Gibraltar Looking At U.S. Online Gambling Market
The tiny territory of Gibraltar which is only 2.6 miles wide and inhabited by 30,000 residents is one of the most important online gambling hubs in the world. In fact the British Territory accounts for about 60% of all global business done by online casinos according to Chief Minister Fabian Picardo, the head of the territory’s government.
We reported on the concerns that Gibraltar has over the proposed changes in the UK regarding offshore operators. Many are concerned that this could impact heavily on the tiny island which is heavily dependent on the offshore gambling operators.
Minister Picardo is now looking to take advantage of the opening up of the U.S. online gambling market. He believes that Gibraltar is a global powerhouse in the online gambling field which is borne out by the fact that there are over 26 registered online casinos and gaming operators present in Gibraltar. He was quick to emphasize the fact that these 26 operators include some of the biggest and most highly regarded bookmakers in the world. These include Ladbrokes and other big names who have been attracted to the island thanks to the tax benefits and other advantages like the no value added tax policy. While as we mentioned this may all change next year if the proposed UK changes come into play, there is a lot that can happen between now and next year.
Picardo’s push to enter the U.S online gambling arena is based on the premise that Gibraltar has one of the most regulated online gambling markets which includes strict controls and safety measures that prevent underage gambling and gambling addiction.
Picardo Stated,” We believe that Gibraltar’s in pole position to demonstrate to each of the states of the United States that we have been respectful of its laws and that this demonstrates how regulated the industry is in Gibraltar.”
If successful Picardo’s attempts to offer their services to the U.S. market could have positive spin-off effects for the 30,000 residents who are anxious about the impending changes that the new UK offshore operators will have to contend with.