More than 7,000 people are employed directly or indirectly in companies that operate online casinos in Malta. That is almost 2% of the population, which is a little over 400,000. That makes it an important economic sector for the island. It is no secret that Malta is not very strict when it comes to the legislation for operation of online gaming businesses. Entrepreneurs often come to Malta when they are planning on starting such a business.
Incidentally, this applies to the whole gaming industry. Obtaining a gaming license in Malta is much easier than in other EU member states. However, this does not mean that compliance with important guidelines is not as strictly controlled.
I could experience this first hand when a client, who was gathering information about the application process, approached us, and inquired about the required documentation. The requirements are very strict, and compliance is closely monitored.
Stricter regulations have been in discussion at EU level for a few years now. A congress will be held in Malta on the 20th of September. The member states will then discuss together, how online casinos will be further regulated. The implementation of a few measures, that have been previously approved by the government, is also due. The congress will also address matters in more detail, for example, which measures can be undertaken to prevent money laundering. Another integral item on the agenda of this congress is to develop a system to identify users, in order to prevent minors from playing money games. That this will curb online gaming is to be expected. The measure can also lead to companies migrating to other countries where online gaming legislation is more lax. However, I think this is an important step in the right direction, and I expect that there will be no major changes for established companies if they implement and follow the new requirements. So far, with regards to company formations in this sector, Malta remains very attractive.
