If you are thinking about registering on some of the best sports betting sites Gibraltar, you’ve come to the perfect place. In this review, you can learn about the gambling regulator in Gibraltar and what requirements operators with this license must meet.
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What You Should Know about Sports Betting Sites Gibraltar
To start with, here is some basic information about Gibraltar-licensed operators:
- All gambling operations are regulated under the Gambling Act of 2005.
- The Gibraltar Gambling Division and Gambling Commissioner under the Ministry of Finance oversee all gambling procedures.
- The Gibraltar Licensing Authority, managed by GGC, is responsible for issuing licenses to top sports betting sites Gibraltar as well as renewing and revoking them.
- Betting sites Gibraltar with a remote gaming license have to renew it every five years.
- You must be 18 or over to bet on sports and most other products. Only lotteries are legalized for persons who are 16+.
- Operators regulated by the GGC can offer their services and accept UK bettors.
Legal Side of Sport Betting Sites Gibraltar
iGaming companies must meet different requirements when applying for a license. Should they meet the necessary requirements they still need to adhere to obligations and commitments detailed in their application. Keep reading for more details.
License Requirements for Gibraltar Betting Companies
A license applicant must ensure the following conditions are met:
- It must have a detailed and realistic business plan.
- The company has to be financially stable.
- It must have an investment strategy to help the country’s economic growth.
- It has to process a gambling license issued by a different authority
- The company must establish internal AML/ CFT procedures and guidelines for communication with GGC and third-party suppliers. It also needs to provide staff training and have a plan for the assessment of and report any suspicious behaviour.
- A betting site in Gibraltar must have an independent testing house verify and certify its gambling products and services.
It’s important to note that the gaming test lab must be approved by the licensing authority. In that sense, an operator can have its services tested by eCOGRA, iTech Labs, Gaming Associates, BMM Compliance, Quinel M. Ltd, Enex TestLabs, GLI Europe BV, GLI UK Gaming Ltd, GLI Test Labs Canada ULC, SIQ Gaming Laboratories Ltd, Lean Lab Company Ltd, or Tri Sigma B.V.
Taxes Regulation at Gibraltar Betting Sites
Gambling operators are obligated to cover the following fees and taxes:
- Pay a Stamp Duty of £10 on the share capital.
- The company registration fee of £100.
- State fee for application ranges from £75,000 to £100,000.
- Corporate income tax is £100,000 per year.
- A 1% tax rate on online casinos’ gross profit (but no less than £85,000 or more than £425,000) per year.
- A 0,15% fee for the first £100,000 of gross profit sports betting sites Gibraltar generated from wager receipts. The same percentage applies to the first £100,000 of gaming yield on gaming receipts. And of gross wagering profit on annual event revenues.
- The annual license fees are £100,000 for remote and non-remote gaming and betting B2C companies and operators providing other remote B2C gambling services. Meanwhile, it’s £85,000 for B2B gambling support service providers.
Banking at Betting Companies Gibraltar
In addition to an application form, a license applicant has to submit proof of the firm’s ability to pay out any potential winnings. For example, this can be photocopies of the payouts made to winning players.
Additionally, the company must submit annual audited accounts to the GGC. It also has to designate a location of its transaction records and maintain them consistently in accordance with the Companies Act of 2014.
Complaint Procedure on Betting Sites Gibraltar
If a player reports a complaint to the operator, but the support team hasn’t responded within a week, the Gambling Commissioner recommends asking to speak to the supervisor.
However, if they don’t receive a satisfactory response from the sports betting site Gibraltar after two weeks, bettors should read the Gambling Commissioner’s advice to complainants to see if they should reach out to them.
To contact GGC, players should fill out the Complaint Resolution Request Form. The staff should reply within a week of receiving the CRRF. Then, the staff needs to contact the bookmaker for additional details.
The case officer’s job is to offer a Proposed Determination to sport betting sites Gibraltar and the complainants. Both parties need to comment on it within 14 days.
Afterwards, the case officer will provide a Decision Letter, which is the final verdict of their examination. This document suggests whether the complaint is wholly or partially founded or unfounded. It also proposes needed solutions.
The player and the operator have a week to respond with possible further representations. If the latter requests that the company change arrangements or make reparations to customers, this must be met within two weeks.
Another Gambling License as Option
Malta
- Regulatory Body: Malta Gaming Authority (MGA)
- Features: Offers licenses for online casinos, sportsbooks non on Gamstop, and poker rooms. Known for a robust regulatory framework and favorable tax environment.
Curacao
- Regulatory Body: Curacao eGaming
- Key Features: Fast and cost-effective licensing process, flexible regulations, low taxes.
- License Types: Online casinos, sportsbooks, and various other gambling activities.
List Of Top Betting Sites That We Could Recommend
Checked manually in: October 2024
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Top Sports Betting Sites Gibraltar: FAQ
Finally, take a look at some of the most commonly asked questions about sportsbooks licensed in this country.
Can you wager on a sports betting site Gibraltar?
If you are 18 or older, you can sign up with operators registered in Gibraltar. The good news is that the licensed sites accept players from the UK.
Why are gambling sites based in Gibraltar?
There are a few reasons why this place has become a hotspot for iGaming companies. The best sports betting sites Gibraltar enjoy a well-developed business infrastructure and economic benefits, such as low tax rates. They are also attracted to favourable corporate profits and transparent gambling laws.
How many gaming and sport betting sites Gibraltar are there?
There are around 40 sportsbook companies registered in the country.
Is sports betting legal in Gibraltar?
Yes, players who are 18 years of age or older can wager on Gibraltar betting apps and websites.
Are betting companies in Gibraltar allowed to host betting exchanges? allowed by?
Yes, several sportsbooks, like Betfair and Betdaq, offer betting exchanges.
Are my winnings at top sports betting sites Gibraltar taxed?
According to the laws and regulations of Gibraltar, sportsbook winnings are non-taxable.