Take your bets as pandemic plays games on Gibraltar as online gambling capital
Currently there are 37 licensed gambling operators registered in Gibraltar, these include LC International and Electraworks Limited who are part of GVC Holdings, where major names in the industry Ladbrokes and Coral are subsidiaries.
BetVictor and 32 Red are also notable brand names who call Gibraltar home.
Gibraltar has now become something of an online gambling capital, the roots of this growth began in the late eighties, as the nineties progressed many significant gambling companies moved into the territory, mainly to take advantage of a favourable tax framework.
MOST OF WORLD'S ONLINE GAMBLING BUSINESS FLOWS THROUGH INTO GIBRALTAR
According to Recruit Gibraltar, over 60% of the world’s online gambling business flows through into Gibraltar’s borders, an eye watering volume of custom.
Over 1800 people are employed in the industry, which is more than 12% of employees across the whole of Gibraltar. The majority of the jobs are in customer service, accounting, marketing and IT.
The Gibraltar Betting and Gaming Association (GBGA) represents most of the gambling operators, and it members list includes Ladbrokes, 32 Red and Betfred.
Paul Foster, the managing director of the trade body, is open minded on how Covid-19 has effected the online gambling sector. "It would depend on the type of business, if some proprietors are more heavily reliant on sports betting then they would have been affected quite badly.
“Look at William Hill , they have seen total activity fall by 32% in its June figures, there is less employee engagement as there are no sports teams in action,” he added.
“Other companies who are say bingo operators have seen more engagement with players during lockdown.
“In Gibraltar companies were affected as we chose not to take advantage of the Business & Employee Business Terms (BEAT) Covid-19 support packages, as an industry we wanted to deal with this ourselves.
“We do not regret this, as we believe the support should go to the people who have the greatest needs.”
The BEAT packages were made public on 25 March as the virus began to become a potential major threat, and they included permitting employers to claim up to £1,155 per month for full time employees who were furloughed.
Business rates were also suspended for the second quarter of this year, as the government looked to prop up firms which could be badly damaged by the pandemic.
Many gambling businesses would have seen changing patterns amid coronavirus, where different markets have emerged.
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25-06-2020 PANORAMAdailyGIBRALTAR
