The finance minister for Malta, Tonio Fenech, recently revealed some interesting financial statistics on his nation's tax benefit as an Internet gambling regulator and host.
Addressing an Online Gambling seminar on the Mediterranean island, Fenech said that over a five year period, the island government's regulator - the Lotteries and Gaming Authority - had processed over 500 applications for remote gaming licenses. The industry employs over 2 500 people on the island and generated Euro 15.6 million in tax revenue last year, a 35 percent increase over the previous year.
"The government considers this as an increase in economic activity that generates a multiplier effect in the economy," the minister said. "The government has invested thoroughly in this field, nurturing and moulding its growth in the past 15 years. This has been the main driving force for Malta's success in remote gaming."