The possible impact of Brexit on the online casino industry

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Most of us enjoy a gamble whether there is money involved or not and when the United Kingdom announced its intentions of a referendum whether to stay with the EU or leave it.

It was a standing joke with some analysts that the only industry that would benefit would be the gambling industry as many people placed a bet on the outcome of the referendum.

Now as time passes not only has everyone stopped making jokes about Brexit, the online gambling industry is trying to assess the consequences and possible damage that will be caused when the UK finally does leave Europe.

It is no secret that the British economy is heavily reliant on the gambling industry with tax revenues of billions being generated each year. Statistics tell us that almost half of the population of the UK engages in some type of gambling and in particular online gambling has made some highly successful companies as well as many smaller off-shoot businesses able to make a profit.

Probably the biggest question that is being asked by online casino operators and mobile slots sites like Fruity King is whether it is going to be worth remaining within the UK following Brexit. The uncertainties being felt within the UK are tangible as manufacturers are already changing their minds about setting up new factories and some have already pulled out of the UK favouring a situation that holds no uncertainty as tariffs on profits within the UK are likely to increase which of course no industry desires.

Of course, if the UK was to witness a loss of those gambling operators who are currently based in the UK then job losses are sure to follow sending the unemployment rates up again.

Not only the UK but Gibraltar and the Isle of Man will be affected when the UK leaves the EU as both have enjoyed being members of the EU with Gibraltar in particular enjoying great numbers of online operators making their base in the tax haven with access to the single market of the EU.

The majority of Gibraltarians voted to stay in the EU but also, they voted to remain as a protectorate of the UK and enjoy a flourishing economy with a lively ex-pat community with many working within the online gambling industry.

Brexit will surely cause Spain to tighten up the border controls and the bad blood between Spain and the UK has already seen companies choose not to make their bases on the Rock but instead move their operations to other countries like Malta.  This move will also cause job losses as many from La Linea which borders Gibraltar make a daily commute to work, indeed the gambling operators based on Gibraltar provide the main income to the Spanish area.

As Brexit drags on and the uncertainties grow, the online gambling industry can only wait and watch and perhaps make contingency plans for all possibly scenarios.