After previously unveiling big plans to bring some amendments to the 2005 Gibraltar Gambling Act, the Government of the British Overseas Territory has issued a Command Paper inspired by the local financial sector.
Recently, local authorities have published a preliminary draft of the bill aimed at bringing the desired reforms to the industry by expanding the types of operating permits available for gambling companies and making the sector’s regulation more flexible. On the other hand, the reforms are expected to make some crucial alterations regarding the best spots for gambling equipment and servers.
Gibraltar authorities are also willing to make the regulatory process and the licence issuing procedures more transparent and formal.
As unveiled by some Government officials, consultations on the Command Paper have already begun. In the upcoming months but not later than the end of August, gambling industry stakeholders will also be given the opportunity to share their opinion on the matter, with the authorities hoping to get some constructive responses from the industry as soon as possible.
The local Gambling Division has joined forces with the Gibraltar Betting and Gaming Association with the two of them currently preparing to organise special consultations and workshops. Talks with sub-sectors and individual gambling operators will also be available during the process, with the Gambling Division then set to release the licensing framework and updated codes of practice for further consultation.
Gibraltar’s New Gambling Bill Brings Changes to Strengthen the Sector’s Licensing and Regulation
The new gambling bill of Gibraltar is set to bring a number of other changes, too, including the official introduction of the so-called “approved persons” requirement, under which persons responsible for certain functions as part of the operation of gambling-related venues and casinos would have to be specifically approved by the territory’s regulator. Furthermore, the competent authorities are aimed at introducing some regulations linked to the changes in shareholders’ control over licensed gambling companies.
Also, all interested parties in the British Overseas Territory, including gambling companies, suppliers and related individuals in the sector, will be given the right to appeal to the Gambling Appeals Tribunal.
The recently issued Command Paper consists of both the Consultation Paper and the Proposed Gambling Bill. Gibraltar’s new gambling act is set to keep the original design of the text replicated from the territory’s Financial Services Act 2019, which has been similar to the review of the territory’s online gambling industry dated March 2016. The updated piece of legislation is set to include all legislative, licensing and regulatory procedures applicable to the sector.
According to reports, there were 40 licensed gambling companies in Gibraltar as of May 23rd, 2022.
Under the draft of the gambling legislation, either the licensing authority or regulator of Gibraltar will be given the necessary alternatives to guarantee a timely, correct and honest response to any regulatory or licensing violations in the British Overseas Territory’s regulated market. At the same time, the competent authority would continue the promotion of more consistency and a deeper understanding of gambling and gambling-related harm.
Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.