A Bright future for Gibraltar gambling licenses

UKGC BrexitInitially, many gambling brands got their licenses to avoid paying taxes to the UK government. However, despite the introduction of consumption tax by the UK government, all gambling brands are still licensed in the UK. The main reason why the gambling brands are comfortable in paying the consumption tax is that they rely on the UK for more than 90% of its business under the EU single market. The UK is worried that the Brexit negotiations might affect the gambling brands.

Gibraltar looks for solutions

The Gibraltar government decided to solve the matter by using its EU membership to reach out to other countries using the free cross border movement policy. The main idea was to ensure that the gambling brands acquire online gambling licenses because despite the UK voting to leave the EU the people of Gibraltar voted to stay in the EU.

The post-Brexit future seems dull because the people of Gibraltar are afraid of losing their gambling licenses to countries like Malta who are enjoying some of the EU privileges. The people of Gibraltar know that 25% of its GDP comes from the gambling licenses and the opportunities offered by the EU and they are worried about the post-Brexit future.

The UK government knows how vital the gambling licenses are to the people of Gibraltar and the contribution these gambling companies make to the UK GDP. This is what prompted the UK government to look for solutions to solve these problems. The UK has guaranteed nothing will change after their exit from the EU and has promised financial services to the gambling services up to 2020.

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About The Author

As a member of the VegasMaster writing staff, I pride myself on delivering quality information about my favorite topic: the online gaming industry. In addition to playing a wide-variety of online casino games, I keep up on the latest iGaming news and trends. My passion for the industry has made me both an experienced player and researcher.

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