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Despite promises of foreign direct investment in Malta following EU accession there has been little to smile about so far. One area of opportunity where Malta may see a breakthrough could come from internet gaming, or iGaming as it is referred to.
“It is a safe bet that 800 new jobs will be created provided we nurture this niche market and government avoids the pitfalls of unnecessary bureaucracy and draconian taxes,” George M Mangion, partner in audit firm Pannel Kerr Foster said.
“It is conservatively estimated that over one billion dollars can be channelled through our financial services sector within the five years following the granting of new licenses.”
Mangion was the chair at the iGaming Jurisdiction held last Tuesday 1 June at the magnificent Earth Galleries within the Natural History Museum in London.
Taking part in an was an impressive cluster of jurisdictions, including Alderney, Malta, Great Britain, Belgium, France, Finland, Panama, Curacao and a representative from Antigua. The event, on the theme, ‘Jurisdictions Showcase’ was a unique platform for competing jurisdictions to appeal to prospective gaming operators by launching the merits of their licensing packages.
The event presented the opportunity for investors from all corners of the globe to meet face to face with regulators and representatives from governments of nine jurisdictions that licensed, or are about to provide licensing opportunities for sports betting, online casinos, poker rooms, spread betting, online lotteries, bingo and bet exchanges.
Mangion told MaltaToday comments were favourable that Malta has a lot to offer to the Igaming community following the issue of legal notice 176 which announced four new classes of licences.
“A number of investors have shown interest in locating to Malta particularly now that the bandwidth facilities will soon double by the end of summer due to Vodafone’s investment in a secondary submarine cable. “Already there has been serious enquiries from blue chip operators who are keen to use Malta as a hub for web farming and data transmission provided bandwidth facilities are stable and the price goes down to reflect European rates.”
George Mangion says a window of opportunity has just opened following a positive pro-liberal decision by the European Court of Justice.
“Let us all hope that this sector will be fairly treated as it certainly looks as if it started to move and generate jobs.
Quoting the late US President Reagan when he said: “government’s view of the economy could be summed up in a few short phrases. If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it.”
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