Bet365’s Rumoured Move to MaltaJake Cooper | 22 May 2018
The effects of Britain’s decision to exit the apparently safe haven of the European Union are starting to take effect across many industries, the latest to be affected by Brexit being the gambling and online gambling industry. The Times of Malta newspaper recently reported that major online gambling operator Bet365 will soon be relocating more than 1,000 of its employees from Gibraltar to gaming hub Malta.
The newspaper furthermore reports that a sale agreement in order to procure a commercial property from which to conduct Bet365’s business from has already been concluded. According to reports, Bet365’s new offices will going forward be situated in Malta’s coastal town of Tigne, which is located near Silema.
Not Bad For Everyone
The sources, whose identities are not known, have also speculated about the impact that a move of this size and nature will have on the general economy and state of income in a small town like Tigne. Effectively what this means is that a thousand well-paid employees will be relocating there together with their families. Bet365 is the largest sports betting company in the world, boasting more than 23 million bettors world-wide.
Uncertainty The Driving Force
Bet365 acquired a remote gambling licence from the Malta Gaming Authority in 2015, but the decision to permanently locate there is obviously based on the same logic that many other high-profile businesses are applying to the situation following the announcement that Brexit was officially going forward.
Economic uncertainty is the driving force behind the decision for many of the businesses, what with there being no guarantees that foreign entities would be in a position to carry on with operations in British jurisdictions when Brexit officially gets underway.
Expansion Rather Than Relocation
Bet365 has responded to the newspaper report, which has stirred up quite a bit of panic, by issuing a formal statement explaining that whilst the company was indeed expanding its infrastructure capabilities to Malta, it was not packing up and leaving Gibraltar as the article seemed to imply. According to the company, the commercial property had been purchased in a bid to expand business, not move house.
The company went on to emphasise that it would be retaining its strong ties to Gibraltar and that the company’s main hub would continue to run from Gibraltar. Gibraltar’s minister of gambling, Albert Isola, said that Bet365 had confirmed its intentions to remain put in Gibraltar. According to Isola, who seemed quite stubborn about the matter, Gibraltar would remain Bet365’s jurisdiction of choice and that Brexit would not be able to change that.