Zoma de Azar Malta – Malta Gambling Sector Records Growth but Economic Contribution Slips

Malta.- July 07, 2021 www.zonadeazar.com The Malta Gaming Authority (MGA) has revealed that the country’s gambling sector has recorded one of its highest growth rates in value added relative to other sectors, but is now making less of a contribution to the island’s economy.

As detailed in the MGA’s Annual Report and audited Financial Statements for the financial year ending December 31, 2020, the country’s gambling sector experienced a growth rate of 15.3% to a total valuation of €924 million.

However, this means that the sector is no longer placed within the top three contributors with regards to economic value.

Despite this, the MGA noted that 2020 had been an “exceptional year” where the total economy value added by 4.3%, whilst the gambling sector recorded impressive growth, and still accounts for 8% of the country’s total economic value.

Additional figures show that at the end of the year the number of companies licensed by the MGA, including both online and land-based entities, stood at 323, holding a total of 328 gaming licences and 357 game type approvals to offer various types of games under the B2C licence.

During the 12-months, the MGA collected a total of €73.5 million in terms of compliance contribution fees, levies, and consumption tax. It has been estimated that as at the end of 2020, the gaming industry directly generated almost 8,300 jobs in FTE terms, with 91.1% of these employees engaged in the online sector.

Furthermore, the number of Maltese-registered gaming companies offering online products increased from 284 in 2019 to 314 in 2020, whilst the number of active player accounts registered on Malta-licenced websites rose by 18.1% to 36.2 million.

Alongside player accounts, the estimated number of new active player accounts stood at 15.9 million, reflecting a 15.5% year-on-year growth.

Dr Carl Brincat, CEO of the MGA, remarked: “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.

“Keeping the ship steady during a challenging year serves as a strong foundation for us to look ahead with renewed commitment to keep building on the positives and improve on our shortcomings, to reach new heights in our regulatory approach.”

Edited by: @_fonta  www.zonadeazar.com