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Maltese authorities issued more than €738,000 in financial penalties to licensees in 2022, as gambling grew its contribution to almost 10 percent of the country's economy.
The data was published in the Malta Gambling Authority’s (MGA) latest “Annual Report and Audited Financial Statements” for the financial year ending December 31, 2022.
In the report, MGA CEO Carl Brincat said: “We remain steadfast in our pursuit of robust frameworks that inspire confidence, protect vulnerable individuals and render Malta the home for gaming operators of good will.”
A total of 25 licensees were subject to remediation and/or administrative measures by the Financial Intelligence Analysis Unit (FIAU), ranging from written reprimands to administrative penalties.
Additionally, 28 FIAU and MGA compliance audits were conducted, leading to the MGA issuing ten warnings and the cancellation of six licences.
The MGA also issued 16 administrative penalties, as well as three regulatory settlements, totalling €179,150 for these offences.
Beyond financial penalties, six people and companies were found not to meet the MGA’s standards, including being deemed to be at risk of money laundering or funding terrorism.
The MGA also conducted 85 responsible gambling-themed website checks, which found 38 sites that had misleading information, leading to the MGA publishing 17 notices and 30 observation letters that were sent out reflecting responsible gambling issues.
The number of warnings and fines handed out in 2022 declined significantly from two years prior.
In 2020, the MGA issued 69 warnings and issued 24 penalties, compared with ten warnings and 16 penalties in 2022. During this time, the total number of licences increased from 328 in 2020 to 358 in 2022.
The report also details the size of Malta’s gambling market.
In 2022, gambling contributed €1.49bn in gross value added (GVA) to the Maltese economy, representing around 9.6 percent of the economy. Comparatively, in 2021, the gambling industry registered GVA equal to 5.8 percent of the economy.
Malta is currently attempting to prevent its licensed gambling companies from being liable for lawsuits in Germany and Austria, drawing both support and condemnation.
The Ministry for the Economy, European Funds and Lands has previously told VIXIO: "In the absence of harmonisation of regulation of this service, the government has given regulated operators the necessary assurance against unfounded challenges, as a matter of public order for the country."
