Gibraltar has submitted its Gambling Act draft for consultation, which will require licensees to have a “sufficient substantive presence” in the jurisdiction.
Introducing five objectives for the regulation of gambling in the British oversees territory, the current bill would require interested companies to have a presence in Gibraltar, whilst also looking into the suitability of their owners.
The five drafted objectives for the regulation of gambling in Gibraltar include; preservation of confidence in gambling markets; protection of consumers; particularly vulnerable people; promoting “fair and responsible” gambling; preventing links between gambling and crime; and the public interest and reputation of Gibraltar.
A spokesperson for the Gibraltar government stated: “The core concepts are standards and suitability, and having a sufficient substantive presence in Gibraltar. These are the criteria both for the grant of a licence and, on an ongoing basis, for an own initiative decision by the licensing authority to consider revoking or varying a licence.”
Furthermore, the potential introduction of the Gambling Act bill would factor in certain “threshold conditions” that all operators must meet to be licensed, including conduct of their business, suitability of their owners, responsible gambling, prevention of crime and location of offices.
Regarding the supervisory powers of the Gambling Commissioner, the bill was allegedly drafted in a similar fashion to Gibraltar’s Financial Service Act to create “a common regulatory framework, and professional understanding and expertise across regulated economic activities with similar statutory regulatory objectives”.
As aforementioned, a stakeholder consultation on the bill is now open, allowing anyone affected to provide their input on the bill. It will last until August 31, but the Gaming Division of the Gibraltar Ministry of Finance said it would “encourage early consideration of the material”.