The governance of bet365 has confirmed that it will open a new operations-led office in Malta, but has downplayed weekend news as ‘inaccurate speculation’ regarding its motives.
The stoke-based enterprise, responded to an article published by The Sunday Times of Malta, detailing that bet365 would move some 1,000 Gibraltar employees to Malta, as it prepares for Brexit impacts.
For its European market operations, bet365 holds both Gibraltar GGC and Malta MGA licenses, with the online bookmaker operating a smaller marketing led office in Malta.
Weekend news sources reported that bet365 governance had agreed to acquire a section within a new business property developed on the Tigne Peninsula in Sliema Malta, which would serve as the firm’s future operations hub post-Brexit.
Responding to the speculation, bet365 released the following statement,
“We are taking additional property space and looking to recruit additional personnel in Malta to support our online operations and will also be expanding our infrastructure capabilities there.”
“It should be noted, however, that the number of people reported as being relocated to Malta are wholly inaccurate.”
Gibraltar’s Minister for Gambling, Albert Isola would back bet365’s corporate statement, detailing that he had spoken to the bookmaker, who had reassured its Gibraltar stakeholders that ‘bet365 remains committed to its Gibraltar operations and workforce’.
Furthermore, Isola stated that the Gibraltar government was confident of securing a positive outcome for all Gibraltar enterprises as the UK withdraws from Europe.
The combination of low corporate taxes (1% cap) and Gibraltar’s full membership to the EU have seen the UK independent territory become the operational home to more than 30 online betting operators including; GVC, BetVictor, 888 Holdings and 32Red. With over 5000 sector employees the online gambling industry remains Gibraltar’s largest employer (population 32,000).
In 2017, a number of industry stakeholders operating in Gibraltar have expressed concerns relating to the potential disruption that Brexit may cause the British overseas territory.
The ongoing Brexit negotiations have seen the European Court of Justice (ECJ) confirm that the UK and Gibraltar will be treated as a ‘single entity’ with regards to providing business services and transactions.