The world economy is in a volatile and unpredictable situation with the Covid-19 pandemic and its aftereffects. While the consequences have been far-reaching, there are some industries that have not only been untouched by the pandemic but actually prospered in 2020-21.
One of the few sectors that has seen substantial growth is iGaming: internet gambling and online casinos. As the US begins to open its doors to online gambling, the state of New Jersey has long been ahead of the game. Its online casinos are operated out of Malta, economically benefitting both the state and the nation.
Gambling in the United States
Throughout its history, the US has always had a complex and dysfunctional relationship with gambling and casinos. From its conservative founding, various bans on gambling and booze, and the ever-present “Sin Taxes,” the US has never been entirely friendly to casinos, gambling, or their “amoral” accompaniments.
However, the United States is finally warming up to the idea of online casinos, especially in the wake of the Covid-19 pandemic, lockdowns, and stay-at-home orders. At the forefront of this market opportunity is the state of New Jersey, which was one of the first adopters of land-based casinos in the country with the creation of Atlantic City.
Online Gambling in New Jersey
As more and more states began to allow land-based casinos to open, New Jersey once again decided to spearhead the next big thing: online casinos. In 2013, state legislators passed laws that legalized online gambling in the state. From there, New Jersey’s online gambling sector has only continued to grow. In 2020, the state’s total revenue from online casinos was $970.3 million.
The quality and growth of New Jersey’s online casinos only seem to be improving as time goes on. The state boasts some of the best sites based on criteria including the quality of welcome bonuses like Wild Card City bonuses, the variety of games available, the customer service that players experience, the user-friendliness of the websites, as well as their licensed status.
All About Malta
Malta is an archipelago in the Mediterranean Sea between Sicily and Tunisia on the North African coast. A small country that gained its independence from the British Empire in 1964, Malta has a rich and diverse history after a succession of rulers including the Romans, Moors, Knights of Saint John, French and British.
As a small island nation, Malta’s economy has long been reliant on trading and tourism for its survival. It has also thrived due to creating a friendly corporate atmosphere within the country for foreign investment by offering low corporate tax rates, a highly productive, multi-cultural workforce, and advanced finance and ICT initiatives.
Online Casinos in Malta
It was this abbreviated regulatory framework and business friendliness that has helped Malta gain such prominence on the economic world stage. What began as a lavish land-based casino and entertainment destination has now become an online casino behemoth with over 10% of the world’s online casinos being registered in Malta.
As the online gambling industry continues to grow, the situation only gets better for Malta. With predictions that the global casino and gambling market will be almost $100 billion by 2024 — the bottom line is that 10% of that revenue is going to end up in Malta.
For a country with a population of only 525,285 people, it may seem unbelievable that Malta is actually the world leader in online gambling operations. Upon closer inspection, however, Malta has handled its new iGaming market so well, with excellent gambling operators and impressive regulatory conditions — it’s no wonder the small island nation has become the world’s go-to for offshore online gambling.
Malta Gaming Authority
Malta’s gross online gaming revenue now accounts for 8% of the nation’s economic activity. This remarkable intake of funds necessitates a scrupulous regulatory initiative. The strict regulations required of providers by the Malta Gaming Authority and the considerable licensing process in Malta have created a reputation for reliability and trustworthiness the world over.
A Big Win for Malta
The last few years have proved to be a great time to be in the iGaming industry. New Jersey’s online casino boom has started a domino effect in the United States, leading to more states opening their doors to online gambling after seeing the success in New Jersey. The sheer number of licensed casinos available in the state that operate out of Malta is staggering — proving once and for all how astute the small nation was to hop on the bandwagon early on.
The iGaming industry is going through a renaissance at the moment, the new opportunities for business innovation and growth are boundless. By creating an image (and reality) of security, reliability, and success, Malta has guaranteed its place as an authority in the global iGaming market and achieved substantial economic prosperity for years to come.