MGA shares annual report and audited financial statements for 2024

The Malta Gaming Authority (MGA) has shared its 2024 annual report and audited financial statements for the gaming sector, providing insights into licensing activity, economic contributions, and compliance oversight during the past year.

The Authority handled new and renewed licenses, maintained regulatory supervision, and introduced operational updates across governance, data systems, and internal oversight in 2024.

The sector generated €1.39 billion ($1.6 billion) in gross value added (GVA), equivalent to 6.7% of the national economy. Including indirect contributions, the total sector impact reached 10.1%.

Employment across the industry was recorded at approximately 14,357, or 4.9% of Malta’s workforce. This included 10,305 full-time equivalents (FTEs) in online MGA-licensed activity, 896 in land-based gaming, and 3,156 in roles tied to associated companies operating outside MGA jurisdiction.

License activity and market composition

At the end of 2024, 315 companies held 323 gaming licenses. These numbers showed minimal change from 2023. The MGA collected €82.4 million in license fees, compliance contributions, levies, and consumption tax, compared to €80.6 million the previous year.

Business-to-business (B2B) operations continued to drive licensing activity. Of the 28 new license applications submitted in 2024, 60.7% were B2B. The Authority issued 17 new licenses, 64.7% of which were B2B. Renewal applications also followed this trend, with B2B accounting for 41.7% of applications and 62.5% of issued renewals.

MGA licensees showed relatively strong financial positions. The average equity-to-turnover ratio stood at 16.4%, and among the top 100 operators by turnover, the figure approached 25%. These firms also recorded longer operational histories, averaging 13 years in Malta.

Compliance and supervision activity

Compliance oversight remained a priority. The MGA conducted 116 desktop reviews and 13 compliance audits. It reviewed 123 technical information security incidents reported by licensees. A total of 1,962 monthly reports were submitted by B2B operators to detail business activity.

Anti-money laundering and counter-terrorism financing (AML/CFT) controls were reviewed through 43 new examinations. Sixty examination reports were completed—39 by the MGA and 21 by the Financial Intelligence Analysis Unit (FIAU).

In 2024, the regulator issued 35 warnings, 25 administrative penalties amounting to €306,250, and reached three regulatory settlements amounting to €61,522. It also suspended two licences and cancelled eight.

Sports betting integrity and international coordination

In the area of sports integrity, 244 suspicious betting reports were filed. The MGA coordinated with international groups and hosted Malta’s first sports betting integrity conference, attended by representatives from UEFA, the IOC, and UNODC.

The Authority introduced its ESG Code of Good Practice, with 14 online operators voluntarily disclosing their environmental, social, and governance practices and receiving approval seals.

Internally, the MGA rolled out a data dashboard system, implemented a web-based procurement platform, and formalized governance bodies focused on AML and IT oversight. It also restructured internal decision-making and began developing a Business Continuity Plan.

MGA CEO Charles Mizzi said the agency intends to remain responsive to industry change while maintaining regulatory obligations. A revised minimum capital requirement policy is set for introduction in 2025.

“Over the past year, we improved how we work, strengthened our internal processes, and continued investing in the people and systems that support effective regulation," Mizzi stated. "As the sector continues to evolve, the MGA remains committed to anticipating challenges, adapting with purpose, and upholding the standards that define Malta’s reputation as a trusted jurisdiction.”