New EU deal protects Gibraltar’s gambling industry, says trade minister – EGR Intel
Summary
Gibraltar has struck a new border fluidity deal with the EU, which is expected to significantly boost its gambling industry. Trade Minister Nigel Feetham hailed the agreement, stating that it allows for smoother movement of people and goods across the Gibraltar-Spain border without checks. This is particularly beneficial for gambling companies with operations in Gibraltar and staff commuting from Spain.
Feetham highlighted that two thirds of the employees in Gibraltar’s gambling sector are cross-border workers. With the economic boost from this deal, the territory is seeing record tax revenues. The agreement is vital for job security and the continued prosperity of Gibraltar’s economy.
Feetham also warned about potential overregulation that could push licensed operators towards the black market, emphasising the need for a stable and encouraging regulatory environment.
Key Points
- The EU deal allows free movement of people and goods across the Gibraltar-Spain border, benefiting the gambling industry.
- Gibraltar’s economy is seeing strong tax revenue thanks to this new agreement.
- Two thirds of gambling industry workers in Gibraltar commute from Spain.
- Feetham stresses the importance of job stability and growth for future generations.
- There are concerns about overregulation pushing operators into the black market.
- Gibraltar is nearing the completion of a new Gambling Bill, aimed at enhancing regulation.
- Gibraltar has been provisionally removed from the EU’s high-risk jurisdictions list for AML and CFT, pending final approval.
Why should I read this?
If you’re interested in the future of Gibraltar’s gambling industry, this article highlights a significant agreement that could reshape its landscape. The deal is not just about the present; it’s a game changer for the next generation, ensuring job security and economic stability in the face of regulatory challenges.