The Malta Gaming Authority released its 2022 Annual Report in early June, detailing the financial performance of the local gaming sector. The industry generated €1,495 million in Gross Value Added, accounting for 9.6% of the national economy.
Including indirect economic effects raises the sector's contribution to 12.4%. This represents a 5.8% increase in value compared to 2021 figures. By December 2022, 11,245 individuals were employed by MGA-licensed businesses, with 92.2% working in the online gaming segment.
Including associated industries raises the employment figure to 15,744, equating to 5.5% of the total Maltese workforce.
Regulatory Developments and Future Outlook
Recent amendments to the Gaming Act, specifically Bill 55, aim to protect Maltese gaming licenses from foreign court judgments. During 2022, the authority received 41 license applications and issued 31 new licenses. B2B licensees are seeing increased demand from both local and foreign-regulated operators.
Operators surveyed for the report expect revenue increases, with 65% anticipating growth in 2023 and 74% projecting gains for 2024. Approximately 60% plan to expand recruitment during this period. However, companies also forecast higher costs related to legal, professional, and marketing expenses due to stricter compliance requirements.
A global minimum corporate tax rate of 15% is scheduled for introduction in 2024.