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Since the Brexit result, there has been confusion and concern about many parts of many industries, but it has been seen by many as likely that the British Overseas Territory to suffer the most as a result of Britain’s exit from the EU will be Gibraltar.With nobody brave (or perhaps stupid) enough to suggest a definitive idea for what the leave vote is going to mean for Gibraltar’s iGaming industry, the Minister for Financial Services and Gaming, Albert Isola, told local media that Gibraltar remains committed to its operations.
Why Gibraltar?
Gibraltar is a popular place for gambling operators as taxes are levied at 1% of their turnover.
However, with Britain now leaving the EU, it may become substantially more complex, or even impossible, for those who base their operations in Gibraltar to provide their services to EU member states due to the strict regulations many countries have on remote operations within their borders.
Fully committed
There are, at present, over 30 gambling groups who base their remote operations in Gibraltar, these include Ladbrokes, William Hill, bwin.party, and more.Mr Isola has stated that he has spoken to all of these groups and they have all confirmed that they are fully committed to remaining within the local remote gaming industry.He added that a number of companies had even said that they were considering expansion, including the recruiting of new staff and the opening of new offices.Isola went on to say that he would be working hard with the UK Government to ensure that there would be the smallest possible amount of change, if any, for those who live in Gibraltar or those travelling to the Rock.Obviously the details of what leaving the EU will do in terms of impact on the iGaming industry in Gibraltar remains to be seen, but at this point Mr Isola seems very confident.