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Brexit is no ‘doom & gloom scenario’ for Gibraltar gambling - Andrew Lyman

Despite uncertainties on how Brexit negotiations will play out, Gibraltar will maintain its industry presence regardless of the outcomes. 

As Mr Lyman sets out, Brexit will inevitably mean that Gibraltar's business relationship with EU counterparts will change. Whilst Gibraltar-based operators have already made certain contingency arrangements to address EU-facing business (whilst maintaining a substantial presence), Gibraltar will continue to grow as a UK-facing hub and will look to develop and support opportunities in emerging markets. 

Whilst there is uncertainty on where Brexit negotiations will land, ‘reciprocal arrangements’ are being explored and considered which seek to address a post-Brexit landscape, including the effects of a potential No Deal outcome. 

Indeed, it is worth looking beyond Brexit and at the next decade for the industry. Irrespective of Brexit, Gibraltar's gambling industry was arguably already at an inflexion point, with legislation which requires modernising. The Gibraltar Gambling Act is in the process of being updated to better reflect the reality of the industry today. As has previously been signalled, this will include new provisions such as accommodating some flexibility on IT infrastructure. A consultation paper has been circulated to stakeholders with the Government encouraging engagement and comments to feed into the process. 

It is expected that more details will be forthcoming in the near future. In the meantime, Gibraltar remains a hub for remote gambling with a concentration of industry talent and intellectual property. A combination of strengthening existing UK-industry support, modernising legislation and exploring the potential of emerging markets will ensure that Gibraltar remains highly relevant and attractive to the industry for the foreseeable future. 

Andrew Lyman, Gambling Commissioner for the Government of Gibraltar, is confident that the British overseas territory will maintain its status as an online gambling hub to navigate Brexit business complexities. www.sbcnews.co.uk/...

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