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Gaming in Malta: Keeping Ahead of the Game Contents Gaming in Malta: Keeping ahead of the game Contents Gaming in Malta An introduction Opportunities and Challenges: Navigating a dynamic marketplace Gaming industry risks Gaming in Malta The rules of the game Industry timeline Classes of licences Gaming in Malta The rules of the game Industry Snapshot and current initiatives Applicable fees Why Malta? The rules of the game Tear Sheet Share capital requirements and gaming tax Why Malta? Why KPMG? Some key facts How we can help you Why Malta? Our International Network An attractive fiscal framework Why Malta? Key Messages A proactive regulator Gaming Credentials Malta Gaming Authority Global Credentials “Luck is what happens when preparation meets opportunity.” Seneca (ca. 4 BC – 65 AD; Roman philosopher, dramatist, and writer) Gaming in Malta An introduction The gaming sphere in Malta has flourished over the past ten years, and today contributes to over 10% of Malta’s overall GDP. Industry stakeholders and decision makers understand its significance to the economy as a whole, resulting in a strong commitment to this sector. Gross Gaming Revenue (GGR – stakes minus winnings) in the EU28 is expected to rise from €10.9 billion in 2013 to €13.27 billion in 2015. The land-based and remote sectors together contribute more than €52 million a year directly into the state’s coffers. Malta has been able to capitalise on its EU first mover advantage, and has continued to be proactive in developing its regulatory framework to sustain the island’s competitive edge at the forefront of the gaming Juanita Brockdorff sphere. Today Malta hosts an excess of 300 Gaming companies, Partner, Tax has issued 500 plus licences and sports a workforce of over 8,000 multinational industry professionals. T: +356 2563 1029 E: [email protected] Particularly in the gaming sphere, new directives, laws and regulations are the order of the day. Current challenges or opportunities include the UK Point of Consumption tax, VAT 2015, the 4th AML Directive, crypto currencies and new emerging jurisdictions – all of which impact gaming operators’ target markets, cost of compliance, profitability and growth prospects. In this scenario Malta is hard at work in safeguarding and renewing its jurisdictional benefits, both to continue enticing new entities to set up their gaming (or related) business here and also in ensuring that existing operators have sufficient reasons to stay. To this end the Malta Gaming Authority (MGA) is spearheading a suite of new initiatives that are enjoying wide support across the Gaming industry. These changes are aimed to ensure that Malta remains a gaming hub of excellence, a professional and reputable jurisdiction. KPMG recognises and understands the challenges and opportunities faced by gaming entities, both on the micro level and on the wider global scale. By combining our Gaming industry expertise, our close relationships with industry stakeholders, as well as the reach of our global network, we are in a position to offer a truly professional service across functional and geographical boundaries. We look forward to helping you take your business to the next level of the game. Opportunities and Challenges: Navigating a dynamic marketplace As trusted advisers to many of the world’s premier organisations – both within the industry and beyond – KPMG understands the challenges companies are facing, especially while addressing a rapidly evolving landscape. Some of the compelling trends our clients are facing include the following: Capitalising on growth and consolidation opportunities In addition to traditional tax and financial due diligence, transactions today require detailed analyses including assessments of IT capabilities, brand strength, digital readiness and the ability to integrate financial models incorporating marketplace uncertainties. Adapting to changing customer needs Companies succeeding in this new world use customer segmentation to inspire engagement and loyalty, leverage multiple distribution channels and employ data-drive decision-making while optimising costs and mitigating digital and mobile risks. Leveraging existing and emerging technologies Today’s technology professionals are expected to add value by improving technology performance, accelerating speed to market, capitalising on new distribution channels, and adopting new technologies. At the same time, they are tasked with keeping a sharp eye on quality, security, tax implications and cost. Enhancing data management capabilities Companies are in the process of building in-house data management and analytics capabilities to generate tangible business results and enhance long-term competitiveness, simultaneously remaining sensitive to information protection and privacy