What Malta’s Latest Gaming Data Reveals About Growth, Consolidation and Competition
Malta’s gaming industry is operating with fewer licences than in previous years. Yet the latest figures from the Malta Gaming Authority (MGA) suggest the sector remains one of the country’s most significant economic contributors and that the headline decline tells only part of the story.
According to the MGA’s Interim Performance Report for January to June 2025, the regulator oversaw 304 licensed companies holding 312 gaming licences at the end of June. Both figures eased compared with the end of 2024, when 315 companies held 323 licences. But the industry’s economic contribution, employment levels and regulatory revenues held broadly steady, pointing to a sector in transition rather than retreat.
The numbers behind Malta’s licence decline
During the first six months of 2025, the MGA received 28 new gaming licence applications and issued eight licences. It also issued five licence renewals, while 13 licences were surrendered over the period.
The MGA attributes the trend to the continued maturation of the industry. The regulator says operators are increasingly reassessing their licensing strategies, streamlining structures across multiple jurisdictions and prioritising long-term sustainability within a more complex regulatory environment. The Authority also frames the shift as a result of its own strategic direction, which it says continues to prioritise the quality of regulation over volume.
That said, the decline also coincides with operators gaining access to a growing number of regulated markets worldwide. New and expanding frameworks across Latin America, North America and Asia are creating alternative licensing options, intensifying competition among jurisdictions seeking to attract operators and suppliers.
Economic impact stays significant
Even with fewer licences, Malta’s gaming industry continues to deliver substantial economic value.
The sector generated an estimated €714.4 million in gross value added (GVA) during the first half of 2025, accounting for 6.5% of Malta’s national GVA. When indirect economic effects are included, the industry’s overall contribution rises to 9.8%. The MGA also collected €41.5 million in compliance contributions, licence fees, levies and consumption tax during the period.
These figures keep gaming among Malta’s largest contributors to economic activity. With output and regulatory revenues holding broadly stable while licence numbers ease, the data suggests Malta continues to attract established businesses capable of generating meaningful value.
Employment points to resilience
Employment is another marker of the sector’s resilience. The MGA reported that 14,797 people were employed by companies holding an MGA licence as of June 2025 roughly 5% of Malta’s total workforce, and a 3.1% increase on the end of 2024.
Of that total, 9,771 employees worked directly on MGA-licensed online gaming activities, while 4,158 worked on associated or related activities connected to MGA-licensed firms. A further 868 were engaged in Malta’s land-based gaming sector.
These figures capture only employment within MGA-licensed entities. The wider gaming ecosystem technology providers, legal advisers, compliance specialists, payment firms and audit companies supports a larger workforce still, underlining a footprint that extends well beyond licensed operators alone.
B2B activity continues to gain ground
Perhaps the most telling trend is the continued rise of B2B activity. Of the 28 new applications received during the period, 64.3% related to B2B authorisations, while 87.5% of the eight new licences issued were B2B licences.
The shift shows up in the broader licence base too. By the end of June 2025, B2B licences accounted for 55.5% of the total online licence base, overtaking the B2C segment. It points to Malta increasingly positioning itself as a hub for gaming technology providers, platform suppliers, game developers and critical gaming service businesses.
The MGA describes the trend as a move toward lower-risk, technology-driven business models that support a more diversified skills base and align with the objectives of its 2018 regulatory reforms.
Compliance expectations keep rising
As the industry evolves, regulatory oversight continues to expand. During the first half of 2025, the MGA carried out 723 criminal probity assessments as part of its authorisation and supervisory work, alongside activity across player protection, anti-money-laundering oversight, governance monitoring and sports betting integrity.
The Authority handled 1,720 player assistance requests, received 149 suspicious betting reports, shared 88 integrity alerts and took part in 30 sports betting investigations worldwide. It also received 29 cooperation requests from foreign regulators, issued 31 official replies on the standing of licensed operators, and collaborated with local authorities on 117 requests for information.
Together, the figures show how oversight is becoming more resource-intensive as compliance expectations rise globally.
Not all investors share the same outlook
While the MGA’s figures point to a resilient and increasingly technology-focused sector, sentiment about Malta’s long-term position is divided.
According to EY’s Malta Attractiveness Survey 2025, 58% of investors identified gaming as one of the sectors expected to drive Malta’s future growth. The same survey found that 18% viewed gaming as the sector most at risk of decline, the highest proportion recorded for any single industry.
Supporters point to the sector’s continued economic contribution, strong employment and growing B2B presence as evidence Malta remains a leading hub. Others argue that rising competition from newly regulated markets, higher operating costs, talent demands and changing licensing strategies could gradually erode Malta’s edge. The contrast suggests that while Malta remains a major jurisdiction today, its long-term standing cannot be taken for granted.
The next phase of Malta’s gaming industry
Looking ahead, Malta is likely to face a more competitive environment than at almost any point in its modern history. New regulated markets continue to emerge, giving operators more options, while regulators worldwide tighten requirements around anti-money-laundering controls, responsible gaming, data protection and operational resilience.
The growing weight of B2B business, steady economic contribution and the regulator’s sharper focus on compliance all suggest Malta is adapting to the change. But holding that position will require continued investment in talent, technology and regulatory competitiveness.
While licence numbers may keep fluctuating, Malta’s long-term success is likely to rest less on how many operators it licenses and more on the quality, scale and economic value of the businesses it retains. For now, the data paints a measured picture: a gaming industry that remains economically significant and globally influential, but one that will need to keep evolving to stay there.
Source : Malta Gaming Authority (MGA)
