Maltese Government "Ready to Help" Online Gaming Industry
After coming under the threat of new overseas legislations the Maltese government have stated that they are “ready to help” the country’s iGaming industry and those who partake in it to try and reduce the amount of money they would have to pay out under the new regulations.
New laws including those from the United Kingdom are set to come into force on 1st December this year and state that gaming companies would have to have a new license, and pay taxes, if they provide their gaming services overseas, affecting all gaming industries from those listed on the Two Big Ladies bingo review site to the more widely known gaming platforms and titles played by millions around the world.
The Parliamentary Secretary of Malta Jose Herrera said at a recent speech at a seminar organised ahead of the Maltese iGaming Summit that these new regulations present “obvious challenges to the local sector” and they were ready to “work hand-in-hand with operators to reduce, where possible, the impact that such regulations could have.”
Mr Herrera also believes that the legislations have the potential to “lead to a further fragmentation of the sector, to the detriment of consumers” within the EU.
At present, all gaming companies have to be officially licensed - especially when taking money from players - and, of course, must pay taxes as registered companies. These new legislations would mean that each operator would have to pay far more than they are at present which could be the nail in the coffin for many gaming companies who just can’t afford it.
The move is being made to try and limit the number of companies who set up overseas where taxes are lower and restrictions are more ‘relaxed’ to try and prevent fraud and people making money through the exploitation of legal loopholes in the system.