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British Virgin Islands:
BVI Legalizes Gambling – What Are The Odds?
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ORIGINAL POSTED DATE OF July 26, 2020
A lot of people are placing bets that the most recent
legislation passed by the House of Assembly of the British Virgin
Islands will be a big winner—for residents, tourists,
investors, and the BVI Government.
Earlier this week, the House passed the Gambling (Gaming &
Betting) Control Act (the Act) to legalize and regulate gambling in
the Territory. The next step is for the Act to be published in the
gazette, which should be done in the coming weeks. A further Act
specific to horse racing is expected and was announced as part of
the current Government’s legislative agenda in 2019.
Let Us Entertain You!
The Act opens new avenues for investment and entertainment, and
will regulate—and potentially create—opportunities to
establish new venues for previously illegal activity. It will be
welcome news when the cruise industry resumes sailing into Tortola.
Prior to the Act, cruise ships opted not to dock overnight in the
Territory as they could not operate the casinos onboard. The move
to allow gambling and gaming also provides the opportunity to
expand sports betting; in particular, for popular local horse
racing.
Economic Advantages?
From a revenue standpoint, the Territory should immediately
benefit from licensing fees. The wider economic outlook is also
positive—from infrastructure investment to job creation.
Studies in other countries show that jobs in the gaming industry
traditionally pay higher wages than in other industries. With
payroll tax in the BVI being the only tax on income, this has the
potential to widen the tax base and increase tax dollars
significantly.
Regulation and Protections
The Act provides for the establishment of a Gambling (Gaming and
Betting) Control Commission. It is anticipated that with
responsible regulation will come strong consumer protection, and
the expansion of career paths in the BVI. Section 51 of the Act
provides for internal controls dealing with a range of issues,
including human resource practices, accounting systems, and
procedures for recording and determining winnings.
Overall, the Act has been well received by the public, and the
expansion of entertainment options is keenly anticipated by many,
including investors, restaurateurs, and entreprenurs.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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