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US Online Gaming Industry Showing Interest In Malta, by Robert Lee, Tax-News.com,

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Published on:
May/09/2003

London 09 May 2003

 

It has emerged from recent reports that the United States online gaming industry is expressing an increasing interest in setting up Maltese based operations.

The presence of well respected UK firms such as the Tote and Stanley Leisure combined with a well regulated environment and a favourable tax regime are some of the major factors that US gambling firms are looking at in establishing Maltese franchises, according to onlinecasinonews.com.

Speaking to the Malta Business Weekly recently, chairman of the Lotteries and Gaming authority Alfred Muscat said while no formal approaches have yet been made by US gaming firms to his department, he thought it would not be long before they happened.

Muscat commented that the recent intervention by the Authority in the sale of Oddsalive to betinternet.com had also raised the reputation of the jurisdiction as a well regulated environment for the gaming industry.

"The authority worked hand in hand with the two sides in order to speed up the due diligence process required in the approval of the acquirers. The successful takeover of Oddsalive ensured that Malta’s reputation remained unblemished. From feedback that the Authority received, the offshore gaming industry fully supports Malta especially after the Oddsalive case," said Mr Muscat.

Mr Muscat also referred to new regulations that the Authority had drafted.

"The new regulations will permit the licensing of online casinos which is a huge additional market. In addition various technical and financial requirements will be introduced to establish Malta as a premier e-gaming jurisdiction. The Government of Malta and the Authority recognise the importance of the online gaming sector to the local economy not only through the payment of gaming taxes but also through the generation of jobs and the provision of other local services" confirmed the authority chairman.

 

A comprehensive report detailing the online gambling situation in the key offshore jurisdictions is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/

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