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New rules for Gibraltar casino licensees and what led to them

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After receiving a not-so-shining FAFT report, Gibraltar is bringing in new rules, including a tiered licensing system.

Gibraltar is set to implement a new, tiered system for gambling license fees, meaning that larger operators will pay more and smaller ones will pay less.

Like online casinos, the respected gaming authorities are expected to adhere to a standard. While Malta recently received the clear from the FATF, Gibraltar was added to the industry grey list.

Gibraltar changes incoming

The Financial Action Task Force (FATF) added Gibraltar to the grey list in the same meeting in which Malta was removed from the list.

One of the main reasons Gibraltar got added to the list is the lack of sufficient fines being applied to anti-money laundering failings.

In response, the commissioner of the Gibraltar gambling commission, Andrew Lyman, stated that they would not hand out more sanctions just because of the FATF grey listing. Although they also stated that steps will be taken and new action plans instigated to improve the Anti-Money Laundering measures.

This essentially meant they were placing focus on non-bank financial bodies ensuring they use a range of effective sanctions for AML failings.

In the latest edition of the FATF list, there has been plenty of new additions, removals, and updates. However, for Gibraltar, there has been no change as they are yet to provide an update on progress. The main argument is that they prefer to provide a complete progress update at a later stage.

According to the FATF president, T Raja Kumar, Gibraltar needs to be stricter and increase fines, especially those relating to the gambling industry.

License tiers to be implemented

Gibraltar currently plans to overhaul its gambling laws and launched a consultation on new license fees earlier in October. One of the changes to be expected is a new tier-based license fee structure. With this plan, larger companies can expect higher fees, and smaller companies lower fees.

With the new proposal, any new B2C operator would be charged £30,000, and B2B suppliers will be expected to pay £20,000 on license fee applications for content aggregators. Direct software services will be charged £10,000.

Under the new rules proposed for B2C licensing, there will be a three-tier GGY annual licensing fee. The Tier 1 operators generating less than £20 million GGY annually will pay £50,000. From there, those who bring in more than £100 million will pay an annual fee of £100,000. And finally, those who generate over £300 million GGY annually will be charged £200,000.

They will also be introducing a new type of license for marketing service providers, which includes affiliate websites. This license will be subject to a £50,000 fee annually and will only apply to businesses that provide marketing services in or from Gibraltar.

For holding entities or companies doing business elsewhere (but are based in Gibraltar), a license fee of £50,000 will be expected.

CasinoWow reminds you always to play responsibly when online!

The betting data providers and suppliers of other B2B services, such as compliance or anti-fraud products, will be expected to have their own licenses. There will also be a £50,000 annual fee, no matter the size of the business.

On top of that, the Gambling Act itself will focus on ensuring that all licenses have an authentic local presence.

While Gibraltar is working to shake off the greylisting, other major authorities are busy with their own reforms. Curacao is currently working on a complete overhaul of its gambling regime, while Malta launched a consultation with hopes of bringing in more detailed player protection for their licensees.

Published: November 10, 2022

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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