Historically, Gibraltar played a crucial strategic role as the gateway to the Mediterranean for the British Army. Today, it has reinvented itself as a leading offshore financial center with its feet firmly planted in the European Union and, as a result, forms part of the strategic backbone of the international online electronic gaming industry.
Over the past decade, Gibraltar has seen significant investment in its telecommunications infrastructure coupled with dynamic and pragmatic legislative development that helped it grab the spotlight and attract the world’s leading online electronic gaming and online gaming pioneers. .
The latest episode in Gibraltar’s success story has been its inclusion on the UK ‘white list’ of approved offshore jurisdictions contained in the UK Gambling Act, as a result of which Gibraltar licensed gambling operators they can reap all the benefits of being in Gibraltar while still being able to target the UK online gaming market. Observers believe that Gibraltar’s whitelisting is the result of its sustained and considered development of its regulatory framework as well as its keen approach to licensing and continued monitoring of licences.
In August 2007 Gibraltar’s reputation in this regard was cemented with the announcement of the appointment of Phil Brear, formerly of the UK Gambling Commission, as Head of Gambling Regulation. Chief Executive Paul Canessa said: “…We are delighted to have made this appointment. Our electronic gaming industry is the center of a global industry that aspires to the highest standards in transparent and socially responsible services. It is essential that we have the right mix of regulation, experience and innovation to work with our operators in meeting and developing those standards Phil brings strength… from his role as one of the highest levels within the UK Gambling Commission United…”, commented Brear himself “… “I feel very privileged to assume such an important position at such a critical time. The Government has demonstrated its continued commitment to licensing and hosting the world’s strongest and most dynamic operators in remote gaming. With that comes the responsibility of all parties to ensure We help develop and meet the highest international standards around player protection, facility integrity and systems resilience. Gibraltar has a first class reputation in these areas. and as the industry faces ever-increasing demand and international scrutiny, we must ensure that reputations grow ever stronger… I look forward to building on the strong and productive relationships we have with all of our operators, including our traditional gaming operators, and work with them to advance our position…”
Gibraltar is at the forefront of regulation. Indeed, the Gibraltar Regulatory Authority is entrusted with this task and has invested significantly to ensure that Gibraltar remains one of the world’s leading centers of online gambling. Therefore, it is vital that the electronic gaming sector increasingly adopts the highest standards of good governance within a well-structured regulatory framework. Gibraltar’s new legislation is designed to achieve just that and encourage new developments in the industry. The prospect of more liberalized markets, better regulation and governance will ensure a competitive and dynamic environment in which many opportunities will emerge for the local electronic gaming industry. These developments are the experience and field of expertise of the Gibraltar Gaming department of ISOLAS, the oldest law firm in Gibraltar.
