The Malta Gaming Authority (MGA) has had one of its highest growth rates in value, compared to other sectors, but it reports a smaller contribution to the island’s economy.
MGA sees 2020 as an exceptional year
In its detailed annual report and audited financial statements for the fiscal year ended December 31, 2020, MGA reported that the island’s gaming industry had a growth rate of 15.3% (more $ 1 billion) in the total assessment. However, it is no longer one of the top three contributors to the economy.
MGA recognized that 2020 was “an exceptional year”, as the total economic value added 4.3%. The gambling sector of the economy has experienced remarkable growth, still contributing 8% of total economic value.
MGA CEO Dr Carl Brincat said: â€œThe year 2020 will undoubtedly be remembered for the challenges that the pandemic has presented to us, and I am proud of the Authority employees who have worked tirelessly to ensure that we continue to perform the functions required by law. . “
He said keeping the industry stable during this year has laid a solid foundation for the MGA, which will continue to build on the positives and reach new regulatory heights.
MGA sketches the figures of its annual report
At the end of the year, the MGA announced 323 online and land-based businesses approved by the association, with a total of 328 gaming licenses and 357 game type approvals, offering different types of games with B2C licenses.
In addition, the authority issued 69 warnings, canceled twelve licenses due to a policy violation, and suspended three more. According to the report, in 2020, MGA received 58 gaming license applications, while 68 licenses were issued. However, 20 licenses were either withdrawn by the applicants or rejected by the association.
During the year, the association received nearly $ 87 million while respecting the contribution costs and the consumption tax. In 2020, the gaming industry in Malta offered 8,300 jobs, like 91.1% of those jobs were in the online gaming industry.
During the year, the industry saw 15.5% growth of new players, with 15.9 million new active accounts. The number of players registered on Maltese licensed sites has increased by 18.1% (36 million active player accounts) as companies registered in Malta providing online games have moved from 284 To 314 during the year.
Malta noted the impact of the pandemic
In its report, MGA also acknowledged the impact of the pandemic, as all land-based casinos temporarily closed in March 2020 under the terms of the Legal notices 76. On June 5, 2020, the casinos were allowed to reopen. Nonetheless, the closure had an impact on player registrations.
MGA report shows 55,676 new registrations at four land-based sites: Casino Malta, Portomaso Casino, Oracle Casino and Dragonara Casino. For reference, new player registrations in 2019 were 175,433.
Malta recently became the first EU country to be added to the Financial Action Task Force (FATF) gray list, reflecting the gaps in the island’s framework regarding anti-money laundering and anti-money laundering practices. financing of terrorism.