Gibraltar iGaming industry will not be impacted by Brexit
Affiliates have been very vocal about their concerns over how gambling in Gibraltar will be affected by Brexit. However, industry experts remain confident that the territory’s market will continue to prosper despite Brexit.
Currently, Gibraltar is home to many popular gaming and sports betting operators. It was recently the subject of 11th-hour deal between Spanish and British authorities, who were debating its future after from the UK’s exit from the European Union.
As a result, the territory could possibly join the Schengen zone – an area which contains 26 countries and where freedom of movement is guaranteed, despite the different passports and nationalities. CasinoBeats went over what this could mean with Andrew Lyman, the Executive Director of the territory’s gambling division.
Lyman confidently stated that the market would “grow and thrive” despite Brexit, citing the Schengen Area as being key to this. The zone permits the “continued shared prosperity between Gibraltar and the ‘campo’ in which some 15,000 workers live in Spain, but work in Gibraltar.”
Lyman also highlighted the fact that the territory has a strong gambling market, which “has been changing and evolving since 2014 and has sustained despite legal changes in the UK and elsewhere.” This is mostly thanks to its “small jurisdiction [which] can be agile in its approach.”
He ended his statement by saying:
Gibraltar is not going to reduce its attractiveness to business whilst at the same time remaining a jurisdiction which commands international respect and full UK support. It also wants to continue to build a close relationship with the EU. I am very optimistic for the future.
Furthermore, iGaming affiliates should therefore not worry too much about their holdings in this British/Spanish territory. In fact, now might be a good time to invest or expand in its gambling market.