People who enjoy playing online casino games may be concerned of how Brexit is going to affect their pastime. Fortunately for them, many online casinos are headquartered in the United Kingdom – including big names such as Coral, Paddy Power and William Hill.
The UK is one of the largest markets in the world for online gambling. Only two years ago the industry was worth more than £85 million.
Following the decision to leave the EU last year, there are fears that the market may not be so profitable post-Brexit.
Further worries are that these gaming sites could move their headquarters off-shore.
Gibraltar is one country that could suffer greatly as approximately 25% of the country’s GDP comes from gambling. There are 3,400 employees alone that work in the online gambling industry – many of them working and living in Spain whom are able to travel from Gibraltar as a British citizen being part of the EU.
Should Spain decide to close their border on the UK, many online gambling employees will be effected. With a number of big operators located here, they could face the prospect of having to relocate their operations elsewhere.
The general consensus is that Brexit will not do anyone in the world of online gaming any good. Not only will it be harder for UK businesses to employ staff from abroad, should the economy dip then this may make people more cautious in spending their disposable income on this pastime.
Pound Sterling has already dropped since the “out” vote and any further weakness in the British currency it means that online gaming site owners abroad will receive less money in terms of their local currency.
However, the UK government have a good track record of permitting industries that are affected by economic changes to have a say on the matter. With the gaming industry being a major contributor to the UK economy, you can expect them to have a voice.
The UK are expected to leave the EU by the end of March 2019. So there’s plenty of time for changes to be implemented. So those who enjoy playing the likes of poker, live blackjack and online casino games don’t need to worry quite so early.