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September 25, 2021

Land-based gaming grew by 3%

MGA publishes 2015 annual report and audited financial statements

MGA publishes 2015 annual report and audited financial statements
The Malta Gaming Authority (MGA) published Tuesday its 2015 Annual Report and Financial Statements. The theme of the 2015 Annual Report is Regulation for Innovation: Re-thinking conventional wisdom.
Malta | 06/22/2016

The Malta Gaming Authority (MGA) published Tuesday its 2015 Annual Report and Financial Statements. The theme of the 2015 Annual Report is Regulation for Innovation: Re-thinking conventional wisdom.

T

he MGA is the single governing body for the regulation of the gaming industry in Malta. During 2015, the gaming sector in Malta continued to experience healthy growth in both the land-based and remote gaming sectors. The following are key highlights from the Annual Report:

- During the year under review, the MGA generated a total revenue of €60.9m compared to €58.4m in 2014. This represents an increase of €2.5m or a 4.3% increase year on year. Furthermore, contributions in gaming taxes made to Government in 2015 amounted to €55.8m compared to €53.2m in 2014. This represents an increase of €2.6m or a 4.9% increase year on year. The sector also made a direct contribution of 8.2% to Malta’s Gross Value Added in the economy,

- The land-based gaming sector grew by 3% year on year with total gross gaming revenue reaching €78.1m. Amounts played in the land-based sector reached a total of €333.1m with total winnings amounting to €255m,

- The Authority continued to focus its efforts on the overhaul of the current legislation. The new legislation will provide an innovative regulatory framework which is robust and flexible enough to provide for effective regulatory oversight and at the same time facilitate industry growth and evolution,

- The regulatory oversight function was also strengthened through the setting up of a Supervisory Council with the responsibility for the integrity, consistency and ongoing development of the Authority’s regulatory performance,

- The GamingMalta Foundation was set up with the aim of promoting Malta both locally and internationally as a leading jurisdiction and centre of excellence in the gaming industry,

- The Authority also focused on improving the efficacy of its operations through a right sizing exercise including the implementation of a robust ICT infrastructure and advanced information systems designed to facilitate processes, enhance the quality of its interface with licensees, improve information security and the optimisation of resource utilization,

- The Authority’s corporate identity was completely refreshed to signal a new vision for the industry through the rebranding of the ‘Lotteries and Gaming Authority’ to the ‘Malta Gaming Authority’. The Authority also relocated to new offices at SmartCity Malta.

“2015 has been a very intensive and rewarding year on many fronts for the MGA. The results strengthen our determination to continue with our plans to enhance our regulatory performance. The aim of the three-year strategy launched in 2014 is to create a sustainable industry base in the face of the challenges emanating from the European and global gaming sphere, as well as harnessing the growth of the sector through the diversification of markets and products made possible by innovative technologies and emerging markets,” stated the MGA’s Executive Chairman, Joseph Cuschieri. “An increased focus on quality, innovation, fairness, consumer protection, proportionality, evidence-based regulation and consistency run through the building blocks of the Authority, its processes and the policy initiatives being taken up, are an integral part of the underlying strategy”, continued Mr Cuschieri.

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