The Brexit plan which mainly involves the exit of the UK from the EU has brought about numerous changes starting from the gambling market. The changes which have affected many could either bring positive or negative impact on a variety of fields in the UK. The Brexit plan which has already scared away a number of potential investors will have an adverse effect which shall include revoking of the business licenses making it totally obsolete.
The UK Gambling Commission is one of the main gambling regulatory bodies serving the European Union at large. This ideally means that once the UK exits the European Union, then the UK operators need to make sure their license holder is legally accepted by law to operate there or they meet the requirements for operation. This has already lead to the revocation of several operating licenses that have failed to meet the requirements of the law.
The December 2019 UK general elections which saw the Conservative party win the election was a clue that the Brexit plan will pass successfully. This winning attracted different reactions and contributions among players of the different gambling industry. One best example is Max Entertainment who opted to leave the UK market and instead focus on another progressive European market. The Malta-Based operator has recently announced that UK customers will no longer be able to register with MaxEnt to enjoy the exciting gambling experience starting this January 2020.
MaxEnt has instead opted to continue serving the other European gambling market and has as well adopted the Local Licensing model which broadly used by other operators in other countries. The giant operators have as well made it clear that the site shall remain open for a short while so that the UK customers be able to withdraw money from their accounts. However, the operator has got a good strategy which includes launching the no-registration plan named GoSlotty later this month. MaxEnt has is also expecting to receive its Swedish License early this year and further plans to apply for a Dutch License. All these plans tell us how ready and prepared the operators were for the UK exit and how they would definitely plan for their next market. As far as the operators have left the UK market, they still have a way of serving other customers from other parts of Europe.
The radical departure of the UK from the European Union has imposed several changes in the gambling market that shall see many stakeholders change their trading licenses. The gambling regulations clearly establish that a license holder must be a person who is well established in the European Economic Area. As the UK leaves the EU, then it means that the UK operators are required to ensure that the entity holding their license meets the requirements for them to operate.
This will leave the UK operators with few options that may include transferring the License to another company within the same corporate group. In addition, it will add another way to get around the self-exclusion system Gamstop as there will be several licenses for every casino operator. Equally the UK operators have another option of applying for a recognition notice which is based on the EU from another country or simply applying for a license from the MGA. Unless this is done, it shall be quite hard for UK operators to work in the EU gambling market.
The Brexit plan which has seen the UK withdraw from the EU has brought about several negative impacts in the gaming industry. Not only the UK market but Gibraltar’s one will be affected by the Brexit. That includes calling for more measures to save the gambling nation which has numerous challenges to counter. Great industry players will be forced to re-do their legislations to soot the new environment and their business needs.