The Lotteries and Gaming Authority will in future be called the Malta Gaming Authority, Parliamentary Secretary Josè Herrera told Parliament.
The rebranding would herald Malta’s repositioning in the industry, he said when introducing the second reading of the Bill to amend the Lotteries and other Games Act.
Dr Herrera said a gaming academy would be established to provide opportunities for Maltese people to enter the industry, which until now employed mostly foreigners.
Gaming Malta, a foundation financed by taxes, licence fees and through donations, would be set up to promote the country as a centre of excellence for iGaming.
Dr Herrera said consensus between both sides was crucial, otherwise one would scare away investment only to score political points. He was pleased to have had constructive criticism and full collaboration from the Opposition. Partisan interests had been set aside with both parties working towards the common good for the country.
Shadow minister Kristy Debono said the Opposition had approved the amendment to change the name, pointing out that this would ensure that the industry would be more active on the international and European fronts.
The name of the authority should reflect the country it was representing.
This was not just a cosmetic change but a holistic rebranding to give Malta a better edge and to redefine what Product Malta was offering in this sector.
Dr Herrera said the name change would stress Malta’s jurisdiction in the industry and also act as a form of promotion.
The government was creating the right climate for more growth in this thriving sector, which already employed about 9,000 people.
He also paid tribute to the previous Nationalist administration, which had started the industry.
Dr Debono and other Opposition MPs would be invited to give their input when implementing the changes.
Referring to the success of Finance Malta, Dr Herrera said the PN administration had had the right approach, developing this from a niche to an industry.
He was building upon the foundations his predecessors had laid. Using the word “Malta” was in itself considered promotional. There would be a definite separation between the regulator, the authority and the promoter.
Gaming had grown by 27 per cent in the first six months of this year, thus becoming the fastest growing industry.
The promotional branch would involve the Chamber of Commerce, Enterprise and Industry, the Malta Remote Gaming Council, the Chamber of Advocates and the Malta Institute of Accountants.
The foundation would be a catalyst of ideas, involving people in private practice. It had to be innovative, dynamic in its thought and ambitious for growth.
Once the foundation was set up, Malta would be in a better position to focus on markets in Northern Europe, Singapore and Australia, although not solely. It would be autonomous and independently led, striving to promote Malta.
It would also be in a position to enter into bilateral and multilateral agreements with other countries and entities and would also have the right to request certain information.
The refusal to grant such information would be tantamount to wrongdoing and, although one could refuse, this would be taken into consideration when deciding whether to grant a licence.
More power would be granted to the Inspectorate Department, giving it the right to investigate if it had any suspicions.
The idea was to have a stronger and more focused Lotteries and Gaming Authority, with would increase both transparency and regulation. This would give Malta an edge over other regulators in Europe.
The Bill was unanimously approved in second reading and through the committee stage.