Gib Update: The Rock Stands Tall Post-Brexit
Published January 25, 2021 by Lee R
Local officials welcome Gibraltar's New World for 2021.
Brexit is finally complete—so where does that leave Gib?
Unique Location
Physically connected by land to the European continent, iGaming pioneer Gibraltar is also an overseas territory of Great Britain.
As of 31 December, 2020, UK is no longer part of the EU, with the future of iGaming hotbed Gibraltar coming in under an 11th hour deal between British and Spanish political authorities.
New Status
It turns out the agreement is paving the way for the Mediterranean territory to join the 26-country Schengen Area guaranteeing freedom and unrestricted movement of all its citizens.
Gib Spokesperson Optimistic
Executive Director of the Government of Gibraltar’s Gambling Division Andrew Lyman explained to CasinoBeats that Gibraltar stands to “grow and thrive” in post-Brexit deal conditions.
Lyman called the inclusion of Gibraltar in the free movement zone a “win-win” between Gibraltar and Spain, guaranteeing “continued shared prosperity between Gibraltar and the campo in which some 15,000 workers live in Spain, but work in Gibraltar.”
Gib's Agility
Lyman called Gibraltar a robust market which has been “changing and evolving since 2014 and has sustained despite legal changes in the UK and elsewhere,” effectively developing alongside EU markets “well before the 2016 Brexit vote.”
As a small jurisdiction, Lyman re-iterated the fundamental agility and adaptability of the Gib market, calling the area's model “multi-jurisdictional in nature.”
The Schengen Move
Moving into the Schengen area would not be a problem for Gibraltar, as Lyman asserts that it remains an innovative and attractive environment for operators which will continue to command “international respect and full UK support. It also wants to continue to build a close relationship with the EU. I am very optimistic for the future.”
Welcoming Environment
The agility of the Gibraltar market includes being “supportive and encouraging to new markets” according to Ince Gibraltar Practice Development Manager Monika Thys in a separate SB interview, with “first class” operational standards including regulators allowing operators to expand seamlessly both within with and outside of Gibraltar.
Outlook
These types of equitable standards of operation within Gibraltar should make the territories new status firmly within the Schengen post-Brexit all the easier to not only navigate but achieve full available benefits from as a new opportunity.
