Maltese gaming trade continues to positively impression the nation’s financial system via its position of a key driver of financial progress and innovation. The gaming trade in Malta contributed EUR 810.7 million, or round 9.5%, to the nation’s Gross Value Added (GVA) throughout the first half of 2023. Over the identical interval, the trade’s total contribution to the nationwide financial system accounted for 12.2% to testify about its essential impression on the financial outlook of the Maltese financial system.
Reaching 12.2% Stake in Malta’s Economy
The argument is additional supported by the proven fact that the gaming trade progress in the first half of 2023 reached round 1.1% increased degree than in the identical interval of 2022. By June 30, 2023, the Maltese Gaming Authority (MGA) accredited licenses to 335 on-line and land-based corporations following the 2022 determine standing at 357 MGS-license corporations to underline the trade’s stability and a steady contribution to Malta’s financial system.
In the identical interval of 2023, the regulator collected EUR 41.2 million in license charges and compliance levies. When in comparison with EUR 39.8 million collected by MGA in the first half of 2022, it’s evident that the trade has saved the momentum and maintained monetary resilience. Also, the trade’s GVA elevated from EUR 801.8 million in H1 2022 to EUR 810.7 million in the first half of 2023 to showcase a 1.1% progress achieved by the trade on a year-over-year foundation.
Expecting Further Growth in 2024
The progress was propelled by 26% elevated visits to native casinos in the first half of 2023.The gaming sector subsequently immediately contributed round 9.5% to the nation’s financial system and is predicted to proceed rising at a barely slower tempo. In 2024, 74% of on-line gaming operators anticipate additional income progress whereas 60% of them anticipate elevated employment. On the contingency aspect, operators usually anticipate increased working prices and divergent regulatory actions requiring fast adaptation.
Commitment to Innovation and Social Responsibility
The trade promotes transparency and accountable gaming and considers the integration of environmental, social, and governance (ESG) ideas important for long-term profitability. Also, the utilization of rising applied sciences allows the gaming sector to take care of buyer curiosity via progressive integrations of conventional and different video games. For instance, progressive merchandise like digital receivables and tokens are more and more included in transactions and supported by the regulatory physique.
As a consequence, Malta’s gaming trade expects constructive market tendencies in the forthcoming interval and continues to regulate the established gaming panorama to the evolving regulatory framework and rising market tendencies. Overall, the sector maintains its stability and continues to drive Maltese financial system.
Source: “MGA Interim Report 2023: Malta’s gaming industry maintains strong economic contribution’’. SiGMA. December 2023.
