Now that there are fears of the potential fallout from Brexit on Gibraltar’s online gambling industry, the Gibraltar Betting and Gaming Association have allied. By more than 94 percent Gibraltar’s inhabitants voted overwhelmingly in favor of remaining a member of the European Union.
Gibraltar was EU member assured, had free cross-border movement for people that belong to the jurisdiction and its stakeholders and is therefore well known as a major online gambling hub that gives out licenses to many major online gambling sites, such as Party Poker and 888.
There are now concerns that stakeholders and licensees might jump to Malta as Gibraltar faces a very real exit from the EU.
25 percent of Gibraltar’s GDP comes from the online gambling industry that holds thousands of jobs as the biggest employer.
Uncertainty for Online Gambling Stakeholders
The GBGA said the jurisdiction’s regulatory framework wouldn’t be that greatly impacted by a life outside the EU, in an attempt to reassure Gibraltar’s online gambling stakeholders.
‘At the moment and for the foreseeable future there is no change to the existing legal and political framework that our operators work within. We also note that European countries already have widely different regulatory regimes and many require our operators to have local licenses, the impact on our members is therefore likely to be normal. ‘
‘Periods of widespread political uncertainty highlight the need to be based in a territory that supports your business and sector at the highest level. We have a very supportive government and regulators.’
‘We have access to a wealth of human talent and experience in online betting and gaming. The UK and EU political crisis makes us keenly aware why Gibraltar remains a great place to do European and international trade. Gibraltar is an internationally recognized success story and we intend to keep it that way.’
Threat for Border
In the advent of Gibraltar’s departure Spain will have the right to increase border restrictions. Although, in two separate referenda the residents of Gilbraltar have voted to reject Spanish sovereignty, Spain still claims to have sovereignty over Gilbraltar. Also, the inhabitants consider themselves to be resolutely British.
With 3,400 online gambling industry workes living across the border and commuting day in- day out, Gibraltar will do everything to protect its industry.