In the face of concerns and unknowns regarding the aftereffects of Brexit on the territory of Gibraltar, the major casino and online casino operator 888 has set its sights on Malta with the intention of acquiring its newest iGaming license from that jurisdiction. Because 888’s headquarters are located in Gibraltar, the company will be immediately impacted by any changes that come about as a direct result of the United Kingdom’s decision to leave the European Union. Due to the fact that it is a British Overseas Territory, Gibraltar falls directly under the jurisdiction of the United Kingdom. Gibraltar, which is home to a large number of sports betting providers as well as significant eGaming companies, is adding insult to injury and expanding the scope of the problem even further.
A Primary Source Of Concern, Brexit
The potential limits that Brexit could place on people’s ability to freely move over the border that separates Gibraltar and Spain is the primary source of anxiety. The majority of Gibraltar’s workforce actually calls Spain home. It is possible that this will have a considerable influence on Gibraltar’s GDP, which is currently derived to the tune of 25% from the gaming business. 888 has just recently issued a statement in which they detail their plans for the future and mention that they are currently in the process of applying for a license in Malta as a backup plan. 888 stressed the fact that continuing to service European markets in an uninterrupted manner was a priority for the firm and that it had also constructed a server farm in Ireland in order to achieve this goal. In addition, the company emphasized that it had prioritized the fact that continuing to serve European markets in an unbroken manner was a priority.
Limited Operations 888 has just just issued a statement in which it outlines a number of particular worries over Brexit and the consequences that it will have on operations in Gibraltar. The primary concerns appear to be the consequences that Brexit will have on the entirety of the market, in addition to the fact that the scope of its operations will be severely restricted as a result of Brexit. After the release of 888’s financial statements for the year 2017, the company has now issued a statement. The commentary on the statement makes reference to the fact that 888 places a significant amount of weight on its capacity to rely on good EU standards and that these principles form the backbone of the company’s operations strategy in a European market that is becoming increasingly demanding. 888’s primary target markets are located in Europe and the United Kingdom; therefore, regardless of the direction the corporation decides to take, they could be in for a long and difficult road ahead. It is anticipated that the Brexit will have a negative impact, not only on the economy of the United Kingdom but also of Europe as a whole. Diversification appears to be the most effective strategy, if not the only strategy, for offsetting any negative effects on day-to-day operations, and it may even be the only strategy available.