Gibraltar minister downplays Brexit exodus fears as 888 reveals plan B
Operator says Brexit remains a “risk” to its business and is “considering” moving its Gib operations to Malta
Gibraltar’s gaming minister has told EGR Intel he doesn’t expect any operators to leave the peninsula due to Brexit, despite 888 yesterday revealing it was considering Malta as an alternative base for its business.
In its full-year results yesterday, the operator expressed concern over the impact Brexit could have on its future ability to rely on EU freedom of services and its eligibility for certain EU regulatory licences.
888 added that Malta was being considered “as an alternative dot com licensing jurisdiction” as result of the UK’s withdrawal from the EU, a two-year process which is to be trigged next Wednesday (29 March).
CEO Itai Frieberger later told EGR Intel: “We need to think forward but I can’t really add anything than what was in the report. But [Malta] is an option. It’s probably a topic we will cover in six months.”
However, Gibraltar’s Minister for Financial Services and Gaming, Albert Isola, said he was confident that Brexit would not trigger an exodus of operators from the Rock.
“[The government] does not believe that any Gibraltar gaming company will surrender its licence,” Isola told EGR Intel.
“Particularly given the access Gibraltar companies will continue to have to the very significant United Kingdom market.”
“As the outcome of the Brexit negotiations are not yet clear, it is premature to draw conclusions on what those outcomes might be.”
Commenting on 888’s statement, Isola added: “This preparation to manage risk is normal business planning and best practice.”
Isola previously quashed speculation operators could leave the jurisdiction, pledging a review of the current gambling act.
In relation to the issue, Director General Garcia of the Spanish Dirección General de Ordenación del Juego (DGOJ) recently advised operators to relocate out of Gibraltar and into another EU jurisdiction.