UK Ensures Gibraltar Access To Online Gambling Market
As the Chief Minister of Gibraltar, Fabian Picardo had only praise for the efforts of the government of the United Kingdom to ensure online casino companies based in Gibraltar have access to the market. There is some nervousness present in the Rock concerning the uncertainty possible due to a post-Brexit landscape. The gambling market in Gibraltar has been offered a lifeline by the assurances of the government of the United Kingdom that border free access will be enjoyed by the Rock to the United Kingdom market for online gaming and financial services until the year 2020.
The hope is by 2020 Britain and all their dependent territories on Spain’s tip will have worked out a new regulation framework to provide commercial guidance regarding the reality of a post-Brexit situation. There is no way to know what this will look like. Dozens of the online gambling sites of the big brands have been licensed by the gambling hub from Lottoland to 888 Casino. They rely on the market of the United Kingdom for over ninety percent of their business conducted under the single market rules of the EU.
Gibraltar is currently between a rock and a hard place. Their British territory status has enabled them to become a member of the EU. They have reaped the benefits of the people, services and goods moving between the borders. The membership in the EU has assured they will have their licenses for online gambling. The fears are some of these licenses may be lost to a rival jurisdiction such as Malta because they have been assured of their privileges. The vote of the Gibraltarians was to remain a part of the EU by over 94 percent. They are currently feeling anxious as to the Brexit impact on the economy. The online gambling industry in the territory is the largest employer and responsible for a quarter of the GDP.
The tiny size of the workforce means most live in Spain across the border. The ability of the territory in the online gambling jurisdiction competition for the future relies on the willingness of Spain to allow them to cross the borders. The Gibraltarians are extremely British and have rejected the suggestion of Spain to share sovereignty to ensure Gibraltar remains in the EU.
The future of many issues experienced by Brexit is still unclear. Fabian Picardo is the Chief Minister of Gibraltar. He welcomes the British governments efforts to accommodate a territory that is tiny and may become an afterthought during the EU’s chaotic negotiations. Fabian Picardo stated Gibraltar and the United Kingdom have taken great care to make certain the regulatory standards are properly maintained to ensure regulatory outcome equivalence and consumer protections as time passes. He believes the bilateral relationship has strengthened and the terms have been cemented so the market can be enhanced and the commitment realized. The government of the United Kingdom stated they agreed the package deal was positive and demonstrated their ability to stand together with the Gibraltarians. The have made a commitment to the relationship between the United Kingdom and the Gibraltarians.
