Gambling to keep pushing Malta’s economy

As the Government of Malta aims to improve its GDP growth from last year, the iGaming industry remains as the leading driver of economic development.

Malta.- The Government of Malta is determined to reach a 6.5 percent real-term economic growth by the end of the year in order to improve its GDP growth from 2016, which was of 5 percent. As the authorities are set to promote several commercial activities, the iGaming sector keeps leading the country’s economy and is set to receive further benefits to maximise their performance.

As reported by Casino News Daily, Malta’s Minister for the Economy Chris Cardona, Malta Business Bureau President David Zahra, and economist Gordon Cordina commented during an interview for the Malta Chamber of Commerce, Enterprise and Industry website on the measures that will be taken to reach the country’s goal.

Malta already has a thriving iGaming industry and is set to promote other activities such as multiple information and communication technology sub-sectors, in addition to working on energy efficiency projects and further develop the food and manufacturing sectors, which have shown potential, Minister Cardona said.

Regarding the gambling sector, Mr. Cordina explained that it has been the fastest growing in Malta for over six years, as it accounted for over 20 percent of its overall economic growth in that period.

Mr. Zahra advanced that, alongside the financial services sector, online gambling will remain as a leading driver of the economic growth, as the island is a preferred destination for its friendly corporate tax environment.

According to Minister Cordona, benefits for gambling companies will expand as lawmakers are working on a new regulatory system to monitor the sector but also reducing bureaucracy. A revised Gambling Act will reduce hurdles in the licensing process and will narrow the number of license types to two: one for business-to-business operations and another one for the business-to-consumer ones.

The new legislation will also give further power to the Malta Gaming Association (MGA) in order to protect the country’s industry from working as a cover for illicit activities.