Hype, hedge, or hub: what the UAE’s gaming move means for Malta’s iGaming future

Ras Al Khaimah isn’t trying to be Malta overnight. It’s trying to be next. Lea Hogg explains the UAE’s disciplined approach: tight licensing, strong banking, and fast-aligned regulation — and why the smartest Malta firms won’t relocate; they’ll hedge. Malta’s challenge is adaptation.

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The United Arab Emirates issued its first-ever iGaming licence, formally ushering the country into a global industry it had long kept at arm’s length. The licence was granted by the Emirate of Ras Al Khaimah (RAK), not Dubai or Abu Dhabi, and it is no coincidence. Smaller, quieter and strategically insulated, RAK is positioning itself as the testing ground for what could become the most consequential new gaming jurisdiction in a generation.

I went to Ras Al Khaimah last year, curious to see the Wynn casino development for myself. The drive through the desert strips away the hype quickly, moving from Dubai’s commercial hub, regional tech headquarters, banks and fintech firms into long, empty stretches of desert, before a heavily guarded construction site comes into view.

The scale of the new integrated casino is already unmistakable. Vast steel frames were rising from the sand, construction moving steadily at the site of what will become the UAE’s first regulated casino.

Representatives from the Ras Al Khaimah Tourism Development Authority spoke with a clear sense of deliberation and responsibility about the project. Their message focused on long-term sustainability rather than rapid expansion or short-term gains. RAK is not being positioned as a rush for quick wins, but as a thoughtfully planned and well-structured entry into a new market.

A new kind of market entry

What makes the UAE’s move distinctive is not simply that it has entered the gaming arena, but how it has done so. Over the past decade, new jurisdictions have tended to open their doors cautiously or partially, often burdened by political compromise or regulatory ambiguity. Ras Al Khaimah is different. It is presenting itself as premium by design.

Licensing is expected to be scarce. Banking access, which has been a “choke point” for gaming firms, is robust. The broader ecosystem of fintech, AI-driven services, payments infrastructure, and compliance technology is already established and mature within the UAE’s wider economic strategy. Gaming is not an experiment bolted onto the side of the economy; it is being built carefully into the market infrastructure.

This matters because scarcity changes behaviour. In a market that openly limits the number of licences it will issue, speed alone is not the prize. Credibility is. Early movers are not those who rush in noisily, but those who understand how to position themselves quietly and compliantly, often years before any meaningful revenue materialises.

Is Malta under threat?

Through conversations I had with a wide range of industry stakeholders across multiple jurisdictions, it has become clear that there is a temptation to frame current developments in RAK as a contest - Malta versus the UAE, West versus East, incumbent versus newcomer. This framing, however, misses the broader strategic reality and risks oversimplifying what is, in fact, a more complementary and evolutionary shift within the global market.

Joseph F Borg

“I don’t think developments in the UAE will impact Malta directly,” says Dr Joe Borg, a specialist in global gaming law with offices in both the UAE and Malta. “It’s a completely different region, coming from a very conservative approach and slowly opening up in a structured way. You have to be patient, but you have to be there for the long term. When things kick off properly, it will be too late to go in then.”

According to Borg, cultural and economic dynamics across the GCC point not to disruption, but to opportunity. “Culturally, the GCC region is very warm and similar to the Mediterranean. There’s interest in entertainment and gambling, maybe with lower limits than in Northern Europe. But if you understand the purchasing power of the region, and their native familiarity with crypto, it’s beautiful.”

There is no evidence of a mass exodus from Malta. Offices will not empty overnight. Licence surrenders are not piling up. What is happening instead is subtler and arguably more significant. Executives are commuting. Satellite offices are opening. “Optional presence” is quietly becoming “strategic hedge”.

Borg also points to the regulatory groundwork already in place. “The UAE was brilliant in regulating crypto, starting in 2018, just like Malta. Then, Dubai introduced VARA. Today, they are at par with Europe in crypto regulation and are aiming to be well advanced in gambling regulation as well. That’s why one should look at the jurisdiction now, before it’s too late.”

While timelines remain measured, Borg is clear on direction. “Most definitely, there will be B2B and B2C online licenses in the UAE. We don’t know when. I suspect in 2026, we will see something, but things will be slower before Wynn opens.”

