888 Holdings is considering alternatives to Gibraltar to locate its operations center. The company is concerned that Brexit may have negative impact on the region.
Itai Frieberger, 888 CEO, noticed the importance of growth on European regulated markets as a key dynamic of current strategy and corporate values of 888.
Gibraltar’s gambling license may not be enough to maintain 888’s development strategy as some of the European countries will likely see Gibraltar as an unacceptable regulator as soon as the UK leaves the European Union.
In January 2016, the European Court determined that the UK and Gibraltar should have been treated as a single entity in their freedom to provide business services. That’s why it is unlikely that the EU will make an exception for Gibraltar in terms of access to the European common market.
In its annual report, 888 stated that intended status of Gibraltar after Brexit remained undetermined.
“If 888 were to remain registered, licensed and operating in Gibraltar in these circumstances, its ability to rely on EU freedom of services/establishment principles in supplying its services within the EU will be limited.”