Malta Gaming Authority Reports Growth but Less of a Contribution to Economy
The gambling sector of Malta has recorded one of its highest ever growth rates in relation to value added when compared with other sectors. It is now making much less of a contribution to the island’s economy as a result, though.
The Malta Gaming Authority (MGA) published its annual report alongside audited Financial Statements for the financial year ending December 31, 2020. It was in this report that information was displayed regarding the country’s gambling sector growing at a rate of 15.3%. This gives it a total valuation of €924 million (£790 million).
Despite this, the reduction in economic contributions has led to the sector no longer being a part of the top three with regard to economic value in Malta.
The regulatory body did notе that 2020 was an “exceptional year” though, with the total economic value added by 4.3%. At the same time, the gambling sector recorded impressive growth, contributing 8% of the country’s total economic value.
By the end of 2020, the number of companies licensed by the MGA stood at 323. That figure incorporates both land-based and online brands, with a total of 328 gambling licenses and 357 game type approvals being a part of that.
During the 12 months of 2020, the authority brought in a total of €73.5 million (£63 million) in terms of compliance contribution fees, as well as levies and consumption tax. Around 8,300 jobs were also created by the sector by the end of 2020, and 91.1% of those employees were focused on the online industry.
At the same time, the number of companies registered in Malta as gaming companies that offer online services increased to 314 from its previous year’s total of 284. Alongside this, the number of active player accounts that were registered on Malta-licensed websites rose by 18.1% to a total of 36.2 million.
The year 2020 will undoubtedly be remembered for the challenges the pandemic presented us with, and I am proud of the Authority’s employees who worked tirelessly to ensure that we continued to perform the functions required of us at law.