William Hill prepares for Gibraltar border disruption
Operator says it can invoke "continuity plans" when necessary but stresses situation remains business as usual following Brexit vote
William Hill has put in place “continuity plans” in case of any disruption to the Gibraltar-Spain border as the online gambling industry continues to assess the impact of the Brexit vote.
In an email to analysts and investors on Friday, the operator said the business plans could be invoked quickly to help alleviate any near-term border disruption following the UK’s vote on Thursday to leave the European Union.
Few details have been released by William Hill as to what the “business continuity plans” entail, but are believed to include providing additional accommodation to its 400 Gibraltar-based staffers.
Spanish authorities have announced they will seek co-sovereignty on Gibraltar following the Leave vote, despite 98.5% of citizens of the Rock backing to remain British in a referendum in 2002.
However, a Hills spokesperson was keen to stress it remains “business as usual” for the firm in Gibraltar and that it would “be a complex process from here to any Brexit” – sentiments echoed by Gibraltar gambling commissioner Phill Brear.
“The result is obviously a surprise and a disappointment, but the vote only opens the door to what will be a complex and protracted negotiation process conducted over many years, with a wide range of known and unknown options for the politicians, the public and businesses to consider,” Brear told EGR.
“As the vote has already been pending for over three years, operators here have been factoring this outcome into their plans, and although it is now a reality, it is a distant reality of a very vague shape.”
According to William Hill’s email, the operator also said it expected nothing significant to change within the next two years and that its current international exposure meant a risk to revenues would be limited.
Currently 85% of William Hill’s revenues come from the UK, while within the Online business, only a small proportion of non-core revenues rely on the EU federal gambling position that depends on the UK being an EU member.