The British Overseas Territory of Gibraltar has issued a draft proposal to repeal and replace its Gambling Act of 2005.
The public consultation period on the draft will run until the end of August. The Gambling Division will hold workshops with the public stakeholders and take written submissions. The goal is to make the Act “modern, innovative and fit for purpose,” and to reflect how much the industry has evolved in 17 years.
According to Albert Isola, the Minister for Digital and Financial Services, gaming today is “unrecognizable” from that time.
He said in a statement, “The current Gambling Act has been very durable, but the nature of the industry has changed and the Act needed modernizing to ensure that Gibraltar remains as a primary gambling hub for businesses that are increasingly multijurisdictional.”
Isola added, “The B2B supply chain is now more diversified and we need to establish proportionate control over the supply chain whilst ensuring our B2C operators receive the services they need in a fast moving environment.”
The work on the Act began before the Brexit vote, which delayed it. The Covid pandemic further delayed work. The Act will require licensed operators to have a local presence.
Its goals include preserving confidence in the gaming markets, protecting consumers, promoting responsible gambling, and preventing a connection between gambling and crime. It sets requirements for equipment and number of jobs created. It also sets the tax revenue.
It also sets conditions required for licensing, including owners’ suitability. It also determines where operators can locate.
Eventually the bill will be introduced in the U.K. Parliament.
