The implications of Brexit are so wide ranging that most of us can’t even imagine what they might be, but Gibraltar can at least be reassured on its gambling licenses after the UK guarantees border free access for financial services and online gaming until at least 2020.
Licensed in Gibraltar
Tens of dozens of the best known gambling brands are licensed in Gibraltar; originally this was to avoid UK taxes but despite the new point of consumption tax, brands are still licensed in the country. Gibraltar relies on the UK for more than 90% of its business under the EU single market rules and understandably the country is worried about the knock-on effect of Brexit negotiations.
The Rock and a Hard Place
Gibraltar takes advantage of its status of a British territory for its EU membership, benefiting from the free cross border movement of people, goods and services. Part of that is to have its online gambling licenses, and despite the people of Gibraltar voting to stay in the EU, the UK vote was to take us out of the single union.
Post Brexit there is a worry that Gibraltar will lose its licenses to countries where EU privileges are assured, such as Malta and with gambling licences accounting for 25% of its GDP Gibraltians are naturally worried about a post-Brexit future.
It’s still unknown what the long term future of gambling licenses in Gibraltar are, but the UK has at least reassured the country that for the next couple of years nothing will change.