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The government is embarking on a major review of remote gaming legislative and regulatory frameworks to bring new technologies and business models within the regime.
Finance Minister Tonio Fenech said the new regulatory model would introduce more social responsibility without shackling the international aspect of operators' licences and ventures.
Mr Fenech was speaking on Friday at a conference on internet gaming organised by the Chamber of Advocates.
"When the Remote Gaming Regulations were published in April 2004, we were aware that by opening up the market to cyberspace gaming, we would have to face many challenges that lie ahead. However, we were confident that by following socially-sound principles, and with the ongoing cooperation of all parties concerned, we could overcome most obstacles and face these challenges with a high degree of success," he said.
"History has taught us that the risk of not regulating by far outweighs any other risks. A well-regulated gaming industry is our safest bet for success. We believe that the strong regulatory framework coupled with Malta's expertise in the gaming industry has put our jurisdiction on the forefront in this industry."
"The key success factors for Malta's remote gaming industry can be summed up in three words: Reputable, Responsible and Responsive. Malta took a bold step from the out-set to introduce remote gaming regulations that were far superior to any other jurisdiction in terms of strict licensing procedures, strong monitoring controls and player protection mechanism."
Over the past 4 years the Lotteries and Gaming Authority has processed over 500 applications for a remote gaming licence. To date more than 4,500 work in the gaming industry, 2,300 of whom are directly employed with the remote gaming industry.
This year the country will have generated €16.1 million in revenue from the sector, up 46 per cent from 2007.
