Thanks to its favorable pro-gaming laws, Malta has become the go-to destination for the iGaming industry. The Mediterranean island’s government has worked hard to attract international companies by offering low taxes and incentives for businesses that set up operations in Malta. This approach has paid off, with many of the biggest names in online gaming now calling Malta home.
But the country faces serious problems that could affect its international image and even create obstacles for the iGaming industry.
Illegal iGaming Industry
Although the country has favorable regulations for everything related to betting, in Malta, there is an illegal betting market that is a big problem.
Thanks to the information obtained from criminal leader Melvin Theuma, who shared extensive details about all of his illegal activities in exchange for a presidential pardon, it was discovered that there is a network of illegal gambling rings.
These businesses still operate primarily with cash and work mainly to launder money; Theuma estimated that they handle around €30 million annually, further indicating that many of these businesses have connections to the island’s construction industry.
Illegal operations continue to proliferate on the island despite the authorities’ efforts, and indeed, their ability to apply the law is questioned.
International Sanctions for the Industry
For such a large illegal operation to operate under the noses of the Maltese authorities has not gone down well with the international community. In 2021, Malta was put on FATF’s greylist for systemic regulatory and enforcement failings.
At that time, the government presented some reforms to make the law tougher and saved itself from receiving severe sanctions that could affect the image of the country and the operations iGaming industry.
But with the new information revealed, things are not looking good. FATF is keeping an eye on Malta, and if they put the country back on its list, this could create bureaucratic problems for companies in the financial services, banking, or gaming sectors as they would have to apply for more permits and authorizations to make international transactions.
An increase in transactional bureaucracy could be a blow to small companies that do not have the manpower and financial muscle to deal with these procedures.
How could the Pay Per Head Bookie be affected?
At the moment, there is nothing to indicate that sanctions will be imposed on Malta, so Pay Per Head bookies that operate with a provider in the country can rest easy.
Bookies that work with pay per head providers licensed in Malta do not have to worry about anything since even if sanctions were imposed on the country, this would not affect their operations since certifications and licenses are a separate issue that is not covered.
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