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KPMG in Malta Gaming Esummit Report 2016

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KPMG in Malta Gaming Esummit Report 2016 Malta Catapulting Malta Regulation into the future KPMG in Malta Data & Analytics Payments Gaming eSummit Report 2016 Brexit Virtual Reality Compliance Gaming Innovation Bridging the Mergers & Gaming industries Acquisitions www.kpmg.com.mt Cryptocurrencies Cyber Security Contents Introduction By Russell Mifsud, KPMG in Malta 6 Welcome Address and Opening Remarks KPMG are delighted to present this report for our inaugural Malta eSummit held in November 2016. Malta is uniquely placed at the heart of world eCommerce and features a stable political environment, compact 10 Catapulting Malta into the future business community, global transport links and a strong public/private sector bond. A continually improving infrastructure and solid telecommunication networks make Malta the natural choice for iGaming start-up 20 Brexit through the looking glass businesses; indeed over 8,000 people now work in the sector. 28 Entering a regulated market versus staying SiGMA has evolved to become a key date in the global iGaming calendar, and this year the event included a one-day eSummit hosted by KPMG. Industry stakeholders came together with expert speakers to discuss in the comfortable grey zone and explore the key issues affecting iGaming in Malta today. Many vital topics emerged, including: the complexities of compliance, the rigorous regulation, Brexit fallout, updates on M&A Activity, the future of 30 The Complexities of Compliance Malta, cyber-risk, the power of data, and the rise of Bitcoin. It’s clear that the industry works best when it works 42 Effort and Ingenuity – The Road to Consolidation together. Whether you are a small operator, experiencing challenges at the bank, or an industry giant facing a hit by incoming regulatory change, if we unite to embrace these realities, we’ll achieve more as one cohesive 46 M&A and Capital market activity from an operator’s perspective sector. 54 Responsible Gaming Presentation This report seeks to compound those themes and provide an accurate snapshot of the current iGaming sector in Malta. We hope you enjoy reading it and look forward to seeing you all at the next KPMG eSummit in Malta 58 The transition of Online Gaming in November 2017. 64 Virtual Reality: A Game Changer for eGamers Image credit: SiGMA 68 Bridging the Gaming industries for millenials 76 The Power of Data 80 D&A: Using algorithms and predictive analytics to spot fraud, enhance retention and build a competitive advantage 86 Cyber Risk - What is it? 90 What’s the risk to us? 94 Opportunities arising under PSD2 and open banking standards 100 The disruptive potential of Bitcoin and Blockchain 104 Contact us A note from the SiGMA organisers SiGMA to keep doubling in size From a simple bedroom project to a buzzing show that has doubled in size over three years and shows no signs of plateau: this has been SiGMA’s journey so far, with the last 2016 show breaking all records. The island has never witnessed an iGaming bonanza this spectacular, this successful: where everyone walked out a winner, with done deals. The organisers anticipated close to 3,000 attendees, with the final numbers edging 4,000, double 2015 numbers. This was clearly visible on the expo floor, which was extremely busy on both days. Conferences: The conferences worked very well in 1,000 Free Flights: Inspired by the movie 300, last 2016, with a number of events, including the KPMG year the organisers gave 300 flights to affiliates. The collaboration with KPMG in Malta undoubtedly contributed to the success. The fruitful eSummit, and a new cabaret-style layout room – The initiative went down very well with affiliates cooperation turned out in an extremely well-attended conference, during which the attendees the hall was packed from 9am to 6pm. Even more and operators, so this year SiGMA is inviting 500 had a chance to learn about the latest industry updates and do some solid networking. partnerships will be established, introducing even NEW affiliates AND also 500 top C-level executives stricter guidelines for the best speakers. The way – CEOs, CTOs, CPOs, CMOs – to keep the B2B side Preparations for SiGMA17 are already well underway and the organisers are eager to cooperate content is presented will change as well, by reducing of the business equally busy with a fresh bloodline with KPMG in Malta to raise the bar even higher. 