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Bahamas Making Progress on Internet Gambling
Tuesday August 19,2014 : BAHAMAS MAKING PROGRESS ON INTERNET GAMBLING
General agreement reached in consultative initiative....but tax comes first.
The Bahamas Tribune reports that a government consultative initiative on the reform of gambling in the Caribbean nation has reached substantive agreement with most interested parties.
Minister for Legal Affairs, Damian Gomez, said consultations are nearly complete, but the bill will not be brought to Parliament until after more urgent legislation to implement value added tax (VAT) has been passed.
“I was under the impression that we have reached a substantial agreement and we have all but completed our consultations, and I anticipate that very shortly the bills on gaming will proceed,” Gomez said Monday.
Applying an equitable law on the internet aspects of gambling has been a controversial issue for years, with land casino operators and unlicensed "webshops" competing for attention and an even playing field. The issue of Bahamian citizens being denied access to land casinos has also heightened tensions.
Proposals for licensing qualifications include minimum levels of capital, operator probity and a requirement that all internet equipment used in internet gambling ventures be based within the Bahamas.
One of those involved in the discussions, Craig Flowers, CEO of webshop body FML Group, told The Tribune that the greatest challenge for the new Gaming Bill is its ability to present regulations that meet international standards for online gaming.
Flowers warned that there could be regulatory problems associated with online gambling on an international basis, particularly where US dollar denominated transactions take place across geographic borders, where strict regulations against money laundering are applied and the United States is especially sensitive.
“International online gaming requires any government to meet international compliances to move funds and in particular American funds across international borders, and that’s where the United States comes in on this whole charade," he said.
“Most money that is moved globally is in US currencies and if US currencies are going to be moved from one country to the next across international borders the US has a major problem with that and they have reasons to."
Last month, Tourism Minister Obie Wilchcombe confirmed to The Tribune that the conduct of international internet online gaming from casinos, as opposed to web shops, was one of the issues still up for debate in the new Gaming Bill.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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