Gibraltar’s government announced plans to restructure its Gambling Act which has been in force since 2005. A Command Paper issued by the government confirmed this after drawing inspiration from the finance sector. Involved authorities have already presented an initial draft of the new bill set to reform the gambling industry.
Consultations on the Command Paper Now in Progress
The floor is now open for further consultations among stakeholders on the Command Paper. The Paper comprises the Consultation Paper and the Proposed Gambling Bill. Stakeholders will have up to the end of August to submit their opinions, with the government looking forward to constructive opinions.
The Gibraltar Betting and Gaming Association in conjunction with the Gambling Division is preparing organized workshops dedicated to collecting opinions from other stakeholders. Sub-sectors in the industry, as well as individual operators, will also get a chance to air their views on the reforms. Ultimately, a licensing framework will be available detailing the codes of practice as well as the consultation fee documents.
Introducing the “Approved Persons” and “Right to Appeal” Options
The proposed gambling bill comes with a raft of changes. One of them is the “right to appeal.” This option will allow for the assessment of all rulings against operators, gaming suppliers, and other individuals within the industry. This is something the Mansion Group would wish was already in force after it was fined $1.13 million over anti-money laundering failings earlier in March 2022.
The “approved persons” inclusion is a requirement asking individuals responsible for specific functions while in a casino or other gambling-related locations to seek approval from the gambling regulator. The proposed regulatory framework will also be in place to check on the changes in the control of various shareholders of a licensed gambling operator.
Licensing Agreements Receive Major Reinforcement in New Act
The proposed gambling act will also aim to preserve the framework of the initial text copied drawn from the Gibraltar Financial Services Act of 2019. This framework is a replica of what was under review in March 2016 when the online gambling industry was under review. It will also include legislative, regulatory, and licensing regimes.
The newly proposed draft bill will give Gibraltar’s licensing authority or regulator the needed backing to act on regulatory or licensing breaches in an honest, timely, and correct manner.
Reviewing the gambling law has been a work in progress, having started six years ago before Brexit. But completing the task has proven to be an uphill task. While Brexit caught momentum, Gibraltar’s government halted the reforms. The COVID-19 pandemic didn’t help either as negotiations would further put more bumps on the road as the government switched priorities to more serious matters.
Other important changes expected in the new bill include the best location to set up gaming equipment including servers.
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