Malta is keen on keeping its status and reputation as Europe’s leading destination for online casino and sports betting operators. Multiple sportsbooks and casinos are already based in Malta, and we can expect that number to grow in the upcoming years.
One of the main institutions behind this is the Malta Gaming Authority, which is in charge of licencing and regulating online betting operators. Earlier this year, Malta’s Prime Minister stated that Europe should become a ‘Bitcoin Continent’, which indicated that this country is more than willing to make the use of Bitcoins easier for individuals and companies. That is guaranteed to have a tremendous effect on Bitcoin sports betting, considering that a lot of punters these days favour Bitcoin over other betting options.
MGA Dedicated to Modernise and Work on a Bitcoin Strategy
The Chairman of the Malta Gaming Authority spoke on the organisation’s strategy regarding remote betting and gaming, stating that it one of the main aims is to give the country additional leverage. The conference was organised by the country’s Parliamentary Committee which deals with issues regarding financial affairs.
The MGA Chairman, Joseph Cuschieri went on with his speech, accenting the huge importance of the betting industry for the country’s economy and budget. Namely, more than €56m in tax was collected from betting and gaming operators in 2016, and betting related activities accounted for about €120m of the total revenues. More than 3,000 people in Malta are employed in the gaming and betting industry.
Cuschieri added that the organisation has to adopt a more active approach and deal with the threats and issues that appear globally. The further strategy, he argued, should be based on three key tenets.
The first tenet includes a more serious approach in developing B2B products and services, due to the fact that the B2B market is less prone to risks, financial crimes and other unbeneficial external factors. The second tenet involves reducing of the bureaucratic elements in the process of regulation and the last one is concerned with the employment of a more flexible approach which will enable the MGA to respond to market demands more accurately.
Malta to Develop a Revolutionary National Strategy, Claims PM
Cuschieri expressed the readiness of the MGA to expand in other areas, saying that they are currently considering all options regarding new types of betting like eSports skins betting, and betting products with a VR element. Crypto-currency, and especially Bitcoin betting will be a key priority in the future.
The MGA recognises that online Bitcoin betting will become even more prominent in the future and that the country should employ a national approach regarding crypto-currency regulations. Cuschieri clearly had in mind the recent statement by the Prime Minister, Joseph Muscat that Malta will adopt a revolutionary strategy.
The Prime Minister also added that other European nations are more reluctant to acknowledge the role of new payment technology, but he urged them to accept the new reality. Malta will be on the frontline when it comes to crypto-currency innovations, Muscat concluded.