Bet365 has confirmed that it will be moving certain Gibraltar operations to Malta, citing market uncertainty caused by the ongoing Brexit impasse.
A report from the Gibraltar Broadcasting Corporation revealed that a staff were updated in a meeting held 23 May.
Bet365 bosses said that due to “strategic and contingency plans to ensure EU market access and to maintain and enhance operational efficiencies we have been building our presence in Malta and operating a dual regulatory and licensing strategy between Gibraltar and Malta for a number of years.”
The company is now working with the Gibraltar government to facilitate the operation.
Gibraltar’s Minister for Gambling Albert Isola has since claimed the bookmaker will maintain a strong presence in the region.
“We, nonetheless, understand that business needs certainty and has to manage risk. There is no single risk management solution here as the issues are complex,” he said in a statement.
“Bet365 have confirmed directly to us that they remain totally committed to Gibraltar and the entirety of it’s workforce here. They are not leaving Gibraltar by any stretch of the imagination.
“Neither are they having to choose between us and Malta. What remains true is that Gibraltar remains the jurisdiction of choice for the most reputable gaming companies in the world. Brexit isn’t going to change that.”
Bet365 purchased “a large part of a new property development” for €70m last year, cited as a first step towards a recloation. The company reportedly planned to move to the new premises upon completion of Brexit. At the time both Bet365 and the Gibraltar government denied this would be the case.