Malta’s online gaming industry reflects its misfortune in the first quarter of the current year. Recently, the industry has made itself to the highly prestigious and celebrated Forbes magazine, but for the wrong events. It has made news for its links to the mafia and corruption came to the public knowledge.
A vast range of remarks by the Malta gaming contributor Will Nichol structures the rise of Malta from the vagueness to a gaming capital as well as its relationship with the allegation of corruption, scandals, and mafia.
On Verge of Losing Reputation
Malta turned into the first member state of the European Union to regulate virtual betting in 2004. It has now become a world leader in the industry. The tax regulatory framework and rebate system of the country became unbelievably luring for prominent operators, producing billions of tax revenue.
Referring to that factor, Will said that by 2018, exact 300 companies had been operating their casinos from the country with the same licenses. Then Malts became the home to nearly 10% of the total gambling entities in the world. The country’s gaming authority had issued licenses that had provided over $1.4 billion tax receipts in 2019. That was a sum equivalent to almost 12% of the nation’s total GDP.
He also outlined that Malta’s gaming sector still has a serious vulnerable area. After the assassination of Daphne Caruana Galizia, a local journalist, an ensuing investigation has brought that weak point under a microscope.
Only a few days ago, Malta Gaming Authority’s ex-Head Heathcliff Farrugia got charged for being a trading-in-influence investigation related to prime suspect Yorgen Fench. The Time of Malta brought detail share by Farrugia on other rival casino operators and an attempt to block a money-laundering case’s inspection’s publication. The laundering operations were at Tumas Gaming during Fenech’s served as CEO of that company.
Nicholas wrote that Scandals had been emerging since 2017. He showed his despair while explaining that nobody now knows the value of Malta’s online gaming license and its appeal to valid multinational gaming companies.