Gibraltar will adapt to remain top igaming jurisdiction (update)

The Gibraltar Government, reacting to speculation on the reasons for Paddy Power Betfair’s (PPB) relocation of its office from the Rock (see previous report), said it would adapt to ensure its leading position as an iGaming jurisdiction amid conjecture that the bookmaker’s move was fueled by Britain’s impending exit from the European Union (BREXIT).

PPB cited post-merger consolidation and cost saving synergies as the reason for the move in which it would offer existing Gibraltar employees relocation opportunities.

“Whatever Brexit may produce for Gibraltar, government will adapt its licensing and regulatory arrangements to ensure we remain the premier remote gambling jurisdiction,” the government said in a statement.

“Gibraltar remains the premier and first choice jurisdiction for the biggest and best operators in this industry,” the government concluded.

Online gambling and financial services represent 40 percent of Gibraltar’s GDP.