How Malta became the iGaming hub, and what to invest in next?
The iGaming industry is one that has proved fruitful to Malta in recent years and it is yet to grow even more around the world. Malta being the hub of all that is going on with regards to iGaming is something to be proud of and thank the progressive thinkers of ten to fifteen years ago.
Around 2002 to 2004 the iGaming industry was trying to grow in America but laws like the PASPA Act banned online sports betting with the aim to ‘save the integrity’ of the sport, so people had to bet in a more traditional way which is by going to bookies and also online casino games were also banned and are still banned to this day. People are not allowed to play poker or slots or blackjack on the internet and instead have to opt for going to a casino. Now, this wouldn’t be a problem for people who live close to one, and going to a casino is an enjoyable experience within itself, but what about people living two to three hours away from one. The American law does not cater to this minority.
Online sites that were being launched in the early two thousand were being shut down and fined, and if anyone tries to open one illegally he or she will get a hefty fine as it is considered federal law. What the Maltese government saw here is a fairly unventured niche that is still yet to be explored and expanded. The government invited these sites catering for US citizens, so US citizens can bet on offshore websites, and websites can be based outside US jurisdiction.
Startups weren’t looking for a place where they can do whatever they want whenever they want but startups where looking for regulation. The Maltese government was offering regulation and taxation with everything being fair and legal. In fact because of this Malta was one of the first countries in the EU to allow, regulate and tax online gambling. This helped the boom that we are experiencing now and all the jobs and economic growth that is happening now is thanks to what happened before. The great thing about all this is that the industry still has to grow!
Right now Malta has a very attractive tax regime that keeps it ahead of the curve with regards to other countries who are hopping on the iGaming train to increase their GDP. Besides that Malta is a very strategic location to place a company in for the simple reason that it is based in the middle of the Mediterranean which means that it is close to all the North African countries, and around a three hour flight to most European cities, so the country is great for quick and easy travel. Malta is also in the EU and freedom of movement is something heavily sought after. As Brexit is looming around the corner and England might leave the EU countries will not have the comfort of freedom of movement so Malta has to try and take up its mantle when it comes to Fintech. Also something very important, Malta is a very safe country, with regards to violent crimes it has one of the lowest crime rates in Europe so all these culminate into Malta being one of the leading hubs with regards to iGaming.
As iGaming is on the rise it is best to diversify and expand on different platforms that might prove useful for future income and Malta has been on the go. With the recent DELTA summit that took place, it is safe to say that the Maltese government is trying to secure its place as the Blockchain hub of the world and so far it seems to be successful. Being given the name ‘Blockchain Island’ it is helping startups move forward with regards to blockchain and cryptocurrency, and is not skeptical of their ability.
The good thing is that cryptocurrency and online gambling go hand in hand, Americans need to gamble with bitcoin or other cryptocurrencies in order to be untraceable. Here you can read more on bitcoin poker on bitpokerstar.com – the leading cryptocurrency gambling site.
Besides Cryptocurrency and Blockchain Malta is also pushing Fintech, as I mentioned prior, London is the place to be when you mention Fintech, but if Brexit takes place there is no saying what can happen to the companies based there. What Malta can do is keep on this good track and attract Fintech companies to base their HQ in Malta.
Malta is the hub for iGaming due to its progressive mentality the Maltese Government had in the early two thousand and it is this mentality that will keep them ahead of the competition, with constant updates on laws and regulations and keeping up to date with all the latest trends and technologies there is no saying how much iGaming, Fintech, and Blockchain can grow in the coming years.