Malta is a beautiful island in the Mediterranean Sea and has been a popular tourist destination for decades. However, the European country now has a prominent seat among countries with a robust online casino industry. So, how did the number of online casinos in Malta and its casino industry grow to become what it is today?
The Growing Industry and Online Casinos in Malta
Online betting and casinos have become popular in recent years because they provide the convenience players appreciate. Instead of traveling to places like Las Vegas or local casinos, players have endless betting and casino options as long as they have a compatible device and internet connection.
In recent years, many online casino companies have started or expanded their operations in Malta, mainly due to the country’s favorable regulatory framework and tax regime. With an increase in the number of Malta online casinos, the competition saw casinos offer more and better games, excellent customer services and bonuses, and other options to keep attracting players from around the world.
Looking at the state of the Malta online casino industry currently would have us believe that it became what it is today overnight. However, it actually took gradual progress over the years.
Using Malta Online Casinos to Fortify the Economy
The rise of Malta as an online casino hub on the global stage started about thirty years ago. The Maltese government was looking for a way to strengthen the country’s economy and look beyond tourism as the primary tax and income generator. As it turns out, the casino industry is very lucrative, and the Maltese government saw this and wanted a share of the billions of dollars it generates every day.
The inspiration to lay the groundwork for an online casino industry and ensure people had access to the best online casinos Malta also came from Antigua and Barbuda. By establishing the Free Trade and Processing Zone Act in 1995, the country tried to tame the growing gambling industry and tax some of its revenue. Malta’s government saw this and created its own approach, the foundation on which it built its casino industry.
Establishing the Malta Gaming Authority
Although other factors led to Malta becoming an online casino hub, the establishment of the Malta Gaming Authority in 2004 remains one of the most significant. The MGA became responsible for overseeing and regulating all gambling activities in the country, including overseeing the best online casino in Malta.
With a strict regulatory framework, it quickly became a trusted regulatory body. Casinos that were overseen, regulated, and registered with the authority became popular among players, which led to more companies registering with it.
A license from the MGA became a point of pride for casinos and betting companies because they could say they were registered with an authority that upheld fair and transparent regulations.
In 2007, the Malta Gaming Authority declared that all casinos and betting companies registering with them would have the right to provide their services to players across the world. The United Kingdom introduced a 15% fee on all profits made by companies in the industry. With the Malta Gaming Authority not requiring this, many companies re-registered with it, further strengthening its position on the global stage.
Luring in Investors
The regulatory changes made by the Maltese government in the 1990s and the establishment of the MGA made investors comfortable establishing their casinos in the country. Today, Malta’s iGaming industry is one of the most important for its economy, alongside real estate, tourism, and other business sectors.
A Strict Insistence on Responsible Gambling
Malta has also become a beloved online casino destination due to its education and insistence on responsible gambling. Numerous studies have shown that the activity can have significant psychological effects, the most common being gambling addiction. The MGA has invested millions of dollars in educating people about responsible gambling.
Their main message is that casinos and betting should only be for entertainment. Beyond that, they educate online players that they cannot use online casinos to make a living.
By being seen to care for online casino Malta players, the country receives a lot of goodwill that attracts even more players.
What Benefits Does an Online Casino Malta Owner Get?
We mentioned it briefly above, but one of the main benefits of establishing online casinos in Malta is the favorable tax. Companies only pay 35% corporate tax and get additional benefits like certain exemptions and tax credits, and this makes it easy to start a sustainable casino business in the country.
Malta also has a robust internet and networking infrastructure that is vital for an industry that relies on it. The country also has an excellent transportation infrastructure that makes living there enjoyable.
Malta is also one of the most beautiful places to live in Europe and has one of the best qualities of life on the continent. The climate, cultural richness, and beaches all make Malta desirable for both work and life.
Malta has become one of the largest and most important online casino hubs in the world. It has taken years to get there, with several regulations and the formation of the Malta Gaming Authority playing a significant role. Additionally, the country attracts casinos because of how favorable it is to companies and their employees.
