Tuesday, September 27, 2022
spot_img

Licensees require local presence in Gibraltar Gambling Act draft

Licensees could be required to have a “sufficient substantive presence” in Gibraltar as the country publishes its Gambling Act draft for consultation. 

The drafted legislation for Gibraltar could see five objectives introduced for the regulation of gambling in the British oversees territory, with a stakeholder consultation on the bill currently open, which will allow anyone impacted to provide their input. Once closed, the bill will be introduced in Parliament. 

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.”

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.

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 the jurisdication’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”.

Related Articles

- Advertisement -spot_img

Latest Articles