As I am sure you are well aware by now, on June 23, 2023 the United Kingdom narrowly voted to the leave the European Union. But how will the Brexit vote affect the iGaming industry? Well, the impact may be bigger than you may have first thought — especially for companies based in Gibraltar.
As an overseas region belonging to Great Britain, Gibraltar is a small self-governed territory located off the southern tip of Spain and is a boiling pot in terms of the iGaming industry. Some 30 gambling companies are based in this small area and the iGaming industry acquaints to around 25% of its GDP.
The isolated state voted overwhelmingly in favour of remaining a part of the EU and now faces being dragged out with the rest of Great Britain. This could have massive implications for the huge amounts of workers who cross the border into the British territory from Spain every day because Britain is no longer part of the EU which would make crossing between the countries much more difficult.
GIBRALTAR BASED IGAMING COMPANIES COULD MOVE TO MALTA
Gibraltar has become the home of iGaming companies over the years thanks to its 1% cap on corporate taxes and the freedom of labour in and out of neighboring Spain. But with this all set to change when Britain finally leave the EU, where would be the next destination of choice?
The most likely destination of choice would be the Mediterranean island of Malta. Having proven to already be a popular destination for many of the world’s leading iGaming companies thanks to its preferable tax rates, Malta would be an ideal destination as providers would still be able to benefit from the free movement of labour.
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Based just a short sail south of Italy, Malta is a small island beaming with iGaming companies and plays home to some of largest and most popular online casinos in the world who have some impressive sign up offers for new players.
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