2017 is the very first year where SiGMA is the run-of-the-mill panel, at times mind-numbing of potential customers. Exhibitors are encouraged embracing the challenges and opportunities of a global show, with growing interest from the discussions with more engaging content. Come to invite VIP guests, flights covered by SiGMA, and heavyweights of the industry across continents. Shortly after last year’s show, the organisers SiGMA17, expect more fish bowls, speed dating and throw a string of hospitality events around the show. took heed of the attendees’ feedback and will be introducing some interesting upgrades, better interaction between speaker and audience After all, Malta lends itself quite well to hospitality. including, but not limited to the following: using latest technologies and apps available. SiGMA Startup Pitch: The launch of the SiGMA Venue: Arguably the toughest of decisions SiGMA startup pitch went really well, with some startups team had to take to date – stay where they are but landing lucrative offers. The unique, swift format of a be unable to grow the show with new exhibitors or three minute presentation will be kept, followed by move elsewhere? Hardly anyone wanted to release a seven minute grilling session with the investors. their booking for 2017, which meant SiGMA literally This year, however, the organisers will invest heavily couldn’t sell a single stand space to a new exhibitor. on this front by giving startups who qualify, the Delegates want to meet existing but also new possibility to, not only pitch, but also get exposure exhibitors. It was important to keep the show cosy on SiGMA magazine, website and exhibit at the and fun, but at the same time enable it to grow, with show at no cost. Also, office space will be offered new exhibitors. 2016 was already a bit of a squeeze for a full year to the top three startups who wish in terms of crowd, so SiGMA is moving to a bigger to use Malta as a base for business development venue – MFCC in Ta’ Qali. The organisers will create or even relocation – the office space comes with an “iGAMING VILLAGE” – with six themed bars, three full consultancy from a team of grizzled industry restaurants and two lounge areas all within the expo. veterans. This, coupled with free shuttle bus service, should make MFCC a welcoming home this year. Preparations for SiGMA17 are already in full swing. Stay tuned, email your interest to become an investor, an exhibitor or a speaker at this year’s show and check maltaigamingsummit.com for regular updates. Christian Cardona – Minister for Economy, general regulatory overhaul which will continue Investment and Small Businesses to ensure that Malta remains at the forefront of KPMG in Malta eSummit Opening Speech regulation in this dynamic industry. The industry Good Morning. Firstly, I would like to thank Russell has developed phenomenally over the past 10 years and KPMG for this invitation. It’s a pleasure to be here which is why our regulator felt it necessary to rethink among these industries at the summit of eGaming the approach to regulation, rehash the framework, which has become a yearly appointment. It is thanks and make the jurisdiction more neutral and flexible to conferences such as this one that different to suit its development. This revamp has come at stakeholders can meet to discuss current issues and to a very opportune time. The increased convergence keep abreast of developments which affect this thriving of the offline and online gaming industries, new sector. A thriving sector indeed – one which Malta technologies, games on the market, increased is proud to host and is strongly committed to keep understanding of the phenomenon of match-fixing, developing further. Our achievements over the past the imminent implementation of the fourth Anti- year showcase the priority that is being given to this Money Laundering Directive and new data protection area and its environment, the ecology which we are regulation are just a few of the aspects which must continuing to nurture, to facilitate the growth of this be taken into consideration by the regulator, with a sector. In terms of the general economy, I can report view to delivering a tough and relevant jurisdictional that Malta’s economy expanded by 4.1% in the first framework. As MGA’s Executive Chairman Joseph half of this year. This is reflected in a 6.4% real growth Cuschieri will tell you, this has been no mean feat. The rate, outperforming growth rates in the Eurozone and technology on which this and all other digital industries indeed in the entire European Union block. Growth is based develops at an incredible rate and we must was reported in most industries in Malta, including constantly ensure that we cater for the demands of the professional sector, the scientific sector, technical the main industry players while also at the same time, activities, information and communication, real estate safeguarding and ensuring a robust structure which activities, and financial services. Unemployment addresses the risks of this sector. We have fared well remains low at a rate of 3.9%. so far while the challenges keep coming and we’re committed to continuing to entrench our reputation as Malta’s potential to become a Centre of Excellence a digital gaming hub. for the digital economy continues to grow.
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