To define GDP or Gross Domestic Product:
The actual monetary value of all finished goods and services produced within a country’s borders over a specific time period, usually calculated annually. The value calculated includes all public and private consumption, investments, exports less imports and government outlays that occur within a defined region.
It is estimated that just less than 10% of Malta’s GDP is acquired from online gambling and the income drawn from this activity influences their annual turnover dramatically. Amongst all the European Union States Malta has the highest recorded contribution arising from online gaming, with licensed and legal online casinos bringing in an increasing amount annually and contributing to the
economy as a whole.
Elite online casino, Gaming Club is licensed by the Government of Malta under the Lotteries and Gaming Authority which is a public single regulatory body responsible for the governance of all forms of gaming in Malta. This license is issued under the Remote Gaming regulations act that was revamped in 2004 and made Malta the first EU member to regulate internet gaming. The license is sought after and it offers online casino credibility and assures patrons that it complies with strict rules and regulations that govern the license issuing. Strict due diligence checks are conducted on the company and the directors of the online casino, ensuring that the Malta Government only endorses legal and legitimate gaming sites.
Due to the fact that Gaming Club is registered in Malta it thus contributes to its GDP on a monthly basis, and due to its popularity has a positive impact on the Malta economy. A knock-on effect of Gaming Club is the employment that the casino industry creates and with increased employment comes increased tax revenue for the Government as the percentage of individuals who are contributing to tax increases. Commercially the online casinos that are registered in Malta will be obliged to contribute a portion of their income to the Government and with online gaming making up nearly 10% of the annual GDP the amount contributed by casinos like Gaming Club is substantial.
The annual contributions from Gaming Club to the Maltese economy allowed for the Island to experience great socio-economic changes as the unemployment rate dropped and the economic climate improved. Statistics show that by 2009/10 over 3000 people in Malta were directly or indirectly employed by the online gaming industry, again illustrating how important online casinos contributions are to the Maltese economy. Gaming Clubs contribution to the Malta GDP is vital to the continuation of socio-economic changes and to ensure the continued growth of the country.
Note: The following is a guest post.