Issue link: https://maltatoday.uberflip.com/i/933296
maltatoday SUNDAY 28 JANUARY 2018 VIII Gaming e future is golden for Malta's iGaming industry Patrick J O Brien's reputation as a leader in attracting both gaming and financial companies to Malta is well known. He now reports on an industry which has embedded itself within the Maltese economy THE rise of the gaming industry in Malta is an indisputable success story, one which con- tinues to go from strength to strength. Without doubt, Malta has become the jurisdiction of primary establishment for most operators within the industry. In Europe, the iGaming sector has been steadily growing and is still developing, even though its growth is made somewhat unpredictable by regulatory pressure exerted in disparate states across Europe. Seconded by UK and Gibraltar, Malta has established itself as the iGaming capital of Europe and, at least for now, the iGam- ing capital of the world. The European market is by far the largest market for iGaming. Of the €34.6 billion of online GGR created worldwide in 2015, more than 47.6% went to European operators. The Euro- pean online gambling market is estimated to produce a Gross Gaming Revenue (GGR = stakes minus winnings) of about €16.5 billion and is expected to grow steadily to a whopping €24.9 billion by 2020 into motion in Europe. Several countries are moving forward with passing legislation on online gambling or issuing licenses. For example, the Czech Republic amended its gambling laws and is finally on its way to issuing online gambling licenses. 2017 has been an action-packed year, with changes in iGaming regulations implemented or planned. Likewise, Italy has put forward a new tender for online gambling licences, while Sweden and the Netherlands are moving ahead with legislative proposals intended to open their online gambling markets. For the first time, Poland has passed legislation that allows the operation of online casino games via a state monopoly, and online promotional lotteries via private companies, coupled with stronger enforcement measures for unlicensed operators. Today online gaming compris- es 12% of the Maltese economy, generating €700 million and employing 9,000 people. Over 330 gaming companies, includ- ing giants Betsson, Tipico and Betfair, now call Malta home. Thomas Biro is CEO and co- founder of MultiLotto, Malta's newest success story. A long time betting leader he was, alongside the companies' COO Markus Cordes, drawn to Malta in late 2016 for its business- friendly tax and gaming regula- tions. MultiLotto has established itself as a key player in the lot- tery and gaming market. In the space of twelve months they have more than tripled their workforce, expanded operation into several new markets (UK, Ireland) whilst adding to its strong existing core of players in the Nordics and Eastern Europe. Now offering its clients over 16 different lotteries to choose from, including lottery betting favourites Powerball, Mega Mil- lions, Euro Millions and Euro Jackpot, they are solid markets leaders. Considering the fact that there are some gambling markets that feature much tighter regula- tion of online gambling, it is not surprising that experts projected future growth for Malta's online gambling industry. Outgoing MGA Executive Chairman Joseph Cuschieri highlighted the necessity of a continuous new generation of legislation which is much more compliant with recent innova- tions in terms of technologies and even new forms of gam- ing. Customers' needs are also constantly rising, so legislation needs to be adapted in a way that offers suitable customer protec- tion measures. The gambling landscape in the country – already quite posi- tive because of Malta's reputa- tion as a reliable destination for various forms of gambling – has changed. According to Cuschie- ri, these changes could even be used as a worthy example for other jurisdictions to follow, not only in Europe but also around the world. The vision is for Malta to become the Silicon Valley of the industry. To reach that goal, the country needed the right incentives, the right regulatory framework and above all the continued sup- port of the industry, and it has reached that goal. Malta prides itself on being a microcosm of Europe and now one of the most trusted hubs in Gaming. Markus Cordes, MultiLotto COO, Ulrich Bez, Brand Ambassador and board member at Aston Martin, and Thomas Biro, MultiLotto CEO enjoying a recent James Bond theme evening at Villa Arrigo Pierre Lindh, director at Ambassador Events, Michael Pedersen, IGaming Idol CEO, Patrick J O Brien, IGaming Ambassador and Jens Grodahl at the press launch of IGaming Idol 2017 Jeff Buttigieg, Remax, Patrick J O Brien and the President of Malta, Marie-Louise Coleiro Preca, at the presentation of proceeds for the MCCF from IGaming Idol Online gaming comprises 12% of the Maltese economy, generating 700 million euro and employing 9,000 people