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Gibraltar is a dependent territory of the United Kingdom. It is located in the southern most part of the Iberic Peninsula and is considered to be the most prosperous and stable British territory. Its economy is based on the services sector, mainly financial centers and tourist attractions.
The online gaming industry has grown extraordinarily in the past few years as it has become an important part of Gibraltar`s economy. The number of persons employed in this sector has increased from 185 ini 1996 to more than 1600 in 2007.
Gibraltar has become well known as a leading jurisdiction for its reputation and regulations of online gaming activities.
Gibraltar is well established in terms of banking and financial services. Many banks are represented in Gibraltar and many people consider it to be a good option for incorporating companies. However, the formation of an online gaming company may be somewhat difficult considering all the requirements and restrictions that exist and the numbers of licenses that can be obtained to operate an online gaming company.
All gaming operations in Gibraltar require a license under the gaming ordinance. The gaming licenses are issued by the financial office and only to those companies that have a history of carrying out online gaming activities and that have realistic business plans. Gibraltar is considered to be a viable economic option for those who would like to start in the online gaming business.
The conditions and requirements of the license include publicity, marketing, payment of winnings in cash and/or prizes, the privacy of clients, auditing and accounts. The online gaming operators must comply with the ordinance of the justice system and the fight against money laundering published by the Financial Services Commission.
The gaming ordinance of 2005 legislates for all types of games in Gibraltar including betting, gambling, lottery and casinos. There are new dispositions, particularly for foreign online gaming activities, including the requirements for the certification of proof of the games, equipment and software, the safety of the computer equipment, protection of information and the direct link to the main page to assist players with inquiries. Licensees should not allow players to participate unless their complete name and personal information are registered.
Currently, many gaming companies are exempt from paying taxes, which benefits the online gaming company as well as the Gibraltar government that offers companies this incentive for their contribution to the country`s growth. However, this is gradually being eliminated for existing companies. It is expected that this benefit will have ended in December 2010.