Gibraltar relies heavily on gambling operations for economic stability. The British territory, and Spain’s southern neighbor, is home to a number of operators that provide millions of dollars in revenue.
It’s now time for them to catch up with the latest evolutionary cycle in the gaming industry. Gibraltar is giving the gaming industry a chance to preview what’s coming, publishing the draft on the government’s website.
The consultation period will last until the end of August. The Gaming Division will contact those consulted through workshops and direct representations, in addition to receiving and analyzing written submissions.
The Act will introduce a new regime for the gaming sector that will be “modern, innovative and suitable.” It will prepare operators and the entire market for the next generation of gambling businesses in an environment that is constantly changing and that bears no resemblance to what it was in 2005.
The new regulations will redefine the activities that require a license. It will also reinforce the importance of companies operating in Gibraltar to have a solid “foundation” in the territory.
Work on this Act began before Brexit. However, while the UK figured out how to separate itself from the European Union (EU), the government suspended the reform. Negotiations halted again when the COVID-19 health crisis forced the Government of Gibraltar to set new priorities.
“The current Gambling Act has been long-lasting, but the nature of the sector has changed and it needed to be modernised to ensure that Gibraltar remains one of the main gambling centres for companies increasingly operating in more jurisdictions,” said Minister for Digital and Financial Services Albert Isola.
Authorities have already discussed the updates with all companies in the sector. In recent face-to-face meetings with all firms, they encouraged the entities’ representatives to consider the bill. They also asked for their opinions on the principles and substance of the project.
This Act will be a more flexible set of regulatory powers, but offset by legal rights of appeal. It maintains the distinction between the Minister as the Licensing Authority and the Commissioner for Gambling, but provides a legal basis for the Gambling Division and its staff.
The new laws will give the Minister for Digital and Financial Services, Albert Isola, the authority to draw up regulations. The draft hints that the final legislation will also likely include language restricting where gambling equipment can be located.
The Act also gives the right to the Commissioner for Gambling to issue codes, in particular in the field of consumer protection. In addition, it will create a new Gambling Appeals Tribunal, something the Mansion Group may wish was already in place.
Source: Casino.org
