Gibraltar attempts to retain gambling companies ahead of Brexit
Gibraltar has decided to launch a political offensive aimed at preventing gambling companies moving to Malta once Brexit has occurred..
Bet365 and 888 made announcements of their intentions to relocate operations to Malta, with the UK set to leave the European Union on 29 March 2019. Spain reassured its neighbour there will be no drastic changes once Brexit is put in place.
If an exit deal is struck between the UK and the EU, there is a political agreement between Spain and Gibraltar that things will stay somewhat the same.
Although Gibraltar is trying to give surety to the gambling industries based on the Rock, it is believed many are preparing a ‘Plan B’ in case these promises are not kept.
While Bet365 intends to keep a presence in Gibraltar, the company purchased a constructed office block in Malta, where there are currently plans in place to transfer hundreds of employees.
Regardless of location, all gambling companies operating in Great Britain will be affected by the planned increase in remote betting tax to 21% in October 2019, as confirmed by Philip Hammond, Chancellor of the Exchequer, when delivering the budget on Monday.