"The approval for Predict Street Ltd marks a significant step in Gibraltar's efforts to reshape its digital economy, as authorities aim to modernize the regulatory framework and lessen dependence on traditional gaming revenues."
"Justice, Trade and Industry Minister Nigel Feetham emphasized the unusually quick regulatory turnaround, describing the approval as a case of 'record timing' for a license of this kind."
"Gibraltar's economy has heavily relied on online gambling, which constitutes about one-third of government revenue, but rising gambling duties in the UK have strained this model."
Gibraltar has issued its first-ever license to Predict Street Ltd, a prediction markets operator, as part of a strategy to modernize its regulatory framework. This move aims to reduce reliance on traditional online gambling revenues, which have been under pressure due to rising UK gambling duties. The approval process was notably fast, indicating urgency within the government to position Gibraltar in emerging digital sectors. A comprehensive reform bill is pending to strengthen oversight and align with global standards, as the territory seeks to diversify its economy.
Read at ReadWrite
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