Gibraltar’s remote gambling industry remains the most significant in Europe, if not the world. The sector has experienced rapid growth amidst a constantly changing regulatory environment and the requirement for sound advisory services and guidance on issues ranging from corporate structuring to licensing remains as relevant as ever.
All gambling operations in Gibraltar require licensing under the Gambling Act 2005. Remote Gambling licences – including for telephone and Internet betting – are issued by the Licensing Authority. The Gambling Commissioner is responsible for ensuring that licensees conduct their operations in accordance with their licenses and maintain the good reputation of Gibraltar.
For fixed odds betting operations, gaming tax is currently levied at 1% of the turnover up to £42,500,000 of annual turnover with the gaming tax capped at £425,000 per annum, with a minimum annual tax payable of £85,000. Betting exchanges are currently taxed on the same basis as fixed odds operations. For Internet casinos, gaming tax is currently levied at 1% of the gaming yield or gross profit. The maximum and minimum cap is the same as for fixed odds betting.
A licensee must at all times be effectively controlled and managed from Gibraltar. A licensee is required upon request by the Licensing Authority to produce lists of key personnel including shareholders, directors and executive managers involved in the management and operation of the licensee’s business in Gibraltar.
Sovereign has been at the forefront of providing corporate assistance to b2b operators, b2c turnkey providers, developers and affiliates. We have offices in the key e-gaming jurisdictions of Gibraltar, Malta and the Isle of Man, which allows us to consider each regime’s credentials and provides our clients with an unbiased opinion on which is best suited to meet their needs.
Our services in respect of e-gaming include:
- Exploring the suitability of various e-gaming jurisdictions for remote gambling licences
- White label solutions
- Company formation and structuring
- Bank account opening and payment solutions
- Web hosting and co-location
- Website terms and technology contracts
- Data protection audits
- VAT solutions
- Tax planning for related personnel, including managers, employees and affiliates
In addition, Sovereign offers further key services through our internal divisions – Sovereign Insurance Services, Sovereign Accounting Services and Sovereign Pensions Services – including:
- Contingency insurance (insuring against the outcome of an event and independent outcome i.e. lottery, Bingo, etc)
- Bookkeeping, accounting and external auditing services
- Corporate and Occupational Pensions Schemes