Layoffs at Major Firms Confirmed by Gibraltar Gambling Commissioner

Currently, Gibraltar is an important European gambling market. In the country, thousands of people are employed by leading gaming operators that have a presence across the globe. The gambling sector in Gibraltar is currently regulated under the Gibraltar Gambling Act 2005 and the country has been serving as an important hub for online gambling operators for more than 10 years. The compliance of operators, as well as licensing is overseen by the Gibraltar Gambling Commissioner.

In a recent interview for GBC, Andrew Lyman, the Gambling Commissioner in the country, spoke about a number of redundancies completed by major gambling operators in the jurisdiction. He confirmed that the aforementioned job cuts were a part of rationalization and cutting-cost processes initiated by the gambling operators.

Lyman did not disclose what number of employees within the gambling sector have been affected. He mentioned that the redundancies may have affected Entain, William Hill, as well as Lottoland.

There’s No Need to “Hit the Panic Button”

According to the Gambling Commissioner, an estimated 3,600 people in Gibraltar are currently employed by the gambling industry. He said that while the redundancies may have affected some employees, they would quickly be rehired within the sector.

Moreover, Lyman said: “I don’t think as a jurisdiction that we need to hit the panic button. It is the right of all operators to optimize their business.” He added that such optimizations are not a concern but highlighted that the government continues to monitor the “overall numbers and the overall economic contributions including tax yield.”

The Gambling Commissioner spoke about the decision of some of the operators to transition certain roles to other jurisdictions. As an example, he said that it is more difficult for gambling companies to find customer service employees in Gibraltar which is why such roles are sourced outside of the country.

Late last month, the Financial Action Task Force (FATF), announced that Gibraltar was removed from the FATF’s Grey List. The aforementioned Grey List consists of countries that are under increased monitoring due to deficiencies related to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The removal of Gibraltar from the FATF’s Grey List acknowledged the significant progress the country made in addressing challenges and ensuring compliance with global AML and CTF regulations.