Gibraltar’s online gambling scene

In Gibraltar, an area of British overseas territory lying in the most Southern part of Spain barely a leap from Morocco, bitcoin is beginning to take on a very large economic role, although given the tiny area occupied by the territory, perhaps you wouldn’t think it.

With a population of around 30,000 people, Gibraltar is barely a fingernail in comparison to the seemingly giant body of land occupied by Madrid, and has an economy predominantly based on tourism, shipping, financial services – and online gambling, which now constitutes such a strong part of its economy that Gibraltar is looked upon as a great online gambling centre, with many different online casino providers heading to Gibraltar to base their operations owing to it’s low tax rate (at 1%) regulations, even though the UK has slapped a 15% consumption tax on gambling operators (see British Gambling Tax Plan Annoys Many in Gibraltar for a quick summary), which Gibraltar is opposed to and has contested – so far to no avail.

Gibraltar gamblingGibraltar’s online gambling scene

And with bitcoin a part of Gibraltar’s private stock market as of 2016 thanks to its inclusion as an ETI (exchange traded instrument), bitcoin casinos are likely to continue to be wholly welcomed into Gibraltar’s online gambling market, adding to what is already a very prevalent, lively and diverse world of online casinos and with just under two decades of gambling expertise and consistent safety and player protection regulations monitored by the Gibraltar Regulatory Authority, the online casino industry looks unlikely to slow down now, especially with bitcoin on the scene.

However, recent movements involving the EU status of Great Britain raises some interesting questions with regards to the stability of the bitcoin gaming industry post a (supposedly) fast approaching Brexit. UK leaving the European Union means Gibraltar would subsequently also lose the advantage of access to EU markets, with licensed casino operators firmly settled down in Gibraltar potentially having to relocate elsewhere. But with the real impacts of this distancing from EU markets currently unknown, worst comes to worst, companies may have to re-apply for local licenses – so ultimately the online gambling industry in Gibraltar might not be noticeably affected. Still, it’d be better to keep an eye on things.

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