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Gaming
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challenges to come.
Artificial Intelligence
It was agreed most businesses had been quick to adapt during the pandemic, harnessing technology to cope with remote working and the increasing demand for online services. The gradual move towards more
of an “entertainment” format was noted, as well as the increasing use of Artificial Intelligence to identify potential problem behaviour. The panel also felt there had been a shift in focus of stakeholders from concentrating solely on responsible gambling to a wider ESG perspective that took in early education and environmental issues such as carbon neutrality along with diversity in the workforce.
Gibraltar Gambling Commissioner, Andrew Lyman gave delegates a presentation on the draft Gambling Act 2021 which seeks to modernise the regulatory framework and maintain Gibraltar as an attractive remote gambling hub and key licensing jurisdiction.
Mr Lyman outlined how the changing nature of gambling businesses, with increasing reliance on the cloud and diversified supply chains, meant there was a need to update regulation to keep up with
how the industry was developing. New proposals under the draft Act include new investigation powers and sanctions along with notice rights and rights of appeal as well as the introduction of an approved persons regime.
Businesses will still be required to have “substance” in Gibraltar but there will be a more flexible approach proportionate to the nature and size of a business and its overall economic value. The draft Act is currently undergoing a final review within Government.
A copy of the draft Act and explanatory note is expected to be issued to stakeholders shortly which will be followed by consultation on licensing categories, fees, codes and secondary legislation.
Elsewhere at the conference, there were insights into the USA and Canadian markets as well as a “fireside chat” involving former Chief Minister, Sir Peter Caruana QC, Peter Montegriffo, QC of Hassans and Peter Isola, Senior Partner at Isolas, reflecting on the previous decade of eGaming in Gibraltar.
Simon French of Panmure Gordon gave an update on the capitals market, noting that the market capitalisation of the four largest listed companies is now in excess of US$120bn and that, such is the pace
of mergers and acquisitions, none of the quoted big four existed in their current form five years ago. This was underlined by the announcement of Draftkings £17bn approach for Entain two days before the conference.
There was also a focus on regulation and responsible gambling both in the UK and Gibraltar with Professor Zsolt Demetrovics, Chair of the Centre of Excellence in Responsible Gaming at the University of Gibraltar, outlining some of the challenges in developing effective interventions and understanding the difference between recreational gambling and behaviour that may be harmful.
Responsible gambling
Minister Isola had earlier encouraged operators to engage with the University in providing data for the research and reiterated the government’s wish for all members of staff with customer interaction to attend a responsible gambling course “to put our jurisdiction ahead of the curve in terms of responsible gambling”. These courses are currently being designed.
A series of three masterclasses in regulation and tax were held alongside the conference and Stephanie Beavis, Managing Director of KPMG Gibraltar, brought the day to a close by thanking all the speakers and sponsors who enabled the event to take place.
“The KPMG eGaming Summit has been a key event in the calendar for 10 years,” she said, “Despite having to put the event on hold in 2020, we were determined to get it done this year.” A special thank you was extended to Micky Swindale, KPMG Global Gaming Team and COO/Head of Markets, KPMG Islands Group, who was the impetus for the first Gibraltar eSummit in 2011 and has overseen the event each year since.
www.kpmg.gi
14 Gibraltar International
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