Bet365 Considers Move to Malta Due to Brexit

One of the biggest gambling operators on the planet, Bet365, is pondering the idea of moving their headquarters and relocating their services from Gibraltar to Malta in 2019, once the UK’s exit from EU is completed.

According to The Sunday Times of Malta, the company of around 1000 employees, and whose estimated revenue last year was €1.5 billion, is allegedly preparing to depart from the UK-controlled area in the southern Iberian Peninsula. Their relocation to Malta would significantly improve this island country’s economy, with sources close to the gambling industry even calling this move, “a game changer,” for the small Mediterranean nation. The newspaper also claims that Bet365 owners have already signed a promise of sale agreement in order to acquire a property in Silema that will serve as the company’s new headquarters. The purchase of the Silema property is expected to cost around €70 million.

Malta is a promised land to numerous online gambling operators due to their low taxes and EU hip. The site acquired its Maltese gambling license in 2015.

Also according to The Sunday Times of Malta, “It is not every day that 1,000 well-paid employees are relocated to Malta. Apart from the fact that we are talking about the largest sports betting company in the world, with some 23 million customers, 1,000 new individuals and their families looking for a place to stay for quite some time on a small island will mean significant business.”

However, contradictory information comes from Gibraltar whose Minister for Gambling, Albert Isola, hopes that Brexit referendum’s outcome will still yield positive results for Gibraltar companies. He denied the claims of the brand leaving Gibraltar, saying: “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.”

Source:

“UK gambling giant Bet365 moving to Malta post-Brexit; Gibraltar denies”, timesofmalta.com, May 21, 2018.