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Malta is a fantastic country to reside in or visit. As an island county, it is an outstanding tourist attraction for people from all walks of life. In fact, it is a popular destination for more than 1.6 million tourists visiting every year.
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The country has a population of around 515,000. Nonetheless, Malta has an advanced economy, guaranteeing high quality of life and unmatched technological development. Over the years, the country has become a financial hub regulator. This is chiefly because of the Malta Financial Services Authority (MFSA).
Today, Malta is the epicenter of the gambling industry from a global standpoint. The country has a lot to offer the vast clientele base. It has been a success in attracting massive gaming businesses and fund administration. With the global online gaming industry surpassing the billion-dollar mark, there is a lot to know about the Malta iGaming industry.
The booming earnings and ease of reaching clients from any part of the world define the online gaming sector. Malta has not flinched from becoming a superpower in industry. The country is a global leader in online gaming, and there is a lot to know.
Here’s Everything You Should Know about Malta iGaming and Gambling Sector
Malta is today the center of the gaming world. Even with its small size in terms of population, it boasts a strong economy. The iGaming industry is the pillar of the country’s economy, a route many nations are trying to follow these days.
The Malta Gaming Authority (MGA), formerly known as Lotteries and Gaming Authority (LGA), was launched in 2001. It has since become one of the nation’s best entities. This was an initiative meant to help oversee and regulate land-based and online gambling within and from Malta. It also aids protect the country and vulnerable players against financial constraints or crime.
The MGA is the first regulator to offer a standout framework that targets online gambling platforms. It also works hard to create a responsible and secure environment for all involved parties. Moreover, since its establishment, the Malta Gaming License has been a key attraction. Additionally, it is respected by leading names in the industry.
The sector has seen an upward trajectory attracting more entrepreneurs, licensees, and investors every year. In fact, the Malta online gaming statistics are exceptional and define the MGA’s performance. More than 250 gaming companies classify Malta as their gaming business hub.
Companies of all sizes, small or large, have chosen to operate from the nation and utilize its many opportunities. With the industry’s colossal revenue, there is no sign of slowing down. Moreover, more companies are joining MGA. Technological developments have also contributed to the growth of the iGaming industry, and Malta promises to keep customers on the right track.
What Are the Key Functions of the MGA?
Many countries are relaxing their strict gambling regulation, and new technological elements make the industry operate more smoothly. Business-to-consumer (B2C) like sports bookmakers, lottery commissions, and online casinos have become easier to manage. Those into business-to-business (B2B) pursuits like software developers, payment services providers, and many other platforms have also excelled in their endeavors thanks to the capable hands of MGA.
The key functions and goals of Malta Gaming Authority include:
- Monitoring the activities and actions of licensees
- Protecting minors and vulnerable individuals
- Safeguarding players’ funds and deposits
- Proving fairness and randomness in all games of chance
- Creating security transparency for all players
- Providing guidance and helping companies apply for valid gambling permits
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Why Are Many Online Companies Flocking to Malta?
Many companies trust Malta with their online endeavors, especially online gambling and related services. So why should you join them?
Malta’s Location and Its EU Membership Status
Location is essential in the business world. You have to know where you will be efficiently providing your services and products. Maltese companies have a guarantee of being within easy reach of the Middle East, Europe, and North Africa.
That Malta is a member of the European Union makes it easy to trade with other nations. In fact, the industry enjoys the free movement of workers between the countries. The iGaming industry also enjoys services from professionals from different parts of the region.
Regulations and Licensing in Malta
Malta Gaming Authority licenses are considered a worthwhile match. It is the standard in the online gambling world. Additionally, the industry has stringent regulations thoroughly checked by authorized individuals. There is also extensive vetting before an iGaming company gets a license to operate.
The licensing process is easy. It will take only a few weeks to get a valid five-year license. Moreover, completing the paperwork is a smooth process. This is because you just need to provide MGA with a few things.
- A business plan.
- Start-up capital.
- Undergoing a system test of the technology you plan to use.
- Having transparent fees for compliance, administration, and annual licenses.
What’s more, MGA sets its fee relatively low compared to other online gaming bodies globally.
Appealing Tax Rules
Malta doesn’t overtax its customers. This allows businesses to retain a higher portion of their profits. For example, the corporate tax rate is at 35%. What’s more, you can claim back for a rebate. As a result, companies can only pay as low as 5% tax on their profits.
Capable Workforce and Educated Populace
Malta is a great center for online gambling and related services. This is because it has a strong education system that guarantees top professionals. Learning institutions work hard to equip graduates with the knowledge and relevant skills. English and Maltese are the official languages. In fact, Malta’s educational programs draw all talents to the industry.
Top-Notch Internet Infrastructure
The speed and reliability of the internet attract many technology-based companies to top business hubs. Malta provides a strong fiber-optic network. Moreover, 5G is the latest trend to grace the iGaming market.
Strong Gambling Culture
Perceptions about gambling vary from one country to another. Malta has a healthy gambling culture or outlook. In fact, many see it as recreation. It is an excellent source of tourism and revenue in the nation.
The industry continues to thrive, thanks to stringent regulations and gambling laws. It presents a great value proposition for interested entrepreneurs. Moreover, players must be responsible in their undertakings, and they must also be at least 18 years of age.
Malta is one of the leading epicenters for iGaming in the world and has a lot to offer. It abides by necessary gambling rules, offers genuine licenses, and provides an ample workforce. Online gambling companies have to research widely and learn more about facets that make working with Malta Gaming Authority easy. There are also incredible job openings and revenue-generating opportunities in the industry to explore.
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