Below follows Minister Feetham's address at the KPMG Gibraltar Gaming eSummit 2026:

I am delighted to be opening the KPMG Gibraltar Gaming eSummit 2026. 

Let me begin by thanking KPMG for their continued commitment to Gibraltar, the organisers who have worked so hard to bring this conference together, and all of the sponsors for their support. 

It is a pleasure to open this year’s Summit at what is a particularly important moment for both our industry and our jurisdiction. And I have to say, it is refreshing to be attending a major industry conference so close to home. 

The past year has been one of significant challenge. 

Before and after the UK Government’s decision to increase gambling taxation, we worked tirelessly to make the case for a more balanced outcome. We believed then, and continue to believe now, that the measures adopted will distort the regulated market, reduce consumer value and risk accelerating the growth of the black market. 

Naturally, we were disappointed by the outcome. But leadership is ultimately measured not by how we respond when circumstances favour us, but by how we respond when they do not. 

The decision has been made. We cannot change it. What we can do is adapt, respond and position Gibraltar for continued success. 

We are already seeing the impact of the changes. The estimated reduction in Gibraltar’s corporate tax revenues is substantial – conservatively, around £40 million. In the context of Gibraltar’s public finances, that is a significant figure. 

 But there is little point in dwelling on decisions taken elsewhere. 

The UK Government’s decision must be viewed in the context of the broader fiscal pressures facing the UK economy and the priorities of the UK Treasury. In those circumstances, Gibraltar’s interests were always likely to be secondary to the imperative of raising revenue. 

Our responsibility is therefore clear: to ensure Gibraltar remains competitive, resilient and attractive in a changing environment. 

That is why, almost immediately after the announcement, I embarked on an extensive programme of international outreach aimed at supporting economic diversification and attracting new investment.

This year alone I have attended ICE Barcelona and the Consensus conferences in both Hong Kong and Miami. 

Those engagements have generated genuine interest in Gibraltar, including from operators in emerging sectors such as prediction markets. They have also provided an opportunity to reinforce a simple message: Gibraltar remains a world-class jurisdiction and very much open for business. 

One area that has featured prominently in many of those discussions is the growing role of stablecoins and digital payments infrastructure. 

Increasingly, regulators and businesses around the world are distinguishing between speculative crypto-assets and regulated, fully backed stablecoins that can facilitate faster and more efficient cross-border payments. For a jurisdiction such as Gibraltar, with internationally focused gaming, financial services and technology sectors, this presents an opportunity that merits serious consideration, and I am continuing discussions with leading financial institutions, industry participants and sovereign partners on how these developments may shape the future of international commerce. 

Our interest is in ensuring that Gibraltar remains at the forefront of innovation and is well positioned to support the next generation of global payment solutions. 

Diversification does not mean placing less value on our existing licensees. Far from it. Our established operators remain the foundation of the sector and continue to make an enormous contribution to Gibraltar’s economy. 

However, diversification does mean broadening our horizons, attracting new business and ensuring that future growth is not overly dependent on any single market. 

Ultimately, we can only control those factors within our reach. That means ensuring Gibraltar offers the right regulatory environment, the right economic conditions and the right quality of life to attract and retain businesses and talent. 

Our strategy is therefore straightforward. 

We will remain a high-quality, well-regulated jurisdiction that embraces innovation, supports responsible growth and provides certainty for those looking to invest and build long-term businesses. 

A key part of Gibraltar’s future competitiveness is the forthcoming UK/EU Treaty relating to Gibraltar. 

 This has been one of the most significant and complex political negotiations in Gibraltar’s history and has required pragmatism and goodwill from all parties involved. 

The importance of achieving a workable outcome cannot be overstated. 

Approximately two-thirds of employees working in Gibraltar’s gambling sector are cross-border workers. Ensuring smooth and efficient movement across the frontier is therefore critical to the continued success of the industry.

More broadly, access to Spain and the wider Schengen Area enhances Gibraltar’s attractiveness as a place to live, work and invest. It strengthens labour mobility, supports economic growth and reinforces our position as an international business centre. 