considerations. Addressing a dynamic environment The pace and scale of regulatory/tax changes, technology disruption and changing customer needs require constant monitoring to ensure innovative organisations are agile and sensitive to the talent needs of the new world. Optimising operating effectiveness While focusing on top-line growth, successful companies also seek to simplify and standardise processes looking for cost and revenue synergies. Translating their strategic goals executable plans typically requires aligning process, technology and people while simultaneously monitoring cultural implications and inspiring innovation. Gaming industry risks Below are key existing and new risks that gaming and casino companies may face at the present time. Our teams worldwide have encountered several of these and have helped clients either assess or implement strategies to manage their risk. Existing Risks New Risks • Exclusivity zoning and anti- • Financial accounting standard changes competitiveness • Changes in tax rates or exposure to • Increase in gaming regulations and additional tax liabilities licensing conditions • Risks of international trade and business • Slow responsiveness to technological expansion like exchange rate fluctuations. change • Intellectual property security, disputes/ • Increasing regulations and compliance claims burden pertaining to consumer • Highly volatile stock price protection, credit extension, etc. • Return of products and pricing • Loss of Operating license concessions • Challenging economic climate and • Legal regulations for the internet resulting reduction in gaming volumes • Large investments required for research • Lack of legislation and poor operational and development control of online gambling • Significant influence of platform licensors • Negatives publicity surrounding the (competitors) on the company’s costs. gambling industry • Difficulties in integrating acquired • Effect of withholding tax on punter’s businesses disposable income and the additional • Risk of customer concentration administrative burden on casinos • Shift in consumer preference to other • Prevalence of fraud, theft, betting forms of entertainment and engagement scams, piracy • EU Directives Why Malta? Gaming in Malta Industry timeline 2014 Malta’s MGA introduces several “quick win” policy changes to make it easier for operators 2011 licensed in Malta • The Gaming and which will also Devices reduce the time it Regulations, 2011 will take to obtain come into force 2009 a licence by Malta’s in May 2015 Malta reaches MGA 2,500 employees • Inclusion of A Cloud employed in the the gaming sector consultation online Gaming in the Highly document is 2005 industry Qualified Persons carried out along MGA launches Tax rules with another the Malta Remote consultation Gaming Council 2012 document MGA enters oscillating around 2002-03 2008 2010 into a number of Digital Games of Changes in legislation The Malta Standards Malta is the first bilateral MoUs Skill (With Prize) to support the opening Authority publishes EU country to with international of the gaming market the Remote Gaming launch a players’ organisations to the private sector 2004 Standards charter • Publication of revamped Remote Gaming Regulations • On accession, Malta becomes the first EU member state to regulate on-line gaming 2000 Remote Gaming introduced in Malta “The last decade has seen Malta emerge as the undisputed frontrunner in the regulation of the online Gaming industry.” Malta Gaming Authority Gaming in Malta Industry Snapshot and current initiatives “The remote gaming sector is the most dynamic and the fastest growing gaming sector in Malta, which is regulated under the provisions of the Remote Gaming Regulations.” Malta Gaming Authority Gaming Malta was launched on the The Gaming Academy will shortly 20th March 2015 and is to act as the be launched to help build up further promotional arm of the MGA Its aim is talent in the Gaming industry as a to further attract Gaming companies to whole. It will provide both foreign and setup shop out in Malta. It will act as national individuals with the opportunity the intermediary between the industry to further increase their skill set by stakeholders to cater to the needs of the providing tailor-made gaming courses to industry players, whether this be through run in conjunction with the ever evolving financial or other incentives. industry. Photo credits: Marco Vassallo SNAPSHOT AT YEAR END 2014 Total 231 250 200 150 96 100 56 45 33 50 29 9 0 Class 1 Class 1 Class 2 Class 2 Class 3 Class 3 Class 4 on 4 on 4 on 4 “Our plan, including the overhaul of the regulatory 2012 2013 2014 framework, is more than a mere update but an ambitious Companies 241 255 283 step forward, as Malta aims to make the quantum leap.” Joseph Cuschieri
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