Home Business Insights & Advice Brexit – the saga

Brexit – the saga

by John Saunders
18th Jul 19 2:52 pm

Theresa May stands down as the leader of the Conservative Party – soon the UK will have a new Prime Minister and that is quite likely to be Boris Johnson as the Tory leadership contest begins. So, what happens next?

Well, whoever becomes the new UK Prime Minister has two choices and those are whether to avoid a no-deal or actively to pursue the no-deal option but both of these options pose their own problems.

If a no-deal option is pursued then MP’s may try to block the plan of leaving the European Union without anything set in place, this could even lead to a vote of no confidence throwing the UK into yet further turmoil. The other problem that faces the UK is if it tries to avoid a no deal will the EU negotiate?

Ursula von der Leyen the recently elected first female European Commission President has already stated that she would be willing to offer the UK a further extension to the time limit of 31st October which would help with further negotiations but would not follow Boris Johnsons pledge of ‘do or die.’

So, uncertainty still abounds with UK industries and businesses set to change whether it’s a hard Brexit or a Soft one and one of the UK’s biggest industries is gambling which brings billions in revenue boosting the UK’s economy. Per head the betting and gaming companies make more money than any other country in the world – so it stands to reason that there is great concern regarding Brexit.

From business that run the best bingo sites online to worries over Gibraltar and the Isle of Man, there are a huge number of issues floating about in relation to what will happen when the United Kingdom does get around to leaving the European Union – and remember there are still debates going on whether the UK should even be leaving in the first place.

Gambling is not centrally regulated, unlike many other EU industries and each country has its own laws and regulations and licensing arrangements which means that if you gamble with a non-UK company after Brexit there is a chance, they could pull you out of the market.

Bookies will need to make the decision where they are going to base their online operations and we are already witnessing a move of many operators from UK jurisdictions like Gibraltar to EU gambling hubs like Malta – but of course these moves all cost money and that cost will be passes onto the punter. There is another worry about taxes and trade arrangements changing and these costs will also be transferred ultimately to the punter.

In the end there is likely to be both positive and negative for the United Kingdom’s gambling industry with Brexit – and those positives and negatives will be different depending on the path the UK takes and what agreements (if any) are reached with the European Union.

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