Brexit Decision Disrupts Online Gambling Industry

Published Friday, June 24, 2016 -
Brexit Decision Disrupts Online Gambling Industry

The internet puts things into the world view quickly and the recent decision that Britain has made to exit the European Union is already having serious financial repercussions. An industry that will be impacted by the new situation is online gambling. As an E.U. member state, The U.K. is headquarters to six jurisdictions which regulate online gambling.  The UK Gambling Commission, Gibraltar with the Gibraltar Regulatory Authority, Alderney Gambling Control Commission, The Isle of Man (IoM) Gambling Supervision Commission,  Jersey Gambling Commission and the Guernsey Gambling Control Commission. Of the six, the UKGC, Gibraltar and the Isle of Man are the most important and Alderney also has a significant number of licensees.

All citizens of the British overseas territories, except those residing at Britain’s sovereign bases in Cyprus, were granted full British citizenship by the British Overseas Territories Act 2002, and are therefore citizens of the European Union. The changes that may or may not come will take a long time and the European Union still has to deal with the fallout of this online gambling industry dilemma. Without Britain, there is little doubt that the EU will become more protectionist. There is the possibility that not only will the online gambling segregated markets of Italy, Spain, France and Portugal be allowed to remain in place but other countries in the E.U. may follow suit.  

Mobility will also be an issue now that the British people or at least a little more than half have decided to upset the applecart people who travel frequently for online betting business will now be looking for work closer to home. The regulatory regime for internet betting in the U.K. is a model for success and it is doubtful that there will be any severe changes for the consumer of online gambling products in most European jurisdictions.   There is bound to be disruption for a time but before the cards are turned over everyone will see what kind of a gamble this exit was for England.

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