How Will The Online Gambling Industry Be Post-Brexit?
The United Kingdom is finally and officially separate from the European Union. Now that the year-long transition and separation period ended on December 31, 2020, Brexit is finally done and final. With the UK leaving the EU after a long time, changes in governance, regulations, laws, and economy will start to fully take place. In particular, one industry that may face huge changes due to this move by the UK is the sector of online gambling, both online casinos and online bookmakers included.
As such, many online bettors worry about the status of online gambling in the UK post Brexit, as rumors of increased taxes, fewer bonuses, and even several operators closing business has been in the mill for an entire year now. But what exactly do the changes brought about by Brexit mean for the betting industry? Here are the most important things that you should know as a bettor and with a bit of luck, you could be in with a chance of a huge gambling win.
Would there be any changes in gambling laws and regulations?
One of the first and most important things that you should know about the effect of Brexit on online gambling is that the UK will not change any existing laws and regulations that it should when it comes to online gambling operations and offshore gaming. This means that any site that operates in United Kingdom territory would not need to worry about any adjustments, and players playing through an offshore site need not think of anything at all, too.
However, that is not to say that there won’t be any changes. While there would be the need to clarify any laws that were affected by the separation from the EU, nothing major or impacting is expected to change.
On the other hand, the interaction between UK-based gambling firms and EU-based gambling firms may be harder than usual, if not completely impossible. Depending on how EU territories deal with their tax regulation in gambling, some operators might even move to the UK.
What about those in Gibraltar?
The point of concern is the online casinos and online bookmakers that are working in Gibraltar as their base of operations. Gibraltar is a UK territory that has Spain on the borders of its northern area.
For many years, Gibraltar had been home to several big online gambling companies. One of the reasons why this location had been very favorable for operators is the fact that taxes are considerably low compared to other territories.
Now that the transition for Brexit has been finalized, at what place does this put businesses in Gibraltar? During the referendum, the population of Gibraltar voted to remain on the EU. However, being a UK territory, the overall votes of the UK to step out of the EU had more bearing.
With Gibraltar now officially also out of the EU, it is possible that Spain could cancel the free movement policy between Gibraltar crossing the borders of Spain. For employees working in online gambling companies in Gibraltar, moving about may become more of a hassle and more complicated. This is one of the things that might push operators away from Gibraltar and move on to other territories as their base of operations. Some operators are said to be looking at Malta as one good place to move should they need to pack up from Gibraltar.
When in doubt, the best way to clear any confusion or worry is to contact your casino operator or your bookmaker. As each operator’s plans and approach may differ, they are the only ones that can let you know of their plan of action in response to the changes brought about by the UK’s move out of the EU.