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Gibraltar Gaming - A Success Story

 


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Historically, Gibraltar played a crucial strategic role as the gateway to the Mediterranean for the British military. Today, it has re-invented itself as a leading offshore finance center with its feet firmly planted in the European Union and, as a result, forms part of the strategic backbone of the international online e-gaming industry.

Over the last decade or so, Gibraltar has seen significant investment in its telecommunications infrastructure coupled with dynamic and pragmatic legislative development helping it to seize the limelight and attract the world's online e-gaming leaders and pioneers in online gaming.

The latest episode of the Gibraltar success story has been its inclusion in the United Kingdom's ‘white list’ of approved offshore jurisdictions contained in the UK's Gambling Act, as a result of which Gibraltar licensed gaming operators are able to take advantage of all the benefits of being in Gibraltar whilst still being able to target the UK online gaming market. Observers believe that Gibraltar's inclusion in the white list is as a result of the sustained and considered development of its regulatory framework in addition to its discerning approach to the granting of licenses and the ongoing monitoring of the licensees.

In August 2007, Gibraltar's reputation in this regard was cemented by the announcement of the appointment of Phil Brear, former member of the UK Gambling Commission, as Head of Gambling Regulation. Chief Executive Paul Canessa said “. . . We are delighted to have made this appointment. Our e-gambling industry is the hub of a global industry that aspires to the highest standards in socially responsible and transparent services. It is essential that we have the right blend of regulation, experience and innovation to work with our operators in meeting and developing those standards. Phil brings strength. . . from his role as one of the top tiers within the UK Gambling Commission. . . " Brear himself commented “. . . I feel very privileged to be taking up such an important post at such a critical time. The Government has demonstrated its continuing commitment to licensing and hosting the world's strongest and most dynamic operators in remote gambling. With that comes responsibility for all parties to ensure we help develop and meet the highest international standards around player protection, integrity of facilities and resilience of systems. Gibraltar has a first class reputation in these areas and as the industry comes under increasing demand and international scrutiny we must ensure that reputation goes from strength to strength. . . . I am keen to build on the strong and productive relationships we have with all our operators, including our traditional gambling operators, and work with them to move our position forward. . . . "

Gibraltar is at the forefront of regulation. Indeed, the Gibraltar Regulatory Authority is entrusted with this very task and has invested significantly in doing so to ensure that Gibraltar remains as one of the leading online gaming centers of the world. It is therefore vital that the e-gaming sector should increasingly adopt the highest standards of good governance within a well structured regulatory framework. The new legislation in Gibraltar is designed to achieve precisely that and to encourage further developments in the industry. The prospect of more liberalized markets, better regulation and governance will ensure a competitive and dynamic environment in which many opportunities will arise for the local e-gaming sector. These developments are the expertise and specialist field of the Gibraltar Gaming department of ISOLAS, the longest established law firm in Gibraltar.

For more information, please visit our page for the Betting, Gaming & E Commerce Team at ISOLAS, Gibraltar's longest established law firm at address http://www.gibraltarlawyers.com

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