A new era for Gibraltar…..
November 16 Written By Nicholas Macias
“Tempus Fugit” says a glass paperweight I received as a memento when I left the office of the Gibraltar Gambling Commissioner, and indeed it does, it seems like only yesterday when the existing Gibraltar Gambling Act was enacted in October 2006, and over the course of the years that followed we worked, in consultation with the industry, to create and implement Gibraltar’s existing regulatory regime.
I also remember the wise words of the Managing Director at one of my first employers in the industry, a true stalwart in the industry who said to me that what we are, in essence, is a high tech industry, and as with all high tech industries we move fast and technology changes just as fast.
And so it is right that Gibraltar amends its Gambling Act 2005, and that it draws up and implements the corresponding new and amended codes of practice, rules, and guidance that the Gibraltar Gambling Commissioner will, no doubt, consult the industry on. The industry has changed since 2005 / 2006, and this new Act and its new ensuing rules will help Gibraltar keep up pace with the changes in the industry.
So what changes will we see ? The draft Bill includes additional robust enforcement tools for the Gambling Commissioner, a requirement to notify the Licensing Authority for their approval on changes to the ultimate beneficial ownership of licensees, etc.
Most notably, though, is the fact that not only will the new Act will set a basis in law for licensing ‘business-to-business’ game suppliers (which the current law does not), but it also sets the basis for licensing the wider supply chain to the industry (e.g. betting data feed suppliers, providers of the operating platform used by the ‘business-to-consumer’ operator).
In addition, the new law, if implemented as drafted, will require companies that have set up in Gibraltar to conduct, manage or provide advertising or marketing services for gambling wherever in the world the gambling takes place, to obtain a licence and be subject to certain regulatory requirements.
All in all, Gibraltar’s legal, licensing and regulatory landscape is changing, and remote gambling operators in Gibraltar (and operators considering a Gibraltar licence), ‘business-to-business’ game suppliers, and the wider supply chain to remote gambling operators in Gibraltar should take note and keep themselves updated on developments.