The Malta Gaming Authority provided 66.3 million euros in revenue for 2017. It is chump change compared to the entire gaming sector, which contributed 1.1 billion euros and over 10,000 jobs to the economy of Malta.
The details of Malta’s gaming revenue have come from the regulator’s annual report. Monday, the Malta Gaming Authority, provided the annual report for 2017. It showed the economy made 100 million euros more from the gaming sector in 2017, than in 2016. Furthermore, the Malta Gaming Authority collected 59.1 million in tax revenue, which was up 2.8 million euros from 2016. Remote gaming tax fell by 3 percent to 26.5 million euros. Despite the change, the gaming tax revenue was up.
Gambling revenue accounts for 11.3 percent of Malta’s economic revenue, making it the fourth highest sector for the country. The Malta Gaming Authority believes the figures increased due to license renewals, plus the projected expenditure expectation to increase from 8 percent to 13 percent per year in the next two years. Local employment is expected to increase 10 percent.
Malta has 287 gaming operators on their “books.” The number is 28 higher than in 2016. The remote gaming licenses increased by 112 to 625, while full time gambling jobs with casinos increased by 480 people to 6,673. Roughly, 5,327 of these individuals work in remote gaming companies.
Malta’s gaming authority received 220 license requests from remote gaming places last year, and 21 of the licenses were for new “skilled-based games.” The 165 licenses issued in 2016, was up from the 91 the authority provided in 2016. Five licenses were canceled because of regulatory issues. Voluntary terminations of licenses were flat staying at 38.
Malta’s four land-based casinos, which are licensed, had an increase in revenue by 14 percent over 2016s numbers. International casino guests increased by 3.5 percent, while Maltese player numbers decreased. The slowdown was about 2.5 percent from previous years. Most of the gamblers, to the land-based casinos, showed a decline in 54 or under range. Players over 54 had solid gains.
Malta Cryptocurrency Test
Cryptocurrency is moving in and part of the Malta Gaming Authorities tasks for 2018 are to test its legitimacy and transparency. Cryptocurrency may be another way to increase the revenue gains by casinos in the country, but trusting digital currency is an issue.
Malta is calling this test a “sandbox test.” It is a six month long test.