Gibraltar's Online Gambling Industry Reviewed

Published Monday, April 10, 2017 - Online-Casinos.com
Gibraltar's Online Gambling Industry Reviewed

The common belief that the exit of Britain from the European Union will trigger huge changes for the online gambling industry looks to be coming true. It has been difficult for some online gambling operators to consider moving from the regulated jurisdiction of the United Kingdom which has taken them a long time to establish.

One of the most controversial sectors of the Brexit decision is the status of Gibraltar within the exit strategy. Online gambling operators who have located in Gibraltar are assessing the impact of the exit both financially and politically which still has many unanswered critical questions to be answered. Britain has set a two-year target for its exit from the EU.  Brexit is considered the most important political mandate of modern times for the United Kingdom.  

888 Holdings is one operator looking at alternatives to Gibraltar as its headquarters, if the Rock is negatively impacted or restricted by the Brexit move. 888 is the first gambling products provider to view Brexit as a potential ‘future risk’ for their enterprise. The posting of 888’s 2016 annual report, revealed that Gibraltar’s current licensing rules remain ‘unclear’ with regards to servicing European gaming jurisdictions.

The CEO of 888 Holdings Itai Frieberger stated the importance of growth within European regulated markets as a key dynamic of 888’s ongoing strategy and corporate value.

Frieberger commented, “The proposed status of Gibraltar in relation to the United Kingdom as a result of ‘Brexit’ is at present unclear,” Frieberger continued,  “If 888 were to remain registered, licenced and operating in Gibraltar in these circumstances, its ability to rely on EU freedom of services/establishment principles in supplying its services within the EU will be limited.” With as many as 5000 gambling sector employees the online gambling industry remains Gibraltar’s largest employer. The European Court of Justice has ruled that the UK and Gibraltar should be deemed as ‘single entity’ in their freedom to provide business services.  

 

 

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