Impact of UK and Spain's Gibraltar agreement on gambling industry
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Gibraltar is a British overseas territory. Gibraltar is closer to Spain than to the UK. The foundation of Gibraltar's economy is the service industry. Gambling is its core sector.
Gibraltar is home to thousands of experts in the gambling industry. The concentration of gambling businesses there is higher than almost anywhere in world. Gibraltar lost some of its popularity during the pandemic, but it's still among gamblers' favourite destinations. According to British and Spanish officials, the UK and EU are in talks about making Gibraltar part of the passport-free Schengen area. EU residents will be able to visit Gibraltar just as easy as Brits.
The GBGA will review the Gambling Act. The new G gambling act is expected this year. It will address and regulate Gibraltar's unique privileges. Gibraltar Betting and Gambling Association is partnered with the European Betters' Association and cooperates with UK Gabbling Commission.
Gambling industry has four years to prepare for the consequences of Brexit. Many companies have already set up subsidiaries and EU offices to get ready for complications. Land-based casinos will still have enough clientele to thrive.
Gibraltar's gambling industry will be fine. Gibraltar's inclusion in the Schengen area is temporary, but it will become permanent after the term of the initial agreement expires. The GBGA will cooperate with both the Gambling Commission and EGBA. New G gambling act will finalize legislative changes for the industry.
