The materialisation of the internet has helped gambling to become huge worldwide.
According to research, the global gambling market is expected to grow at an annual rate of 5.9 per cent through 2022 and become worth a staggering $564.5 billion.
The online sphere will make a sizable contribution to this. Currently, the market is worth $59 billion and, in 2023, is expected to be worth around $92.9 billion.
Perhaps an impartial observer would expect large sums in such a highly competitive market. The existence of casinos, betting shops, online casinos and mobile gaming have made gaming highly accessible.
As the years have gone by, especially recent years, igaming — that is, gambling on events over the internet — has exploded.
In Europe alone, the size of the online gaming market is expected to rise to €29.3 billion in 2022, according to the European Gaming & Betting Association. The online gambling sector is growing roughly 10 per cent per year faster than the brick-and-mortar gambling one.
In other words, gambling is becoming ever more an online activity.
888 Casino in Malta
One successful operator is 888 Casino, which is part of the 888 Group and operates companies in both Malta and Gibraltar. 888 Casino is well-established gambling platform, they’re an especially highly regarded online casino due to the trust they’ve built with their players and the large volume of quality games on offer.
Perhaps it’s not surprising, however, to see an online casino operator conducts its business in Malta. The island is the perfect place to operate an online casino, and it’s interesting to see why.
Malta’s reputation for safety and reliable legislation
The Malta Gaming Authority (MGA) is one of the world’s most respected licensing bodies. Operators wishing to provide igaming services to others in Europe must have a licence: a licence from the MGA is a sign the operator is reliable.
In fact, Malta was the first Member State of the European Union to regulate remote gaming. The high standards set by the island’s gaming authority have contributed to Malta’s firm reputation in the online gambling industry.
To succeed in the online gambling industry, an operator must also have an effective, well-formed long-term strategy. The legislation in Malta is safe and reliable, making it easier to implement a strategy while the MGM works closely with the lawmakers to create a secure environment for players and operators.
Higher education
Not only the lawmakers lend online gambling operators a hand. The education system does, too.
Malta boasts a solid higher education system, with local universities able to produce a steady supply of highly trained specialists. The accountants, lawyers and developers that come out of the universities could all serve gambling operators will be grateful.
Why start a business in Malta?
Naturally, Malta offers a favourable environment for online gambling companies. Not that it makes the island an ideal business location for them and no one else. Anyone who’s thinking of setting up a business would do well to at least consider Malta for their venture.
Lower wages
Although it may not be the nicest of facts from a citizen’s perspective, the minimum wage in Malta is relatively low. The government’s Department for Industrial and Employment Relations states online that, for full-time employees aged 18 or above, the national minimum wage is €179.33 per week.
This low wage creates scope for higher profits. At the same time, a business operator can employ skilled people despite the minimum wage requirements.
Ultimately, besides the low wages, Malta’s general economic circumstances make it a good place to run a business. The lesser expense, strong economy and good banking system will all suit business owners.
Straightforward start-up process
Starting up a successful business is never easy. It takes time and dedication to make a business work.
Starting up a business in Malta, however, is easier. Lots of toil will come later, naturally, but setting up a business on the island is relatively straightforward.
Malta has worked hard to improve the efficiency with which it’s possible to register and set up a business. Depending on the type of business the owner wishes to register, the registration process itself can take as little as two days.
Accessible language
Malta has two main languages: the national language, Maltese, which incorporates words from English, French and Italian; and English, which is widely spoken and is the international language of business.
The common usage of English on the island makes it easier to communicate. It’s possible to produce any important, necessary financial documents in English, too, so that everyone can understand them, read them and allow things to run more smoothly.
General quality of life
Starting a business forces people to run a gauntlet of feelings and emotions:
- Stress
- Fear (even fear of success)
- Uncertainty
- Apathy
- Disappointment
- Anticipation
- Excitement
However, the general low-stress standard of living in Malta is just the ticket when going through the start-up experience. The weather is warm and the cost of living is lower than some of the main countries in the Western world, such as the UK or the US.
This is especially the case in terms of rent. It’s possible to save as much as 50 to 70 per cent on the rent when moving from New York, London or other major cities to the island.
Then there’s the fact that Malta is close to several other European destinations. Living on the island might isolate a person slightly more, but it’s not completely remote from the rest of the world. Not by a long stretch.
Malta serves online betting operators well. However, anyone who wants to operate any other type of business also stands a good chance of succeeding, too.
Disclaimer. Virtual Digital Services Limited operates under the auspices of a gaming licence provided under the laws of Malta - MGA/CRP/543/2018 issued on the October 11, 2019. Gambling can be harmful if not controlled. Please play responsibly. For more information visit https://www.rgf.org.mt/.