Industry News
How Will Brexit Affect Europe’s Gambling Industry?
The Brexit has had profound effects on almost every industry, including the gambling industry.
Many gambling sites may find themselves unsure of whether they are legal after Brexit, leading them to stop offering their content to UK readers. This may make it harder for you to verify whether or not a site is legitimate or research the pros and cons of using a site before you start putting your hard-earned cash into it.
One site that is not going anywhere and offers trusted reviews and insight from real gamblers is AskGamblers. The site is committed to finding the best new online casinos and providing you with insight into whether they are worth your time or not.
In the world of physical gambling, you might notice some of your favourite casinos closing down or reducing their games in the future. That is because the UK’s moving to a points based immigration system, which will make it harder for workers without skills to come to the country.
The UK has strict rules for companies that allow gambling, including requiring them to have a license. Many companies headquartered internationally may find themselves having to apply for a separate licence to operate in the UK. Gambling licenses cost money, and if companies have to buy a separate one to operate in the UK, then firms may withdraw from the UK market.
When the UK was in the EU, it abided by the union’s rules, including its strict anti-money laundering rules. Now that the UK has left, it has the power to set and change its rules, meaning that companies operating internationally may find themselves having to abide by two sets of rules. Companies operating solely in the UK may find that the rules change, meaning that they may have to adapt their processes.
Gambling companies based in Gibraltar may struggle a lot. Gibraltar might just be a small island off the coast of Spain, but it plays a big part in the UK’s gambling industry. Currently, Gibraltar is a British territory, although there are talks that Spain may try to regain control over it.
As it is a British territory, Spain may choose to close its border to Gibraltar now the UK’s out of the EU. If that happens, gambling companies would struggle to get the staff they need. That might lead major sites to move out of Gibraltar.
So, any changes to the country’s laws could spell big trouble for the gambling market as a whole.