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The Impact Of The Brexit Vote On The iGaming Industry

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dani3839

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The UK’s decision to leave the EU has shocked millions around the globe today as they wake up to the news. Social media has been flooded with opinions, concerns, disappointment and a whole other range of emotions. Exactly how big the impact of this decision will be on the online gambling industry is still very much up in the air, but there will inevitably be some big changes in the future.

To get a feel for how the industry is reacting to the news, CalvinAyre.com reached out to a number of industry influencers this morning to find out their opinion on how the Brexit vote will impact our industry. Here is what we have learned so far.

“Brexit will clearly have an impact on the industry, particularly those operators who are licensed out of jurisdictions whose ability to trade with EU members could be affected by the vote. The larger operators tend to hold licenses both within the UK and EU member states such as Malta and thus are less likely to be affected operationally although in the immediate aftermath of the vote, the share prices of the listed operators have suffered. Those most affected will be those in jurisdictions such as Gibraltar, especially if they don’t hold dual licenses in EU jurisdictions as well, and I would expect to see an exodus of the industry from such locations. In the long term the operators will figure it out and make the necessary changes and the industry has a reputation for nimbleness and dealing with whatever has been thrown at it in the past. Thus, I think history will show this to be a blip rather than a mortal blow”

–Mark Blandford, Partner, Burlywood Capital

“I think it is too early to say what the impact will be on the remote gaming industry. There is a lot of uncertainty – mostly because it was not really expected. However, the uncertainly and potential impact may be greater in areas such as tax, movement of funds, people/staff rather than from the freedom of access to the UK market which is already severely restricted by the requirement of national license. We may yet see more re-structuring of the industry with UK interests as the new scenario unfolds. The UK is an important gaming market. There will be winner and losers“. – Joseph Cuschieri, Executive Chairman, Malta Gaming Authority (MGA)

“The Brexit vote will negatively affect Britain as a place to invest and set up as a head office for i-Gaming businesses. It will create uncertainty about future tax rates, inflation and economic prosperity and lose its appeal as an international centre able to trade and move employees freely with other EU Member States. Although gambling laws are already regulated primarily by the Member States, the EU has closely watched over actions and laws by Member States that obstruct the free movement of goods or services through monopolies or add anti-competitive technical restrictions in gambling laws and regulations. This lack of oversight in the future could allow the UK to pass laws protecting domestic gaming businesses”. – David Schollenberger, Partner, Head of Gaming and Leisure, Healys Law Firm

FULL STORY-SOURCE
 

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