Malta Strengthening its Online Gaming PositionMEDIA ROOM
CSB Group has learnt that Malta seems to be strengthening its position as a high-quality, responsible jurisdiction in online gaming and continues to attract further investment and create jobs in that sector. This was said by Minister of Finance, the Economy and Investment Tonio Fenech.
He said that the Government believes in an online gaming sector that is strictly regulated, considerate of social responsibilities and compliant with the duties and rights of the players and the operators themselves. He added that this is leading to a stronger name for Malta as a jurisdiction of quality in this sector, a factor that is attracting more investment and jobs.
In a news conference following a meeting with staff of the Lotteries and Gaming Authority (LGA), Minister Fenech explained how Government’s strategy for the online gaming sector is resulting in more operators trusting the country, resulting in more foreign investment in Malta as well as job creation.
The sector today employs more than 7,100 people, a figure that has doubled over the last 4 years. Minister Fenech announced that the company Betsson will be expanding its operations in Malta and employing 350 more people over the next 12 months.
Recent agreements were reached with FIFA and the International Olympic Committee. In 2010, Malta was the first country in the European Union to adopt a Charter of Rights and Responsibilities of Players.
In the field of online gaming, there are a total of 280 operators who were granted a licence after a very extensive process of screening and qualification. This includes due diligence checks, financial audits, audits of business plans as well as continuous monitoring and dealing with complaints made by the players.
These companies employ nearly 4,100 people, generating around €22 million in taxes and licensing fees. In addition, there are about 3,000 people who work in legal, IT, ISP and other ancillary activities that provide key services to the gaming companies.
Making reference to land-based gaming, he said that the Government made major reforms during this legislature with the introduction of stricter regulations and use of the latest technologies to ensure that the former are observed.
Minister Fenech also announced the intention of the Government, with the assistance of the LGA, to establish a responsible gaming fund that will be administered under regulations of strict governance and promote responsible gaming initiatives and projects. This fund will also finance research on problems related to gaming and promote the educational process and knowledge about how gaming activities remain limited to entertainment.