How Brexit Is Affecting Online Gambling Industry

There’s no denying the fact that online gambling constitutes a large part of the economy of British and studies reveal that around half the British population engage in some form of betting. They spend millions on gambling almost every year. Now the effect of Brexit on the gambling industry is something that people are thinking of, particularly with regard to tax revenues that are generated within the industry.

Now, if you’re someone who is always studying on Raging Bull casino bonus codes, you should first study the impact of Brexit on the entire gambling industry. Read on to know how it affected the players and the operators.

Licensing and Regulations

The UK is very strict as long as its gambling services are concerned and they have operated outside Europe for several years. As a result of this, there are many who may think that Brexit won’t have a huge impact on the gambling industry. Before the 2014 Gambling Act, operators didn’t require having any license from the UK Gambling Commission. However, since this act, any gambling operator who wants to operate within the UK, even with foreign servers, will need a license. This is why players will find it tougher to play at existing and new online casinos post Brexit.

Gibraltar and its future

One of the main concerns of Brexit in relation to the UK gambling industry is the fate of Gibraltar. For several years now, the rock has been the main subject of dispute for several years between Spain and UK. Post Brexit, the situation looks more grim and dangerous. More than 99% of Gibraltarians wish to remain a part of the UK and they don’t want to share sovereignty with Spain.

Nevertheless, as Gibraltar has been classed as part of the UK and UK is leaving the European Union, Gibraltar will need to leave too. This will have a havoc impact on Gibraltar. It is thought that around 60% of the staff of gambling industry live in Spain and they commute to Gibraltar for purposes like work.

Gibraltar Taxes

Gibraltar is home to 30 different gambling companies that include casino operators, bingo operators and sportsbook operators. Fixed odds gambling operations were taxed at 1% of turnover before 2014 and hence too many companies were eager to remain in Gibraltar instead of locating somewhere else.

Since the ruling of 2014, companies are forced to move in line with Britain and pay more tax, while they also obtain UKKC licenses to stay open to UK players. Nevertheless, the situation is still a favorite for gambling companies to remain in Gibraltar for the present moment.

The Single Market

The Single Market is presently in operation through the European Union  and this even opens the industry to 500 million people. Nevertheless, post Brexit, this will be reduced considerably in case the UK leaves the single market. There is a possibility that the gambling companies which are there in Gibraltar will relocate to some other place.

So, there are several things that will change with Brexit and there will also be companies that will relocate to keep up with their operations.