After the UK narrowly voted to leave the European Union two weeks ago, many have been wondering what impact this will have upon the wider casino industry, from game providers to the actual casinos themselves.
Serious concerns have been shown about Gibraltar too, due to the island being a huge influence in the iGaming industry but also a British Overseas Territory.
Despite Gibraltarians voting 96% in favour of staying in the EU, they look set to be dragged out of it against their will, although Gibraltar’s Ministry of Financial Services and Gaming has moved to ease any fears about the future.
“Business as Usual”
They described the situation as “business as usual” and confirmed that the government of Gibraltar would be working closely with their counterparts in the UK to ensure the best possible outcome for the southern-European island.
This is certainly true for the near-future, as the UK hasn’t even begun the process of withdrawing for the EU which is expected to take a minimum of a few years anyway. Until that date, Gibraltar is still firmly part of the European Union.
No Intention to Halt Expansion Plans
The Ministry of Financial Services and Gambling has also confirmed that many operators have signalled their intention to continue with their expansion plans, such as relocating to Gibraltar, purchasing more office space, and furthering their recruitment drive.
They talked about the recently published gambling act review too, stating:
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.
Brexit Opportunities
Concluding their statement, the Ministry said that they believed there was cause for some optimism with regards to the future, despite their belief that staying in the EU was the best course of action.
They said that focussing away from EU areas would bring “new and different opportunities” for the economy, with the government determined to continue Gibraltar’s business appeal in the long-term future.
