“Last year was perhaps one of the most exciting years for the MGA,” said the Chief Executive of the Malta Gaming Authority, Heathcliff Farrugia.
According to the Annual Report and Financial Statements, by the Malta Gaming Authority, last year, in 2017, the Maltese economy directly benefitted a substantial contribution by the Maltese Gaming Industry. The contributed amount was valued at 1.1 billion Euro and apart from that, created roughly 9,800 full time jobs within the operators of the industry.
The report mentioned provided a detailed synopsis of the roles and activities carried out by the MGA throughout 2017 and focused on the MGA’s greatest achievement, which is, the finalisation of the new Gaming Act which will come in force this year. The new Gaming Act will be focusing on improving the compliance systems of the MGA, and the requirements of the EU 4th Anti Money Laundering Directive.
During 2017, the MGA experienced a 6% increase in gaming taxes, licencing fees and other administrative expenses, when compared to the previous year. In 2016, the MGA generated 62.5 million Euro whilst in 2017 it generated 66.3 million Euro.
Farrugia also added that, the continuous hard work and effort done by the MGA on several projects are starting to become finalised, with the 4AMLD and new regulatory framework being the main ones. Their investments in IT systems will continue to enhance the MGA’s regulatory standards by allowing the Authority to develop a risk based approach when it comes to supervision and enforcement.