The Malta Gaming Authority published its 2022 Annual Report in early June, revealing that the gaming sector now contributes 12.4% to the national economy. The industry generated €1,495 million in Gross Value Added, marking a 5.8% increase over the previous year.
The report highlights that the direct Gross Value Added (GVA) reached €1,495 million, representing 9.6% of the total economic GVA. When indirect effects are included, the sector's share rises to 12.4%. Employment figures show 11,245 individuals working in MGA-licensed businesses by December 2022, with 92.2% employed in online gaming.
Including associated industries, the total workforce reaches 15,744 people, accounting for 5.5% of all employees in Malta.
Regulatory Developments and Market Outlook
Recent amendments to the Gaming Act, specifically Bill 55, were implemented to safeguard the status of Maltese gaming licenses against unfounded challenges from foreign courts. These measures allow Maltese courts to refuse the recognition and enforcement of external judgments affecting the online gaming sector. Despite these regulatory pressures limiting post-COVID recovery in some areas, the industry maintained steady progress.
Market participants remain optimistic, with 65% of operators predicting revenue growth in 2023 and 74% expecting increases for 2024. Approximately 60% of companies plan to expand recruitment during this period. However, operators anticipate higher costs regarding legal expenses and marketing due to evolving compliance requirements.
The introduction of a 15% global minimum tax rate in 2024 is not expected to trigger a significant departure of iGaming companies from the jurisdiction.
The local market continued to attract new participants throughout the year, with 41 license applications submitted and 31 licenses issued. B2B licensees are seeing increased demand from both local and foreign-regulated operators seeking the security of the Maltese framework.