Betting giants and Gibraltar-based gaming group, 888 Holdings, have officially applied for a gaming license from Malta Gaming Authority since Brexit (departure of the UK from EU) might affect its businesses. Although many e-gaming providers such as Yggdrasil, NetEnt, BetVictor or Lottoland as well as sportsbooks are registered on “the Rock,” the company’s current status remains unclear and further steps in securing legal gaming services need to be taken, says one company representative.
Leading online gaming operators are also licensed in the UK, and Gibraltar is merely a doorway to many regulated gambling markets in Europe. Almost 25% of the country’s GDP depends on the gambling industry, however, most workers live in Spain which could also cause further obstacles. By applying for a new license, the group is looking for a new way to operate EU casinos and provide services without disruption.
According to another statement from the company, Gibraltar’s position as a result of Britain’s departure from the European Union remains uncertain. EU officials have mentioned in the previous weeks that Spain could be granted a veto right against transitional arrangements of the country with the UK, which undoubtedly decreases Gibraltar’s efforts to skip a “hard Brexit.”
Should 888 Holdings somehow remain unregistered, its services within the Union will be severely limited or even illegal in certain jurisdictions. Furthermore, gambling markets could suffer from economic stagnation and even regression. Since the company cannot control political changes, obtaining a new license is the only way to continue serving loyal European players after March 2019 – end of the negotiation period between UK and EU.
Apart from applying for a Malta Gaming License, 888 is also putting a server farm in Ireland (EU).
Source:
“888 looks to Malta due to Brexit fears”, igamingbusiness.com, March 29, 2018.
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