Maltese gaming industry continues to positively impact the country’s economy through its role of a key driver of economic growth and innovation. The gaming industry in Malta contributed EUR 810.7 million, or around 9.5%, to the country’s Gross Value Added (GVA) during the first half of 2023. Over the same period, the industry’s overall contribution to the national economy accounted for 12.2% to testify about its crucial impact on the economic outlook of the Maltese economy.

Reaching 12.2% Stake in Malta’s Economy

The argument is further supported by the fact that the gaming industry growth in the first half of 2023 reached around 1.1% higher level than in the same period of 2022. By June 30, 2023, the Maltese Gaming Authority (MGA) approved licenses to 335 online and land-based companies following the 2022 figure standing at 357 MGS-license companies to underline the industry’s stability and a continuous contribution to Malta’s economy.

In the same period of 2023, the regulator collected EUR 41.2 million in license fees and compliance levies. When compared to EUR 39.8 million collected by MGA in the first half of 2022, it is evident that the industry has kept the momentum and maintained financial resilience. Also, the industry’s GVA increased from EUR 801.8 million in H1 2022 to EUR 810.7 million in the first half of 2023 to showcase a 1.1% growth achieved by the industry on a year-over-year basis.

Expecting Further Growth in 2024

The growth was propelled by 26% increased visits to local casinos in the first half of 2023.The gaming sector therefore directly contributed around 9.5% to the country’s economy and is expected to continue growing at a slightly slower pace. In 2024, 74% of online gaming operators expect further revenue growth while 60% of them anticipate increased employment. On the contingency side, operators generally expect higher operating costs and divergent regulatory actions requiring quick adaptation.

Commitment to Innovation and Social Responsibility

The industry promotes transparency and responsible gaming and considers the integration of environmental, social, and governance (ESG) principles essential for long-term profitability. Also, the utilization of emerging technologies enables the gaming sector to maintain customer interest through innovative integrations of traditional and other games. For example, innovative products like digital receivables and tokens are increasingly included in transactions and supported by the regulatory body.

As a result, Malta’s gaming industry expects positive market trends in the forthcoming period and continues to adjust the established gaming landscape to the evolving regulatory framework and emerging market trends. Overall, the sector maintains its stability and continues to drive Maltese economy.

Source: “MGA Interim Report 2023: Malta’s gaming industry maintains strong economic contribution’’. SiGMA. December 2023.

The post Maltese Gaming Industry Propels the Country’s Economy appeared first on Keno Wizard.

WarHorse Gaming, a division of the Winnebago Tribe’s economic development arm, Ho-Chunk, Inc., is developing two brick-and-mortar casino resorts in the state- WarHorse Casino Lincoln at the Lincoln Race Course and WarHorse Casino Omaha at Horsemen’s Park. These developments will be a game-changer for local economies, and they come at a time when sports betting has also taken root in the state.

High-Profile Venues Will Redefine Nebraska’s Hospitality Sector

The WarHorse Casino projects in Lincoln and Omaha signify a vital step forward for Nebraska’s economy. The state’s decision to allow Las Vegas-style casinos to operate at licensed horse racetracks can allow such venues to become catalysts for economic growth in their respective regions. WarHorse’s two projects aim to open next year, redefining Nebraska’s hospitality industry.

Both developments will feature ongoing expansions, eventually including on-site hotels with approximately 200 guestrooms, further enhancing their appeal as entertainment destinations. The operator’s safe gambling efforts have been instrumental in maintaining a safe and secure environment, bolstering customer confidence, and fostering an enduring reputation for quality and social responsibility.

WarHorse Casino Omaha opened a temporary gaming space in September 2022, featuring over 400 slot machines and pari-mutuel simulcast wagering. This gaming venue, set up within the infield at Horsemen’s Park, marked the beginning of the operator’s operations in Omaha. Subsequently, WarHorse Gaming applied to expand its offering by introducing sports betting at this location.

WarHorse Will Also Capitalize on the Launch of Sports Betting

The recent approval by the Nebraska Racing and Gaming Commission allowed WarHorse to offer sports wagering at select venues after 1 November. The company has partnered with Kambi for its sports betting operations, leveraging the supplier’s substantial experience in the tribal gaming industry. This collaboration reflects the WarHorse’s commitment to providing patrons with a high-quality sports wagering experience.

The launch of sports betting in Omaha holds particular significance as it coincides with the height of the football season. The NFL and the NCAA traditionally dwarf all other sports during this period, and sports fans will finally have the chance to support their favorite teams. Legalizing sports betting should also eliminate the need for cross-state trips to Iowa, bolstering the local economy.

WarHorse Casino has expertly timed its entry into Nebraska to capitalize on its expanded gaming options. The recent regulatory developments and high-profile launches should stimulate local economies, provide a source of entertainment, and enhance the state’s gaming landscape. WarHorse Gaming’s commitment to delivering a superior gaming and sports betting experience aims to transform Nebraska’s gaming industry and aid sustained growth.

The post WarHorse Gaming’s Nebraska Projects Set to Bolster Local Economy appeared first on Keno Wizard.

Currently, 45 US states along with the District of Columbia have established some form of gambling activity, which can include casino gambling, iGaming and sports betting. A new study released by the US gambling industry association, the American Gaming Association (AGA), reveals what is the annual economic impact of legalized gambling across the country.

The new research was conducted by Oxford economics and probed the US commercial and tribal gambling sector. AGA’s new study uncovered that the gambling sector has a profound impact on the US economy, supporting nearly 2 million jobs and contributing billions on an annual basis.

The recently released report reveals that the tribal and commercial gambling sector contributes $328.7 billion to the US economy. Overall, the sector supports some 1.8 million jobs. The commercial and tribal gaming industry contributes some $104 billion in the form of salaries and wages across the US.

Besides supporting jobs and the economy, the regulated gambling sector raises tax revenue. According to the new research, some $52.7 billion is generated in tax revenue by the tribal and commercial gambling sector. This tax revenue provides vital funding for local, federal and state governments, supporting a wide range of public services and programs. Such include economic and infrastructure development, education and supplemental funding for state general funds.

The research into the impact of the gambling sector coincided with the release of another study by the AGA. Citing separate research, the Association revealed that nearly half of the American adults, 49%, engaged in some form of gambling activity over the past year. In addition to that, some 71% of American adults agreed that the gambling sector has a positive impact on the US economy.

700K People Are Directly Employed by the Gaming Sector

Focusing once again on the impact of the US commercial and tribal gaming industry, the AGA explained that some 700,000 people are directly employed by the gaming sector. In comparison to other industries, the gambling sector offers more jobs than the postal service, motion picture and video, as well as air transportation sectors. “Direct casino employment accounts for 1 in 33 leisure and hospitality jobs,” reveals AGA’s recent research.

“The US gaming industry delivers long-term growth and impact to communities, generating significant tax revenue, creating strong jobs, supporting local small businesses, and funding critical community priorities.“

Bill Miller, CEO and president of AGA

Bill Miller, AGA’s CEO and president, addressed the impact of the gaming sector at G2E 2023. He explained that the gambling sector generates tax revenue, while at the same time supporting local communities and businesses. Finally, Miller highlighted the long-term impact of the gaming sector on communities.

The post Gaming Industry Contributes $329bn to US Economy, Says AGA appeared first on Keno Wizard.