In the last few years, Gibraltar has become one of the world’s leading centers when it comes to online gaming. Many foreign players, as well as new comers to the online gambling industry choose Gibraltar because of its effective tax system, infrastructure dedicated to these type of operations and its internationally recognized labor force.
The Gibraltar Regulatory Authority is the governing body supervising online gambling companies. Companies in Gibraltar can also enter the Betting and Gaming Association in order to have their interests better represented.
The main law referring to undertaking gaming activities is the Gambling Act issued in 2005. The Act provides for the licenses an online gambling operator must apply for before starting operating. In order to obtain one of the seven licenses the Licensing Authority issues, a company must prove it has a good reputation, a solid and achievable business proposal and is solvent. The following types of licenses can be issued under the Gibraltar Gaming Act:
Additionally, the online gambling company must also fulfill certain requirements related to advertisement, anti-money laundering and data protection. Our agents in Gibraltar can provide you with information about the requirements to obtain a gaming license.
Gibraltar imposes a 1% tax rate on fixed odd betting activities on the annual turnover. The tax is capped at 425,000 GBP per year and the minimum amount to be paid has been established at 85,000 GBP. Online casinos are taxed at 1% rate on the turnover or on the gross profit. Under the requirements of the Companies Act and the Consolidated Account Act, gaming companies are required to have their accounts audited every year and file its financial statements with the tax authorities. All accounting documents must be kept by a licensed bookkeeper in Gibraltar.
For complete information about the legislation applicable to online gaming activities, do not hesitate to contact our company formation agents in Gibraltar.