Brexit has taken a major toll in many industries, including online gambling. The UK departure from the European Union was a big enough event to spread fear to all British online gambling casinos licensed by the Gibraltar Regulatory Authority (GRA). It looks like Gibraltar licensed British bookmakers can breathe again, as the British government announced that they won’t have a problem accepting UK punters, at least until 2020. In the spirit of true collaboration, the 2 governments devised a new set of legislations and guidelines that will safeguard bookmakers’ interests remain unaffected by the Brexit.
In commenting on the recent legislatory developments, Fabian Picardo, Gibraltar Chief Minister, emphasized the importance of mutual understanding between the UK and Gibraltar to secure the highest possible levels of customer protection and regulation quality with the new agreement.
The Minister of state at the Department for Exiting the European Union, Robin Walker mentioned that this new set of guidelines functions as a temporary resolution for Gibraltar-based British operators, so that they will not face an abrupt interruption of their business. However, a more permanent framework needs to be designed and put in effect, that will hold to the same high standards of regulatory compliance as the current one.
First estimates claim that the decision has been already well received by Gibraltar’s more than 30 online bookmakers and 5000 employees, which constitute an inarguably big share of the local, low-corporate tax market.
The Gibraltar Regulatory Authority is an independent statutory body that’s responsible for proper implementation of EU approved laws and regulations in the fields of Data Protection, Communications, Broadcasting, Radio Communications and Postal Services. GRA was established under the Gibraltar Regulatory Act 2000 and regulates a wide variety of business sectors, including online gambling, striving to promote competition through highly-controlled and strict access to licenses and authorizations. Well-known sportsbooks licensed with the GRA include Bet365, NetBet and 888 casino.