One of the UK’s biggest online gambling companies is making some major changes in the wake of a potential Brexit fallout. According to new reports, Bet365 is moving most of its operations from Gibraltar to Malta. It’s a move that many analysts predicted after the UK voted to leave the EU back in 2016.
The decision makes sense. Brexit will almost certainly affect the UK’s online gambling market in a negative way. Today, we’re going to look into why Bet365 is making the move to Malta and what this means for the UK’s online betting market.
In June of 2016, more than 51% of the UK voted to leave the European Union. It was perhaps the biggest geopolitical event in the United Kingdom’s recent history. Almost immediately after Brexit was announced, gaming analysts began questioning how the gambling industry would be affected.
There were a number of concerns right away. Firstly, people wondered how the UK’s horse racing industry would be affected. This country’s laws on trade are changing. Transporting horses from the UK to France and Ireland is going to be more difficult than ever.
A number of questions also lingered over the online gambling market here. It’s well-known that the UK is home to some of the biggest online gambling companies in the world. For tax purposes, many of these companies have based their operations in Gibraltar, a British territory.
Once the UK leaves the EU, free travel between Gibraltar and Spain may be eliminated. This will cause serious issues for employees of companies in Gibraltar that live in Spain. Over the past three years, we’ve already seen a number of major gaming companies leave this territory. This week, news has come out that Bet365 is moving from Gibraltar as well.
One of the top online gambling companies in the world, Bet365, has announced that it’s moving the majority of its operations to Malta. For many years, this company has maintained a significant presence in Gibraltar. Bet365 gave an official statement on the move this week, explaining that it’s being done to
“ensure [European Union] market access and to maintain and enhance operational efficiencies.”
Everyone knew that Brexit would have a major impact on UK gaming companies. Officials at Bet365 commented that the decision has been made due to a
“highly uncertain environment, driven primarily by the continuing Brexit landscape.”
Bet365 has signed a €70 million deal to launch an office development in Malta. It’s important to note that this company will still keep some of its operations in Gibraltar. Exactly how much of the company will be based inside Malta is still unknown.
Things are definitely changing fast. It’s interesting to see Bet365 moving to Malta over “uncertainty.” It goes to show that no one really knows the impact Brexit will have on the UK’s economy.
As we’ve already mentioned, a number of other major gaming companies have already left Gibraltar. Paddy Power and Betfair both announced they were leaving the territory, surrendering their Gibraltar gaming licenses. This further proves how much companies are concerned with the fallout of Brexit.
For now, there’s not a major reason to worry. Brexit has once again been pushed back, and at this point, it’s anyone’s guess whether or not politicians can agree on a deal or be forced into a no-deal Brexit.
Companies are clearly concerned about the impact Brexit will have. Bet365 is moving to Malta and it wouldn’t be a surprise if many more began following suit. Only time will tell.
Are you surprised that Bet365 is moving to Malta? Does this show that the UK’s online gambling industry is in trouble? Let us know what you think in the comment section below!
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