Bet365 is a global powerhouse for betting. It has a huge reputation across the world for delivering an unrivaled betting experience. Bet365 specializes in both sports betting and online casino betting. They provide a fantastic desktop experience and also have a mobile application. The bet365 app is highly rated for a number of reasons. Firstly, it is available on a number of devices and runs smoothly. It has an engaging interface and is packed with all of the desktop features. In recent news, the betting company has announced that they will be re-allocating their primary operations from Gibraltar to Malta. In this article, we will explain their reasoning for the decisions as well as exploring the potential future repercussions of this move.
The Brexit Factor
Undeniably, this a decision primarily being made due to the impending UK withdrawal from the European Union. The company is based within Stoke in the United Kingdom. However, many of their key assets have remained in Gibraltar for a variety of reasons. Gibraltar is located to the south of Spain, and it has been considered a territory of the United Kingdom. However, the uncertainty of Brexit may change this, and it still remains unclear as to the future status Gibraltar. Therefore, this move is a hedge against all of that uncertainty. It shows intent from Bet365 to move to a location that offers far more stability in the long-run.
Access to the European Market
Bet365 will keep a presence in Gibraltar; however, they did not clarify the full extent of this. Malta is crucial because it is a country that is inside the EU single market. This provides crucial EU access to Bet365 who themselves are a global powerhouse. This access is key for them, and therefore, this move makes sense due to the uncertainty that hangs over Gibraltar. Many staff members have already been made redundant and informed of the decision. However, some of them have been offered positions in the new location of Malta. There will certainly be a phase of transition to ensure that the process is smooth.
Gibraltar has been known as a hub for betting companies, however, many have taken similar decisions. Many gambling companies have had a presence in the area due to the lax regulations on betting. This allowed them to operate freely, and at the same time, also provided them with vital EU market access. Until a final Brexit agreement is announced, the future status of Gibraltar remains highly unclear. Betting firms such as Bet365 are making the most rational decisions whilst at the same time ensuring that their businesses are not left disrupted.
There had been reports circulating from last year that a deal had already been agreed with Bet365 and Malta. It was due to take effect after the Brexit departure date in 2019. However, this date has been moved upwards twice now. Brexit is having a critical impact on many industries, and the gambling industry is no different. It remains to be seen whether other big companies start to move out of Gibraltar rapidly. For now, it seems as though contingency plans are being drawn up within many companies who want to ensure that they have stability.
You should now have the full facts and details of the next move of the betting giant Bet365. This is a betting company that continues to grow, and they have a stable and sustainable long-term plan. Their move makes a lot of sense in terms of long-term financial planning. We should be prepared for Bet365 to continue on as one of the few elite global betting brands. We will keep you updated with any major developments.