iGaming operators in the UK, Gibraltar, Alderney, and the Isle of Man have had a turbulent few months as the uncertainty around Brexit looms on the horizon. How, when, and if at all the UK will actually withdraw from the European Union remains to be seen, but this climate of uncertainty has caused chaos within its lucrative and well-respected online gambling industry.
Considered as one of the most respected gaming licenses in the world, the Gambling Commission provides accreditation for some of the biggest names in the industry.
The iGaming industry in the UK, at present surpasses GBP 14 billion and over the last few years it has become one of the largest revenue generators. It is also responsible for a large chunk of tax revenue that is then pumped back into the economy and public services.
But with no one being sure what will happen in the next few months, the future of its licensees hangs in the balance.
According to a number of industry insiders, gambling operators and service providers and their operations could be thrown into jeopardy as the withdrawal of the UK could result in bureaucratic chaos. Consider operating licenses, regulations, taxation, EU gambling laws- all of these could be rendered obsolete or not fit for purpose, depending on what kind of Brexit takes place.
Other iGaming operators remain optimistic in hoping that the size of the UK industry is big enough to survive the potentially massive blow that EU withdrawal could have. Whichever way it goes, the consequences are expected to be severe, particularly in the case of Northern Ireland which could suffer a lot more, depending on the outcome of its border issues.
But already, cracks have appeared. Stricter regulations and general uncertainty have already resulted in a number of operators leaving the UK, Gibraltar, Ireland, Alderney, and the Isle of Man to seek assurances in foreign jurisdictions. Whilst some have stayed in Gibraltar and the Isle of Man, there is a chance that they will have to make a decision whether to move completely in to the UK or stop offering services in the country, should gambling laws become tougher.
Malta has been a popular choice for many as its relaxed regulatory regime, English-speaking workforce, and EU membership has made it a perfect alternative for those seeking some assurance. The iGaming sector has flourished there over the last decade and now employs as many as 10,000 people comprising of Maltese, and individuals from all over the world.
Others have opted to leave the EU all together and have upped sticks for places such as Curacao. With low cost and easy to obtain licensing options, the Curacao Gaming License is a great option for startups.
At Fast Offshore, we have over two decades of experience in the iGaming sector. Whilst we cannot predict what will happen in the UK in a post-Brexit gaming landscape, we can offer you advice and assistance with moving your operations elsewhere. We can also provide guidance and a range of services to those looking to enter the industry, regardless of which jurisdiction they are looking to operate in. To benefit from our wealth of experience, get in touch with a member of our team today.