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Impact of Brexit on the UK online gambling industry

Impact of Brexit on the UK online gambling industry

Considering the fact that Brexit seems to become a reality with every new day, a lot of people are interested in the impact of this event on the online gambling sphere.

Impact of Brexit

European online gambling market is a huge one and it proceeds to grow with every passing day. It has turned into one of the major industry worldwide due to its worth of about €15 billion. The greatest part of this market, known as The Rock and the EU’s Las Vegas, is located in Gibraltar. It includes about 60% of the whole gambling industry throughout the world.

Asserting a claim to Gibraltar

Being one of the EU centres of online gambling, one of the major worries as to the effect of Brexit on the online gambling is who will assert a claim to Gibraltar.

For a long time, Spain has tried to present a claim to it, but Britain is driving off wishing to hold Gibraltar under their control. Due to the great income made by Gibraltar and its more than 30 casinos, it is a mighty money generator for any country who will supervise this territory.

After Brexit became a reality and because of the introduced changes, the Spanish and British will have to make out a decision together as to the future of Gibraltar.

Gibraltar has already been taxed higher as it was decided in 2015 that their taxes would be the same as Britain paid, so the companies had to pay more than before. The operators also had to get a UK gambling license if they wanted to work with the UK players.

A change in power

As the struggle for Gibraltar is in progress, the major UK casinos and operators are intending to leave this territory and open their offices in some other countries like Malta.

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Representatives and executives of such companies as William Hill, 888 and others might be planning to set up in some more profitable and stable place after Brexit comes into force. Although there is no proven information as to such plans, but the noise has been made, so this could become a real strike to the online gambling industry of the UK.

Increased taxes and the possibility to be limited in the operation within the UK, turn the possibility to remain in Gibraltar a scanty one for a lot of famous companies.

There are also some rumours as to Spain’s attempts to create an infrastructure supporting online operators located on its territory better. As these rumours might possibly turn into reality, this can cause a great change in the market.

Online gambling’s future

Online gambling has become one of the most profitable and fast-growing industries throughout the world rather easily. As the greater part of this industry is set on the territory of the EU, online casino operators and customers are not sure in the final result.

But as there is no any outcome yet and there is hardly any to appear within future several years, operators have been cautioned to make provision whatever the destiny of the online gambling is.

Currently, the only way out is to wait for the consequences and who will get the power in the struggle that takes place now.

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