According to Brear the alleged Brexit impact on Gibraltar’s online gambling sector is exaggerated
The consequences of Brexit have so far been widely discussed. We have already written about the future possibilities for the international financial banking system to move to another center in continental Europe. Several banks such as HSBC already announced that they will need to rethink their attachment to the UK and that they will probably need to move more than 1,000 jobs in other banking centers like Paris, report gambling news.
Many in the gaming industry were intrigued about the possible consequences of Brexit for the gambling sector in the country and how UK gaming providers will cope in the newly established social and economic environment. Most of them areceived the results of the referendum with fear that for example one of the biggest gambling centers in Europe such as Gibraltar will lose its connectivity with the European gambling market. However these scenarios and expectations prove to have many gaps in their justification.
Brexit will not have major impact on Gibraltar’s gambling sector!
Gibraltar which is considered to be one of the main centers of the online gambling industry, was put into spotlight right after the British public voted to leave the European Union (EU).Many were scared that this piece of land under British governance will lose big portions of the gambling market it used to control. However as Phill Brear from the Gibraltar Gambling Commission stressed, these predictions have nothing to do with reality. The media only exaggerated in producing dark scenarios after the Brexit which in the end only caused panic in the public sphere.
Brear sees this whole situation in a completely different way. In fact the impact that Brexit will have on the functioning of the gambling sector in Gibraltar will either be of little or of no impact for the sector and the economy its economy in general. As Gibraltar gambling news explain this is due to the fact that businesses rely on the evidence and the facts they take into consideration in the process of decision making. In this respect Gibraltar can always copy provisions of regulations which are set by the EU when crafting its own gaming rules, especially when it comes to tax models.
• The Brexit consequences concerning the gambling sector have been exaggerated
• Gibraltar can always comply with EU gambling laws
• The place of Gibraltar as center of the online gambling community in not endangered
He is convinced that Gibraltar will find ways how to remain a top spot for the gambling industry in Europe beside the Brexit. As he says “what we are seeing since post Brexit is quite an unusual situation, knowing that some has put off decision until the vote had taken place and then made a decision after the vote. It made a lot of difference. You can be sure that Gibraltar has the agility to make sure its model is adapted should there be a Brexit, to remain as attractive but maybe attractive in different ways now to the online gambling community, which is surely embedded in Gibraltar.”
The totality of Brexit’s effects on the gambling sector are unpredictable
Some of the effects of Brexit can already be felt in the UK concerning many sector. However, as UK gambling news confirm the effect of the referendum concerning the gambling industry cannot be immediately determined. Brear also pointed out that it is still too early to say how the gambling industry in Gibraltar will develop after Brexit and which measures will be taken.
According to him “we are the stage of the game you can see UK going some sort of political meltdown and certain economic wobbles following that. There’s a talk that we have tough Brexit line taken by certain structure of the UK cabinet. There’s also talk of a more reasonable and realistic approach that may be taken if the cabinet is structured in a different way. So it is really difficult to call and that’s the issue. And an unknown path for the following two to three years” ends Brear.