KPMG publishes Gibraltar eGaming report

KPMG publishes Gibraltar eGaming report

Monday, July 24, 2017 Posted by James Walker
Searching for stability on The Rock

Following KPMG’s successful eSummit in Gibraltar earlier this year, the global professional services firm has published a comprehensive report on the future of the online gambling hub.

Providing the summit’s opening address, Gibraltar’s Minister for Commerce, Albert Isola, discussed the many issues currently facing the British Overseas Territory.

Perhaps unsurprisingly, the UK’s forthcoming exit from the European Union featured prominently in Isola’s speech, and the minister said Gibraltar’s government was working hard to ensure a smooth transition.

“Since June 24, 2016, we’ve been working extremely hard with the UK government to explore the possibilities, and to seek the benefits in the various challenges and how we are best to exploit them,” he told delegates.

“In our discussions with Her Majesty’s government across the entire spectrum, whether it’s regarding the fluidity of the frontier, or the future of the financial services sector, or indeed of the gaming sector, we’re engaging in a healthy, constructive and positive vision for what the future may hold.”

According to Isola, the Gibraltar government is still working on its Gambling Review paper, which is aimed at placing the territory in a “good position” for the next 10-20 years.

“It’s not forgotten but it has been pushed further down in our list of priorities,” he stated. “For those who contributed in the early days, with your comments, we offer our thanks, and a promise to revisit you, as we see what transpires over the next six to eight months.”

During the KPMG eSummit, the group’s Jon Tricker hosted a discussion panel that focused on the future of gambling in the territory.

Peter Montegriffo of international law firm, Hassans, was quick to underline the many opportunities Gibraltar holds for businesses looking to relocate – regardless of the ongoing Brexit talks.

“We’ve had an increasing interest in relocation of business and individuals wanting to use Gibraltar as a platform for residence,” he stated. “Businesses already established here see the opportunities as well as the challenges that come with Brexit.

“Critically, it’s easy to forget one thing when you’re looking at matters from a geographically centric position. And that is the question of the relative volatility outside the jurisdiction.

“Brexit may give us particular issues, but the world at large is a difficult and volatile place. Therefore, Gibraltar, is perceived as a beacon of stability, as a safe investment and solid operational base.”

Montegriffo added: Of course, it’s only natural and necessary that operators in all sectors plan for the different variables that Brexit might give rise to. We’re neither surprised nor distressed by this fact. It would be reckless of operators not to consider those issues.”

Totally Gaming says: Online gaming groups in Gibraltar are currently operating with one eye on the political horizon. And while ‘uncertainty’ remains the key watchword for those with ties to the UK, KPMG’s latest eGaming report underlines not only the challenges, but also the many possible opportunities that may result from Brexit.

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