The government of the United Kingdom has agreed to provide the territory uninterrupted access to the UK’s online gambling market at least up to 2020. The online gambling operators in Gibraltar are finally relieved that the territory is going to sign up a deal with the United Kingdom that will feature a replacement model for both business and commercial guidance once the British government finally makes an exit from the European Union.
In an interview with the news outlet, the Chief Minister of Gibraltar, Fabian Picardo, remarked that both the United Kingdom and the territory are taking adequate precautions while inking the agreement to not only ensure a proper maintenance of regulatory standards post-Brexit but also to design a new framework that would guarantee equivalence of customer satisfaction and regulatory outcomes in the future.
As per the report, the Department for Exiting the European Union’s minister of state Robin Walker outlined that the aforementioned decision of the UK government to allow uninterrupted access to the local market was taken in the wake of consistent appeals from the online gaming companies based in Gibraltar. He further added that both UK and the territory signed the deal to allow post-Brexit access to the local market at least until 2020 to ensure that Gibraltar has sufficient time at hand to design a new and improved agreement that would stay in line with the current quality of standards regarding regulation and enforcement of online gambling laws.
According to the inputs from expert gambling analysts in the country, the said agreement will prove to be extremely useful in providing the required confidence to the online gambling operators based out of Gibraltar.
Given the fact that it enjoys complete membership in the European Union as well as some of the lowest corporate taxes in the country, Gibraltar is now home to over 30 different online wagering companies according to the current statistics. Also, with a whopping 5000 employees working for the sector, the online gambling companies may be termed as the largest employers in the territory of Gibraltar. However, there are a lot of UK-based operators that are mulling over their licensing agreements with the territory on the basis of the anticipated consequences of the Brexit.
