Gibraltar wants to implement changes to the Gambling Law of 2005
Through its regulatory body the Government of Gibraltar is determined to implement changes to the Gambling Law dating back to 2005. This is an update that is more than necessary given the repercussions of Brexit. It seeks to renew the regulatory framework in order for the British territory to remain one of the most important international hubs of the igaming industry.
Gibraltar has proposed to modernize the Gambling Law dating back to 2005. The consequences of Brexit explain the turn that is being given to legislation that seeks to address the technological challenges of the igaming sector today. ©Michal Mrozek/Unsplash
The Government of Gibraltar has issued a proposed Draft Law on gambling activities with the corresponding consultation document. The goal is to update the Law of the Game ( Gambling Act ) dating from 2005.
From the publication of the proposal on May 31, a consultation period was opened for interested parties that will end on August 31, when the Law will be presented in Parliament. The Government of Gibraltar has expressed its desire to that all the actors involved can contribute constructively to the final document and, to this end, it has initiated a round of consultations that includes holding workshops and meetings with the Gibraltar Betting and Gaming Association (the Gibraltar Gambling and Betting Association).
The bill seeks modernizing the current regulatory regime for the sector and create a solid foundation for companies operating in the British territory that, since Brexit, is no longer subject to European Union legislation. In due course, the Gambling Division of the Gibraltarian government will publish the code of practice and the general framework of the licensing process that will include the fees to be applied.
Keys to licensing
It is necessary to put the update of the Gambling Law in the context of the consequences that the departure of the United Kingdom from the European Union, better known as Brexit, he has had for Gibraltar . The proposed law emphasizes that the awarding of licenses to companies will be considered start-up that they prove adequate financing. For example, companies planning to relocate to Gibraltar from other jurisdictions or companies looking to start operations in non-EU emerging markets . Traditionally, Gibraltar had focused on blue chip companies .
The 5 objectives outlined in the proposed new Gambling Law are:
- preserving confidence in the gaming markets
- consumer protection
- promotion of responsible gambling
- organized crime prevention in the game
- contributing to the reputation of Gibraltar
In this way, it is expected that the holders of the licenses comply with international anti-money laundering standards and possess the appropriate mechanisms for the prevention of criminal activities.
The Government of Gibraltar has also expressed its wish that companies awarded a license make a substantial contribution to the economy of the territory and that they have a visible and continuous local presence.
Not to forget that within the European Union in addition to Malta (Malta Gaming Authority) and the special status of Curaçao , a Dutch territory that is part of the euro zone, there is today an industry hub very competitive igaming in Ceuta which has been favored from a taxation that encourages the localization of companies of the bouquet in the Spanish colony.
List of igaming companies licensed in Gibraltar
The gambling authority has published the list of companies (41) licensed in Gibraltar. Among them are large-scale international operators .
Gibraltar licensed operators :
- BetVictor
- Entain
- Mansion Casino
- 888
- 32Red
- William Hill
- bet365
- Betfred
- Gamesys
- Tombola
- Unibet
- Casumo
Licensed suppliers of Gibraltar :
- IGT
- NetEnt
- SG Digital
- Greentube
- Inspired Gaming
- Pariplay
- Yggdrasil
- Skywind
- Play'n Go
- Blueprint
- Pragmatic Play
