Gibraltar - Renowned online gambling operator Bet365 is preparing to move most of its operations to Malta from Gibraltar in the hope of helping the company elude many of the possible issues that will arise with the completion of Brexit.
The company’s headquarters is located in Stoke-on-Trent, but a large portion of its operations was in the British territory of Gibraltar, which has been a hub for gambling operators in the past few years. Bet365 has held a gambling license in Malta since 2015, which makes it a suitable destination for the move.
Businesses have been dealing with a huge amount of uncertainty every since Brexit came to be. Many companies are already withdrawing their operations from the UK or British territories because of this ambiguity. If Brexit does push through, these firms will be forced to look elsewhere to gain or retain access to the open European market. Nearby countries in Europe will actually take advantage in the event this happens.
Bet365 released a statement explaining its move, saying, “As part of our strategic and contingency plans to ensure EU market access and to maintain and enhance operational efficiencies, we have been building our presence in Malta and operating a dual regulatory and licensing strategy between Gibraltar and Malta for a number of years.
“However, from an operational and technical perspective and given our operating model, it has become increasingly challenging to efficiently run such multi-site operations and this has necessarily resulted in us conducting a review of our operations.
“We also continue to operate in a highly uncertain environment, driven primarily by the continuing Brexit landscape. Therefore, to assist with business planning and in order to maintain operational effectiveness, we intend to enhance our Maltese operational hub and relocate certain functionality there.”
The government in Gibraltar responded to the statement, expressing that it was working with Bet365 on this matter. It said the issue is not with Gibraltar itself, but the impact of Brexit. As many as 500 staff members could relocate to Malta as a result of the move.
While Brexit is causing a lot of nerves to be frazzled for Bet365, it is still looking at other ways in which to expand. One of the options it is seriously considering is the budding gambling market in the United States.
The company have actually dipped its feet in the US and has a physical presence in New Jersey after signing a long-term lease on an office unit that has almost 19,000 square foot of space. The office is located roughly 50 miles from Atlantic City, the primary hub for gambling in the state.