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Brexit a Blessing for Gibraltar’s Gambling Industry
By Shane Addinall Jan 23, 2021 IndustryBritish and Spanish authorities have created a framework for a treaty between Gibraltar and the EU. Gibraltar appears to be excited about independence, future growth and a closer relationship with the EU.Brexit has made a big impact on various industries, and that includes the gambling industry.
Always aiming to improve, the UK has been setting their own criteria and regulations for the gambling industry in place since the breakaway from the EU.
Online casino operators and players have had quite a wild ride in terms of the changes in regulations, software, and payment methods.
One of the biggest questions was what would happen to Gibraltar and its gambling industry throughout the separation. And now we’ve finally gotten an answer.
A New Day for Gibraltar Gaming
Gibraltar is located at the southern end of Spain. While the UK has claimed ownership of the area, not many resources go into maintaining it.
By the end of 2020, the fate of Gibraltar was undetermined leaving the gambling industry in a spin. After a long wait, Gibraltar is waking up to endless possibilities as it is set to become a Schengen Area.
British and Spanish authorities created a political framework that would become the foundation of a Gibraltar treaty between them and the EU. This treaty established Gibraltar as a Schengen Area and adds it to a list of 26 EU countries allowed unrestricted movement, tourism and employment.
Executive Director of Gibraltar Gambling Division, Andrew Lyman, said this is major news for such a small island as it provides great independence. Lyman believes this will lead to major gambling expansion and growth within the industry. The growth will benefit both Gibraltar and Spain as there are currently over 15,000 Spanish residents working in Gibraltar.
Gibraltar is territory familiar with change and can easily adapt and evolve thanks to its experience of shifting environments. With the recent developments, there is only room for more growth especially in terms of creating a thriving gambling industry.
Spain Eager to Take Control
Gibraltar’s authorities are opting to build beneficial friends internationally, commanding full support from the UK. It wants to build a close relationship with the EU while enjoying its independence.
While the territory is busy celebrating its independence and the promise of tomorrow, Spain has announced its own vision for the island.
Earlier this week, Spain boasted being in charge, having clear plans of taking control of Gibraltar with various future plans in place.
If they succeed in regaining prominence in Gibraltar, it will be the first time in three centuries. Future plans include preventing ‘uncontrolled’ development of international relations with foreign partners.
Spain’s hunger for control will lead to Gibraltar joining the EU’s Schengen free movement zone for protection. While there is currently a UK-Spain agreement in place over Gibraltar, Madrid is hungry for prominence in the territory.
Gibraltar has made it clear that while it would continue to pursue good relations with Spain, there will be no engaging of Madrid’s chauvinistic nationalism.
There is still uncertainty on what the future holds, as the EU and UK have yet to reach a formal agreement of Gibraltar.
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