Gibraltar Ministry eases fears over Brexit

5 July 2016

The Gibraltar Minister of Financial Services and Gaming has moved to allay fears over the impact the UK’s departure from the European Union (EU) could have on the country’s gambling market, stating that it is “business as usual”.
Although it could be years before the UK officially exits the EU following last month’s referendum, concerns have been raised over that the impact the move could have on various sectors, including gambling.

However, in a statement, the Gibraltar Ministry has said that despite the vote, the sector is “strongly committed to its Gibraltar operations” and the government is working with operators based in the country, as well as the Gibraltar Gaming and Betting Association, to support the market.

“HM Government of Gibraltar will continue to work with HM Government UK to ensure the best possible outcome from the ongoing discussions in the expectation that there will be little or no change to the current arrangements for those who live and work in or travel to Gibraltar, and all the indications are that it really will be ‘business as usual’,” the statement said.

“In the past week, various operators have confirmed their intention to continue with their expansion plans in Gibraltar including increasing or leasing new office space in Gibraltar, relocating parts of their existing business from other jurisdictions to Gibraltar, and ensuring recruitment continues apace.

“The Gambling Act Review published earlier this year and now in the consultation stage will definitely be proceeded with and further expanded to ensure that our regulatory, licensing and tax regimes remain fit for purpose having regard to any new arrangements that Gibraltar may enjoy in the future.

“While this Government and others believed that staying in the EU was the better choice for economic development and growth, any move away from the EU will provide new and different opportunities for our economy and we will ensure these are available to all our commercial sectors and Gibraltar remains a great place to locate a business.”

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