For consumer-facing operators, the pathway will be narrower, but for suppliers, it is clear.  “For B2Cs, it’s a different story, as licenses will be limited and require partnership with an emirate. But for B2Bs, the first port of call is clearly Ras Al Khaimah, which is already equipped to service and support these operators.”

Malta’s strengths remain substantial. Its regulator is respected. Its legal and compliance expertise is profound. Its talent pool, while stretched, is still among the most experienced globally. But the pressures are real. Housing costs and infrastructure strain are increasingly part of the conversation in boardrooms.

Against this backdrop, Ras Al Khaimah is not yet a replacement, but it is a mirror, a continuity. It reflects what Malta once was to many firms: agile, cost-effective and aligned with growth. The risk for Malta is not displacement, but complacency.

Real first-mover advantage

The greatest beneficiaries of Ras Al Khaimah’s opening are unlikely to be mass-market operators chasing immediate scale. Instead, the first real winners are infrastructure players: platform providers, compliance specialists, payments firms, data and risk companies, and suppliers who understand that proximity to regulators matters as much as proximity to players.

In markets where regulation is tight and licences are few, suppliers often gain a disproportionate advantage. They become embedded early, shape technical standards, and build relationships that later entrants find difficult to replicate. In RAK, this advantage is magnified by the UAE’s broader economic appeal - tax efficiency, capital access, world-class logistics and a regulatory culture that prioritises execution.

For many iGaming firms currently headquartered in Malta, this presents a strategic dilemma. Malta remains one of the world’s most credible gaming jurisdictions, and it is also mature. However, costs are rising, and the talent competition is intense. Ras Al Khaimah, by contrast, offers something Malta no longer can: the opportunity to shape a system from the inside.

Dubai’s gravitational pull

Part of Ras Al Khaimah’s appeal lies not in what it is but in what it is near. Dubai’s global connectivity, lifestyle and concentration of capital give the region an advantage that few jurisdictions can match. Executives can live in Dubai if they wish, work in RAK and operate globally with minimal friction.

This proximity matters particularly for younger firms and technology-led suppliers, for whom talent mobility and quality of life are central. It also matters politically. The UAE’s ability to align regulation, banking and infrastructure at speed is a competitive advantage in itself. While Malta’s regulatory processes are thorough, they are also slower, shaped by EU frameworks and consultative obligations. RAK, by contrast, can move with a coherence that older jurisdictions often struggle to match.

Hype versus reality

None of this is to suggest that Ras Al Khaimah will instantly become a global gaming capital. The hype, particularly on social media, far outpaces the facts. Licences remain few. The regulatory framework is still evolving.

Most stakeholders who are enthusiastic about the UAE are also the most cautious in private. They visit, they network, they establish optionality - but they stop short of relocation. This is rational behaviour. New markets reward patience as much as enthusiasm.

Yet dismissing the move as hype would be equally short-sighted. The UAE is not experimenting for novelty’s sake. It is building an ecosystem designed to attract high-quality, low-risk participants over the long term. That alone makes it the most serious new entrant into global regulated gaming in more than a decade.

What Malta must do next

For Malta, the correct response is neither defensiveness nor denial. It is an adaptation.

Regulatory agility will be key. Incentive structures may need to be rethought, particularly for high-value suppliers and technology firms. Cost pressures, especially around housing and staffing, can no longer be treated as secondary policy issues. Talent retention must matter as much as talent attraction.

Most importantly, Malta must lean into what it already does well: credibility and stability. New markets can be fast and attractive, but they are also untested. Malta’s value lies in its maturity.

Opportunity, warning, or both?

The industry is not abandoning Malta, but it is tilting east.

For Malta, RAK is both an opportunity and a warning. The opportunity lies in partnership, dual-hub strategies and renewed relevance. The warning lies in assuming permanence in an industry that has never stood still.

“ If I were a B2B and wanted to set up shop in the UAE, the first place I would explore would definitely be Ras Al Khaimah,” concludes Dr Joseph F Borg. “RAK has a dedicated department within the tourism development authority focused on gambling. They guide and support operators. They also have RAK Bank, which has pledged openness to companies that set up locally and employ people.”

New markets always promise first wins. Ras Al Khaimah’s question is not whether it will win but who will recognise the shift early enough to win with it.

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