‘Unprecedented’ £250m corporate tax revenue, Feetham says at Prediction Markets Summit 

The Minister for Justice, Trade and Industry, Nigel Feetham, confirmed that over £250m in additional corporate tax revenues had been raised through his National Tax Strategy over the past three years, during his opening address at the Prediction Markets Summit Europe on Tuesday morning. 

The conference, held at the Sunborn, brought together global regulators, leading platforms, investors and innovators to examine how this sector will evolve, scale and integrate into mainstream financial systems. 

Mr Feetham said revenues needed to support public services required the Government to “think carefully” about how tax is generated, highlighting a need to ensure that businesses make a fair contribution to public finances. 

He said that, over the last three years, his ministry has worked closely with major businesses through a National Tax Strategy that he devised and implemented immediately upon taking office.  

“The result has been so far, if we include the current Financial Year, over £250 million in additional corporate tax revenues above the baseline I inherited, with three successive unforecast record-breaking years at levels never previously seen,” he said. 

“We have done so by working closely with major businesses, strengthening their contribution, while simultaneously reducing personal tax rates.” 

“We have crossed a new frontier in tax policy, because we were prepared to challenge assumptions, delivering results beyond the limits of what was previously thought even remotely possible.” 

Mr Feetham told this newspaper that this tax revenue was “unprecedented in the history of Gibraltar”, both in terms of percentage increase and amount. 

He added that responsible economic management means having the foresight to act before a problem becomes a crisis.  

“It means growing and diversifying our economy, broadening our revenue base and ensuring that economic success translates into lasting benefits for Gibraltar and its people,” he said at the conference. 

“That is how we protect our public services, strengthen our resilience and safeguard our financial capacity for the future.” 

Mr Feetham described the new framework for prediction markets as a “substantial opportunity for Gibraltar” which brings together technology, information, risk and financial innovation, drawing on elements of both the gaming and financial services industries. 

“This conference comes at an important moment,” Mr Feetham said. 

“This year, we have engaged internationally, introduced bespoke prediction market legislation and attracted businesses that see Gibraltar as the right place to develop their operations.” 

The Government has granted two prediction market authorisations, with further applications in the pipeline, and Mr Feetham added that Gibraltar must be “pioneers” and embrace the possibilities of this sector. 

“We must be more focused. We must be adaptable. And we must understand where our existing strengths can be applied to emerging opportunities,” he said. 

“Our established gaming and financial services sectors have created much more than individual businesses.” 

“They have helped develop an ecosystem of experienced professionals, specialist legal and compliance expertise, technology providers, corporate services, risk management capabilities and international business relationships.” 

“That ecosystem is one of Gibraltar’s most important economic assets.” 

“Prediction markets provide an opportunity to build on that ecosystem.” 

He added that embracing prediction markets does not mean turning away from industries that have served Gibraltar well.  

But, he said, Gibraltar should neither dismiss prediction markets because they are new, nor embrace them uncritically because they are attracting investment. 

The Prediction Market Regulations 2026 came into force in July, providing a bespoke regulatory regime for qualifying prediction market activities within Gibraltar’s legal framework. 

Mr Feetham said the Government should examine prediction markets seriously, understand their risks and opportunities, and create the conditions in which responsible businesses can develop. 

“We do not want to compete by lowering standards or by suggesting that regulatory obligations can be avoided simply by choosing a particular jurisdiction,” he said. 

“Nor should anyone assume that authorisation in Gibraltar automatically permits an operator to offer its products in every other country. Businesses must comply with the laws and regulatory requirements applicable in each market in which they operate.” 

“That is a stronger and more sustainable proposition than promising a shortcut.” 

Mr Feetham said Gibraltar’s success has depended not only on its regulatory framework, but on the talent, commitment and experience of the people who work within it. 

He added that this could provide opportunities for the next generation of Gibraltarians in technology, finance and regulated international business.  

As prediction markets operate differently to gaming, he said, this creates challenges for businesses seeking to operate internationally, which means dialogue is “especially important”. 

“Prediction markets also raise questions that no jurisdiction can answer entirely in isolation,” Mr Feetham said. 

“Different countries may take different approaches to the legal classification of these products, the events on which markets may be offered, consumer safeguards and the relationship between gambling and financial regulation.” 

Mr Feetham said he will continue engagement with prediction markets through his Ministerial International Outreach Programme. 

When it comes to this sector, he added, Gibraltar should “be realistic” and understand it may not be able to lead, but instead can listen and learn from other regulatory frameworks. 

Looking to the future, Mr Feetham said, Gibraltar intends to approach this sector “with ambition, but also discipline”. 

He described how the Government wants to attract serious operators and build on its strengths of established gaming and financial services sectors. 

“We want to protect Gibraltar’s reputation,” he said. 

“We cannot guarantee the future success of any individual business or emerging market. What we can do is work to create a credible environment in which responsible businesses that choose Gibraltar as their home have a clear framework within which to operate.” 

He encouraged conference attendees to engage with Gibraltar, to understand the approach the Government is taking and to continue the dialogue as the industry develops.