Finance minister Bob Richards has met the Gibraltarian government minister in charge of gambling.

Albert Isola, Minister for Financial Services and Gaming in the UK Overseas Territory which borders Spain, yesterday held talks with Mr Richards on “matters of mutual interest to both countries.”

Mr Richards and Mr Isola met at the Ministry of Finance in Hamilton and discussed the financial services sectors of the two jurisdictions.

Mr Isola also visited the Bermuda Captive Conference, at the Fairmont Southampton, with a delegation from Gibraltar to promote the territory as gateway to the European Union single market for Island-based businesses.

Gibraltar has only one casino, which opened in the 1960s, however the territory rakes in millions of dollars a year from online betting firms based there.

It is estimated about 60 per cent of online bets in the UK are placed through Gibraltar-based sites.

Gambling represents around 15 per cent of Gibraltar’s $189 billion economy and employs about 2,500 people.