For a jurisdiction whose success depends on attracting talent, capital and enterprise, these advantages are significant. 

We will hear more about this later today from the Chief Minister. 

Alongside this, we must continue to attract individuals who generate economic value, invest in our community and contribute to our growth. That requires a competitive and responsive approach to residency and a continued commitment to making Gibraltar an attractive place in which to live, work and do business. 

I am also pleased that we can finally say that Gibraltar’s new Gambling Act came into force on 1 April, together with the accompanying fee regulations. 

The Act represents the most significant modernisation of our gambling legislation in many years. It provides the flexibility needed to respond to technological change, evolving business models and emerging products while maintaining high regulatory standards. 

Implementation is already generating useful feedback from industry and, as is often the case with major legislative reform, has prompted further policy discussion. 

That is healthy. 

Our objective remains clear: to be pragmatic, proportionate and responsive. We want regulation that protects Gibraltar’s reputation and regulatory integrity without creating unnecessary bureaucracy. 

The same principle applies to the new fee structure. It is designed to be fair and proportionate, not a vehicle for raising additional revenue. 

The work does not stop with the legislation itself. 

The Gambling Division is actively progressing a number of important initiatives, including the licensing of the gambling marketing sector, the development of a new Social Responsibility Code and updated Technical Standards. 

These measures will be developed in close consultation with industry and I hope stakeholders will engage constructively throughout the process. 

That said, Gibraltar’s licensing proposition has always been built on partnership and mutual responsibility. 

 We expect our licensees to comply fully with their tax obligations, to pay the correct amount of tax at the correct time and to avoid aggressive tax planning or artificial structures. 

The overwhelming majority do exactly that and are responsible corporate citizens. 

However, as Minister responsible for both the gambling sector and for taxation, I have increased resources within the tax administration to support a more proactive approach to compliance.

We will continue to scrutinise deductions, transfer pricing arrangements, cross-border structures and reported losses to ensure that tax liabilities are properly calculated and paid. 

We will be fair, consistent and proportionate. But we will also be vigilant. 

Finally, I want to thank the industry for the confidence it has shown in Gibraltar during a period of considerable uncertainty. 

Brexit, Covid and the Treaty negotiations have all presented challenges. 

Yet despite those challenges, the mood today feels positive. 

The new Gambling Act has generated a pipeline of prospective B2C and B2B licensees. We continue to see businesses relocating functions to Gibraltar. Interest from emerging sectors, including prediction markets and digital asset-related businesses, is growing. 

 We must manage these opportunities carefully. 

At the same time, we must avoid becoming overly cautious. 

Innovation and responsible risk-taking have always been central to Gibraltar’s success. We must remain agile. 

Gibraltar has never prospered by standing still. We have succeeded because we have adapted, embraced change and maintained high standards while remaining competitive. 

The challenges before us are real, but so too are the opportunities. 

If we remain ambitious, pragmatic and confident in our strengths, I have no doubt that Gibraltar will continue to strengthen its position as one of the world’s leading gambling jurisdictions. 

Before I conclude, I want to say a few words about the next generation. 

One of the themes that has guided my time as Minister has been the creation of opportunities for young Gibraltarians to build rewarding careers in the sectors that drive our economy. 

Through initiatives such as Connect Hub and through our engagement with industry partners, we have sought to challenge perceptions, widen horizons and create pathways into sectors such as gaming, fintech and financial services. 

In that spirit, I am particularly pleased that among my guests today are two young Gibraltarians who hope to build a career in the gaming sector. 

As I often do at industry events, I have invited them to join us because talent should never be limited by access or opportunity. 

I hope many of you will take the opportunity to speak with them both during the course of the day. 

The future success of our industry depends not only on investment, innovation and regulation. It also depends on ensuring that young Gibraltarians can see a future for themselves within it.

Finally. I would like to thank the Gambling Commissioner and his team for the sterling work they have undertaken since I last addressed you in this Summit. 

Thank you very much, and enjoy what promises to be an excellent programme.