Gibraltar Online Gambling Focused On Future After Brexit

Published Monday, March 12, 2018 -
Gibraltar Online Gambling Focused On Future After Brexit

The British online gambling industry in Gilbraltar was under threat when the country decided to leave the European Union. The online gambling industry in Gibraltar are now feeling some relief from the nervousness after the UK government has assured the British Overseas Territory there will be continued access to the betting market in the United Kingdom  until 2020. According to a recent report published by the Gibraltar Chronicle the UK and Gibraltar have agreed to establish a new framework that will work as commercial and business guidance when the government in Britain separates from the European Union.

Gibraltar Chief Minister Fabian Picardo, said to the media, “Great care has rightly been taken by the UK and Gibraltar to ensure regulatory standards will be maintained between us in a manner that will be designed to assure customer protection and equivalence on regulatory outcomes going forward,”

The new set of guidelines for industry access was the solution to the call from Gibraltar based operators according to minister of state at the Department for Exiting the European Union, Robin Walker. Mr.Walker added the agreement between the two entities was created to give them more time “to design a new, modernized agreement, based on similar high standards of regulation and enforcement.”

It has been suggested that the arrangement will give the gambling market a confidence boost in Gibraltar which is headquarters for more than 30 online wagering firms due to the territory’s low corporate taxes and full membership in the European Union. The online gambling industry employs   well over 5000 people in Gibraltar. The Brexit decision has some operators licensed in the U.K. looking closely at the licensing agreements realizing the change may “open the door to a new status for Gibraltar that is favorable to all involved parties and acceptable to the legitimate interests and aspirations of Spain.”




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