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Expert says UAE is ¡°moving faster¡± than EU in gaming regulations
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The United Arab Emirates (UAE) is pushing the boundaries in the global gaming industry with groundbreaking steps toward becoming a regulated gaming hub in West Asia. In 2023, the UAE established the General Commercial Gaming Regulatory Authority (GCGRA), and by 2024, it introduced a licensing framework, laying the groundwork for a regulated market and making the UAE a regional competitor in gaming tourism.
As Gordon Einstein, Founding Partner at CryptoLaw Partners, puts it, the UAE¡¯s approach signals a shift in regulatory strategy. ¡°It¡¯s fascinating to watch how small jurisdictions such as Malta, Lithuania, the UAE, and others look to establish regulatory avant-garde environments,¡± Einstein explains. ¡°These micro-jurisdictions are often nimble, moving faster than larger ones like the EU, which sometimes struggle to catch up.¡± The UAE is indeed moving swiftly, with licences granted to global players like Wynn Resorts and Game LLC, and others like MGM Resorts applying, keen to gain a foothold in this emerging market.
Dubai¡¯s transformative vision
Einstein, who relocated to Dubai three and a half years ago, attributes this shift to Dubai¡¯s transformative regulatory vision: ¡°Dubai specifically took the point of view that they needed to create enabling legislation to create a framework so companies would feel comfortable moving their capital there, moving their people there, and basically making a bet on the environment.¡± This proactive approach mirrors Dubai¡¯s earlier work with the Virtual Asset Regulatory Authority (VARA) for crypto, and Einstein suggests that VARA served as an example for the GCGRA, providing clarity and centralised oversight.
A simplified licensing model
The GCGRA¡¯s model prioritises simplicity and accountability, much like the VARA framework. Einstein points out that in other jurisdictions, “you don¡¯t know which regulator¡¯s door to knock on ¡ there are 20 different authorities.” In contrast, the GCGRA is ¡°the one door you need to knock on,¡± overseeing all aspects of the UAE¡¯s gaming licensing process and avoiding the common maze of multiple agencies.
Beyond regulatory clarity, the UAE¡¯s cultural and religious diversity has allowed it to design a gaming structure that is ¡°very clever,¡± according to Einstein. Acknowledging the regional cultural sensitivities around gambling, the UAE has adopted a two-pronged strategy, creating ¡°carve-outs¡± in specific areas to allow non-Islamic residents and tourists to access regulated gaming. ¡°They¡¯ve been liberal and forward-thinking with their regimes,¡± he explains, adding that this approach recognises the need for adaptability in a region undergoing significant economic and cultural shifts.
Blooming market
The financial incentives are equally compelling, with no personal income tax and a corporate tax rate of 9 percent, the lowest allowable under EU tax benchmarks, following Hungary¡¯s example. ¡°It¡¯s a developed country, more developed than many other places we call developed,¡± Einstein observes. ¡°There¡¯s a lot of money, a lot of wealth, reliable banking, and it¡¯s safe.¡± The regulatory transparency, financial incentives, and stable infrastructure position the UAE as an attractive destination for gaming investments.
Wynn Resorts, one of the first major players to receive a commercial gaming licence, is already building a $5.1 billion resort on Al Marjan Island in Ras Al Khaimah. ¡°The Wynn project represents the kind of large-scale investment that underscores the UAE¡¯s potential as a gaming powerhouse,¡± Einstein remarks. He emphasises that Ras Al Khaimah is one of the smaller, emerging Emirates, similar to Dubai¡¯s role as a pioneer among Middle Eastern cities. ¡°Ras Al Khaimah is making big moves when it comes to crypto and gaming,¡± he says, drawing a parallel between its bold steps and Dubai¡¯s trailblazing initiatives in both sectors.
Compliance as a core value
Einstein also stresses that compliance is non-negotiable. For anyone entering the UAE¡¯s gaming market, he advises, ¡°Get a licence. They want you to come, they want you to compete, but if you don¡¯t comply with the rules, it¡¯s not just a fine or a ban¡ªyou¡¯re looking at potential criminal penalties.¡± This strict regulatory stance aligns with the UAE¡¯s objective to establish a well-regulated and credible gaming sector.
As more international brands like Aristocrat and Smartplay International secure licences, the UAE¡¯s regulated gaming market could see substantial growth, possibly reaching $3-5 billion. Einstein concludes, ¡°The UAE is not the Middle East of 30 years ago. It¡¯s a developed, dynamic, and business-friendly environment, a place where the world¡¯s top players in gaming, tech, and crypto now gather. The world is changing, and so is the UAE.¡±
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