E-gaming companies in Europe have discovered Gibraltar as a great location for their operation and want to expand their activities there. The Gibraltar Betting and Gaming Association has committed to facilitate the licensing procedures. Gibraltar has more than 15 years-experience in the remote betting and gambling which makes the small territory one of the most stable e-gambling jurisdictions in the world.
The online gaming industry represents more than 20% of the British territory’s Gross Domestic Product. Also, over 10% of the local labor force is concentrated in the online gaming industry. The industry brings many benefits to the territory’s economy and to Spain’s economy also, since 10,000 Spanish workers are cross-border commuters working in the gaming companies in Gibraltar. Additionally, Gibraltar has faced a great influx of immigrants, skilled e-commerce workers and managers from countries like China, the United States, Germany and Sweden.
The Gibraltar Betting and Gaming Association licensed about 20 operators, many of them major players in the world’s online gambling industry. The Gibraltar Betting and Gaming Association is also affiliated to the European Gaming and Betting Association which makes the territory even more attractive for gaming companies in other EU countries.
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The Gibraltar Betting and Gaming Association has imposed a clear licensing and regulatory regime that attracted not only gaming operators, but also other gaming and software suppliers. The financial system also benefitted a lot from the electronic money sector thus enhancing the e-commerce sector in Gibraltar.
When it comes to e-business activities, one of the major benefits for Gibraltar companies in this sector are the English laws the territory falls under. Gibraltar’s legal system is pretty much the same as in the United Kingdom.
The taxation system, including the zero value added tax rate, brings another advantage to gaming operators. The corporate tax is also among the lowest in Europe, at a 10% rate. The gaming and betting duty is 1% of the total revenue and is capped 425,000 GBP per year. With all these tax benefits, Gibraltar is not a tax haven because it requires all gambling companies to have a registered office and taxes and licensing fees apply.
The licensing procedure for gaming companies in Gibraltar, even if not complicated, comes with certain requirements that must be fulfilled.