Currently, Malta is passing through an economic boom. Many start-ups are navigating to the Island, creating Malta as one of the top choices for heading operations.
When considering other countries in the EU, Malta has one of the most attractive tax refund systems. Many companies have opted to relocate or start an iGaming business on the island, mainly due to the encouraging legislation and favorable tax laws.
Here we will be discussing the operational side of the iGaming business in Malta, the gaming laws in Malta, and other factors which makes the island such an attractive place to start a business in the iGaming sector.
What is the iGaming Industry?
iGaming is the action of betting money or another value on the outcome of a game or event by using online platforms. Sports betting and casino games dominate the market, however other popular iGaming activities include:
- Fantasy Sports
- Peer to Peer games
- Virtual sports games.
Business has been booming in recent years and has opened many doors in Malta. A lot of blockchain and fin-tech companies look to the iGaming sector because they have opened the doors for favourable taxes towards start-ups. Not to mention that this business has put out a substantial amount of jobs on the market all with decent pay. A lot of companies will now no longer simply look to Malta as a haven to start an iGaming business, but even start other interesting ventures.
The iGaming Malta salary can vary from €22k as a customer support agent and can keep on going up to €60k as VIP Manager. A lot of companies allow you to go up through the ranks, if they see that a person is interested and willing to work they will invest time and money in him/her.
Whether you are going to start an iGaming Business or join one it is undeniable that there is a lot of money in this market.
Here is a list of gaming companies in Malta taken from the Malta Chamber of Commerce:
- Betsson Malta
- BML Group Limited
- Cashpoint Malta LTD
- Mangas Gaming Malta Limited
- Bet-at-home.com Internet LTD
- CO-Gaming LTD
- Interwetten Gaming LTD
- Obviously there are more, this is simply scratching the surface
- Check our iGaming company members
Starting Your own iGaming Company
If you ever wondered, How do I start my own online casino? Or How do I start a gambling company in Malta? There are certain procedures to pass through if you wish to start your own business.
For one, you have to apply for an iGaming license. This is a one-step process but before the Malta Gaming Authority approves of your application and licenses it needs to find out certain things before issuing the license.
These are required in order to start an iGaming business:
- A business plan: If the company/candidate has a realistic business strategy
- Professional Reliability: If the applicant is able and ultimately reliable to conduct business in the iGaming field?
- Operational Requirements: A completely paid-in minimum capital costing up to €100,000 for class 1 and 2 and €40,000 for 3 and 4
- A system Test: For authorisation to be given a practical test of the system will be required
- The candidate must also undergo audits given by the Malta Gaming Authority and conducted by certain independent gaming professionals.
This is what you will need in order to start an iGaming Business.
If the applicant is able to meet these requirements a 5-year license will be granted. The only autonomous body that controls online and international relations in the country is the Malta Gaming Authority.
If you have more question on how to start your own iGaming Company in Malta, don’t hesitate to contact us!
How much does a Gambling License Cost?
These are the 4 different licenses, it is good to note that the tax is very moderate and fair on the licences, this is what makes companies relocate to Malta:
- Class 1 license, a minimum fee of €15,000 which is capped at €375,000, with a percentage range from 0.4% to 1.25%
- Class 2 license, a minimum fee of €25,000 which is capped at €600,000, with a percentage range from 0.4% to 4%
- Class 3 license have a minimum fee of €25,000 which is capped at €500,000, with a percentage range from 0.4% to 4%
- Class 4 license that has an annual fee of €25,00 to €35,000
The industry is on the rise in Malta, with companies getting bigger each day and new up and coming companies starting up.
There is no way of knowing where the economy will go but there is no stopping these companies. They are bringing a lot of money into the country, according to an article written last year by the Malta Chamber of Commerce, in 2018, the iGaming industry amounts to €1.2 billion of the economy. It results in over 12% of the countries GDP.
This is a very big portion leading to the government investing more and more on start-ups not just in iGaming, but as I mentioned previously in other companies with regards to blockchain and fintech. To start an iGaming business in Malta is a very opportune and exciting venture, one that if taken seriously and carefully will reap a lot of fruit in the coming years.