on Friday 18th July, for operators and other stakeholders in the sector addressed by keynote speakers José Herrera, Parliamentary Secretary for Competitiveness and Economic Growth, Mr Joseph Cuschieri, Executive Chairman of Malta’s Lotteries & Gaming Authority (LGA), as well as visiting speaker Dr. David Clifton.
This event showcased some of the recent work undertaken by the Remote Gaming Executive Committee which is composed of representatives from blue-chip companies based in Malta and listed on international stock exchanges valued at more than €5 billion. The Business Section has produced five seminal reports on issues impacting the industry, and acts together in consultation with Government, the regulator and other key stakeholders to promote sustainability of the industry.
Dr Herrera stated that 52% of all gaming income in 2013 was generated from remote betting alone. He added that gaming contributes 12% to Malta’s GDP, employing over 8,000 people across more than 250 licensed operators, with a significant spill-over effect in other areas of the local economy including the property market, entertainment and professional services.
Dr. Herrera stressed that Government would review regulatory changes aimed at making Malta a centre of excellence within the industry. Hon Dr. Herrera announced that Malta will shortly be participating in the East meets West Regulators Summit in Manila to pursue new opportunities within emerging markets to further grow the jurisdiction.
In a presentation entitled “Shaping our vision for the future”, Mr Joseph Cuschieri explained that Malta must think differently despite ten years of growth in the cluster. Technology has shifted and the regulator was gearing to offer more efficient services to meet industry expectations and improve its delivery.
Mr. Cuschieri highlighted that the LGA was restructuring and investing in new technology to become more streamlined in service provision while reducing regulatory burdens on operators, and to do this in a more sustainable manner.
Mr. Cuschieri reiterated “that Malta still has an edge over other jurisdictions”, and to remain so the LGA’s is committed to wider consultation with stakeholders about future changes and challenges identified by the Authority.
In particular, Mr. Cuschieri believed that to position the LGA as a best-in-class regulator in the world based on thought leadership, he and his team were working hard on identifying and communicating what Malta stands for in the gaming industry.
Mr Cuschieri stated that thanks to “quality feedback from RGBS”, the LGA’s vision had been clarified and that a new eco-system at the LGA would be created so that marketing of the jurisdiction would be undertaken by a public-private partnership entity to heighten international visibility of the jurisdiction. Mr. Cuschieri also said that there was a need to professionalise the industry further through a gaming academy so that Maltese students could acquire the necessary skills to be successful in the industry.