The Malta Gaming Authority Publishes its Annual Report and Audited Financial Statements for 2015MEDIA ROOM
Following its 2015 theme, Regulation for Innovation: Re-thinking conventional wisdom, the Malta Gaming Authority (MGA) has released its 2015 Annual Financial Statements and Report.
Taking a look at the report, during 2015, the MGA brought about an increase in earnings, totalling €60.9m, when compared to €58.4m in 2014. Whilst contributions by the MGA in gaming taxes totalled €55.8m in comparison to €53.2m in 2014. The gaming industry also contributed directly to Malta’s Gross Value Added by 8.2%.
An amounting of €333.1m were played with a total of €255m winnings, consequently causing the land-based gaming industry to expand by a further 3% and reaching a total of €78.1m in revenue.
The MGA relentlessly focused on the reconstruction of the present legislation by emphasising effective regulatory values while also continuously aiding the sector’s own development. A Supervisory Council with the aim of promoting consistency, perpetual development and integrity of the Authority’s regulatory performance was set up. Alongside, the GamingMalta Foundation was inaugurated with the mission of enhancing Malta’s presence both locally and internationally as a main jurisdiction in the gaming sector.
Moreover, the MGA also emphasised its development of its operation processes through the efficiency, restructuring and implementation of a more vigorous ICT department and new information systems specifically created for ease of use, to increase the quality of interactions with licensees, and efficiency with regards to using various resources. The Authority’s offices were also relocated to SmartCity Malta in late 2015.
The Authority dedicated most of its effort to being fully transparent in its approach in the design and reviewing of various policies, inviting consumers, stakeholders, operators, service providers and regulators.
As for 2016, a coherent principle-based system will provide a more focused approach on regulatory performance and outcomes.