The United Kingdom voted to leave the European Union (EU) in 2016, known to the world as “Brexit”. The UK officially ended its years of politics and negotiations with the organization and the world’s largest free-trade pact.
After years of paperwork and negotiations, the UK officially left the EU and entered a transition period in January last year. The transition period ended on December 31 of the same year.
“We’ve taken back control of our laws and our destiny. We’ve taken back control of every jot and title of our regulation in a way that is complete and unfettered. This deal means new stability and a new certainty in what has sometimes been a fractious and difficult relationship. Although we have left the E.U., this country will remain culturally, emotionally, historically, strategically, geologically attached to Europe,” said British Prime Minister Boris Johnson in an afternoon news conference at 10 Downing Street.
Brexit, as expected, will affect the economy of all countries involved. Many industries centrally regulated by the EU face many changes, but what does this mean for the online gambling industry?
Licensing And Operation
Gambling, in a sense, has never been regulated by the EU. For this reason, Brexit might have little to no effect on online casinos, sportsbooks, and their Bitcoin counterparts in a legislative sense. Some online gambling operators must receive a license from the UK Gambling Commission, but it only ensures that they are operating safely, responsibly, and fairly. Registered sportsbooks and casinos are not tied to the EU.
Talent Acquisition And Retention
Internally, Brexit may have an impact on gambling companies with immigrant talents. Britain’s exit means that there will be no longer freedom of movement across Europe. Immigrants in Britain are now required to acquire a certain amount of residency points to be eligible for a working visa.
Impact On Gibraltar
Since Gibraltar is an overseas territory of the United Kingdom, it could affect industries with talents and businesses from Spain. Gibraltar houses many online casinos and gambling companies because of its attractive tax rate. These businesses’ freedom of movement and overall business transactions may be affected.