In the wake of the UK’s EU referendum result, there is a lot to consider; many industries will be affected by the decision and it’s not yet clear how. There have been fears stirring that Gibraltar’s online gambling industry will be badly hit but this has recently been denied by Minister Isola, the Gibraltar Minister for Gaming.
Claims have been made that Gibraltar will be the worst hit by Brexit and in particular its online gaming and remote gambling industry because Gibraltar is a haven for online gambling companies. There are over 30 gambling companies currently working out of Gibraltar, including big names like William Hill, Ladbrokes and bwin.party – read our review of online casinos for more. They are only taxed at 1% of their turnover, which makes Gibraltar an undeniably appealing place for them to be, but with the UK leaving the EU there is some confusion about whether or not these companies will be able to continue to trade from Gibraltar because of rules around non-EU countries operating remote gambling services within their borders.
However, Minister Isola has said that he has spoken to all of the online gambling companies currently working out of Gibraltar and they have assured him that they have no plans to move their operations from Gibraltar. They are fully committed to continuing trading from there. Isola even went on to state that some of the companies had said that they were actually considering expanding their operations and recruiting new staff so there is much hope that the industry will not be negatively affected by Brexit.
Minister Isola was clear that the Gibraltan government will be working closely with the UK to ensure that people living or working in Gibraltar will be affected as little as possible by the result of the UK’s referendum.
The Gambling Act Review was published earlier this year and is now in its consultation stage. Minister Isola said that the legislation will almost certainly be expanded on in the coming months and years so that everyone can be sure that local gambling rules, tax and licensing procedures continue to work for everyone.