Gambling biz adds €556m to Malta’s economy in H1

The Malta Gaming Authority (MGA) has revealed that gaming added more than €556m ($655.6m) to the domestic economy in the six months to June 30.

This amount is up 10% on the previous year and represents 12% of the total value added of the Maltese economy in the first half, up from 11.8% last year.

Gaming tax revenue reached €29m in the opening six months of the current year, equal to 5.5% of tax indirect tax intake, while the number of gambling companies licensed in the Maltese jurisdiction at the end of the period increased by 6% on December 2016.

In addition, the MGA said the Maltese gambling is some way ahead of forecasts in terms of jobs created.

Initial estimates had set this figure at in excess of 6,400 full-time equivalent jobs by June 2017, but an MGA survey carried out towards the end of 2016 found that when taking into account indirect employment, total employment in the gaming sector is approximately 9,000 full-time equivalent jobs.

The MGA also said it expects the national market to continue to grow “robustly” throughout the remainder of 2017 and in 2018.

Meanwhile, the MGA has provided an update on the overhaul of its regulatory framework, which it said will help to “streamline, consolidate and future-proof” all gaming sectors under one legislative umbrella, as well as strengthen the MGA enforcement powers and consumer protection standards.