While many would disagree, it seems that the UK’s loss is Malta’s gain as the island nation looks like attracting a host of bog name online casino sites as a result of the incoming UK gambling act.
The new legislation came into effect on September 1st and in recent weeks Malta  received a flood of applications from online casinos and gaming sites to relocate their companies to its shores.

As many as 27 international gaming firms, including Intercasino, William Hill, Playboy Casino and Virgin Games will be setting up operations in Malta by the end of the month, so that they can continue to offer online poker and casino games.

The move comes as gambling companies will now only be allowed to advertise within the UK if they are based within the European Economic Area and the Gambling Commission's approved 'white list' areas.

At present 84 internet gaming firms are licensed on the island. A letter of intent has been issued to 76 others and 36 companies are still awaiting a response to their licence applications from Maltese authorities.

"Malta's becoming the natural hub of online gaming," Mario Galea, chief executive of the Lotteries Gaming Authority, told the Malta Times.

"Our regulations are very much in line with the EU's, and we have shown that we are capable of protecting operators - so it won't be long before the physical operations move to Malta," he explained.

The act overhauls legislation dating from 1845 and covers all forms of gambling - worth more than £91bn to the UK economy in 2006 - from high-end casinos to arcades.
The Gambling Act allows the creation of more regional casinos, and bigger slot machine payouts. The National Lottery and spread betting will continue to be regulated by separate bodies. British-based online gaming sites will be governed by the regulator.