Concerned About Brexit, Bet365 Moves Its Gibraltar Betting Operations to Malta
Bet365’s management confirms the rumours to have undertaken a relocation project. The company is moving its operations from Gibraltar to Malta.
Malta has become the hottest online gambling and betting hub, a place where many operators have opened offices. Bet365 will be the latest operator to join.
Bet365 to Relocate to Malta
Bet365 is a leading operator, one of the biggest online gambling and betting operators in Gibraltar, the company that employs so many people.
A few days ago, the operator has reported having started a multi-million project to relocate its operations and staff to Malta. The operator is concerned with the latest Brexit events and wants to ensure that its business gets to the EU market by relocating it to Malta.
Bet365 has over 500 Gibraltar staff members and maintains operating within British Overseas Territory of Gibraltar. So, the operator has confirmed to have offered all those 500 employees the opportunity to relocate to Malta at their current roles.
Operator’s management confirmed that the decision was driven by the continuing Brexit madness primarily, but the company will maintain a presence in Gibraltar.
Being an operator which is licensed both by the Malta Gaming Authority and the Gibraltar Gambling Commission, the relocation won’t affect its operations. After all, the operator already has some small ongoing marketing-led operations in Malta.
Bet365 contributes a lot to Gibraltar’s economy since the operator brings millions in tax revenue to the territory of Gibraltar. Therefore, the Government of Gibraltar, being aware of the operator’s intentions, stated that it has worked constructively with Bet365 to mitigate the effects of the relocation on Gibraltar.
In a statement, the government pointed out that it is clear that Bet365’s intentions and decisions were driven by Brexit, and are not to any matter related to Gibraltar otherwise.
The Effects of the Relocation on Gibraltar
The gambling industry remains Gibraltar’s largest, most important employer, so there is no doubt that this relocation would leave a huge mark on Gibraltar’s economy.
The UK independent territory has become home to over 30 online betting and gambling operators such as major names in the industry 32Red, BetVictor, GVC, 888 Holdings, and of course, Bet365. There are over 5,000 employees in the sector, 10% of which work at Bet365.
Therefore, the government said, they are collaborating with Bet365 in order to come up with the solution and make the impact less painful for both Gibraltar’s citizens who are employed there and the tax loss.