Gibraltar Gambling License_Guidelines
Gibraltar Gambling License
All gambling operations in Gibraltar require licensing under the Gambling Act 2005 (“the Act”). Remote Gambling licences, including for telephone and Internet betting, are issued by the Licensing Authority. The Gambling Commissioner, appointed under the provisions of the Act, is granted powers to ensure that licensees conduct their operations in accordance with their licenses and maintain the good reputation of Gibraltar.
Local legislation on gambling is designed for gaming operators to secure tax advantage when carrying out activities and maintaining high level of reputation in Gibraltar, a jurisdiction known to be one of the most economically attractive in Europe.
There are four types of gambling activities:
- Casino gaming (such as slots and casino table games: roulette, blackjack)
- Betting (Sports/horse race betting, Fantasy betting)
- ”Social” gaming
The entity making the application is Gibraltar:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements||The initial and ongoing minimum capital requirements is £ 85000|
For fixed odds betting operations gaming tax is currently levied as from 1st April 2005 at 1% of the turnover up to £42,500,000 of annual turnover with the gaming tax capped at 425,000 per annum, with a minimum annual tax payable of £85,000.
Betting exchanges are currently taxed on the same basis as fixed odds operations. For Internet casinos gaming tax is currently levied at 1% of the gaming yield or gross profit. The maximum and minimum cap is the same as for fixed odds betting.
- License are to be renewed annually. On application for renewal of a Licence, the Minister , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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