Bookie News: Gibraltar Gambling Industry Faces Uncertainties with Brexit

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Created on Tuesday, 05 March 2019

Bookie News: Gibraltar Gambling Industry Faces Uncertainties with Brexit

As the day when Britain exits from the EU draws closer, the future of Gibraltar gambling industry is facing some uncertainties. The gambling hub depends on cross-border movement. In fact, around 10,000 Spanish workers commute to British territory daily. 
 
At present, Gibraltar enjoys the benefits of being a British overseas territory. The UK is a major economic partner of Spain. In addition, Gibraltar is a hub for various industries, including online gambling, insurance, and finance. 
 
Most British gambling companies prefer Gibraltar as their home base due to its tax laws. It provides a corporate tax rate of 10 percent that is lower than Spain’s 25 percent. As a result, Spanish businesses see Gibraltar as a tax haven. A look at pay per head reviews and you’ll see some top sportsbooks based in the territory.  
 

Future of Gibraltar Gambling Industry

 
The British government wants the whole UK and its overseas territories to leave the EU. However, its Spanish counterpart wants to maintain the status quo. It believes that the UK territory must have access to the European single market even after the Brexit, even for just a transitional period. 
 
According to gambling news reports, Gibraltar residents voted to remain in the EU in 2016. However, it also voted to remain part of the UK after rejecting Spanish sovereignty in both 1967 and 2002. Also, its government has the powers to veto changes brought to the sovereignty of the territory. 
 
The future of Gibraltar gambling industry remains unclear. The territory is host to the biggest gambling operators in the world. Its government can get a special protocol to give it special access to the EU single market and the customs union. 
 
Only time can tell whether it gets special access or not. Hopefully, the government of Gibraltar will act accordingly to protect the pay per head bookie industry in the territory.   
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