The Bahamas is an island country located on the west coast of the Atlantic Ocean, is home to a rather diverse and constantly developing environment for gambling and sports betting. This paper looks at the existing legal framework on gambling in the Bahamas with emphasis on Bahamas bookmakers, sports betting, the issuance of licenses and the body that oversees these operations. It will also describe major developments and present a timeline of the most important events that have defined the Bahamas’ gambling industry.
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Table of Contents
Summary of Key Events
Bahamian Legislation on Gambling
Bahamian legislation on gambling has been a long history in an attempt to address the needs of the local as well as the global market. Let’s explore the key developments:
The Lotteries and Gaming Act,
The Lotteries and Gaming Act is the foundation of the Bahamas gambling laws and regulation. This act legalizes sports betting; the betting is allowed on athletic games or sports (except horse racing) both inside and outside the Bahamas. However, it does not allow engaging in the activity of sports betting through the telephone or other communication tools; this also applies to betting on behalf of someone else.
Major Events in the Development of Gambling Legislation
- 1964: The regulated gambling business in Bahamas started with the Lotteries and Gaming Act.
- 2014: The Gaming Act was passed to regulate the growing trend of online gambling; the amendments stated that land-based casinos should also obtain licenses that allow limited internet gaming within the premises.
- 2019: A major amendment saw to it that profits from casinos were no longer taxable thus making it fair for the visitors and the residents.
- 2020: The government started the processes to liberalize the laws that banned people in the Bahamas from engaging in gambling in casinos.
- 2023: The new legislation to bring the existing legislation on gambling into the twenty-first century was introduced.
Regulatory Agencies and Oversight
Bahamas Gaming Commission
The organization which regulates gambling in the Bahamas is known as the Gaming Board for the Bahamas. Its mission is to maintain the integrity of the gaming industry by:
- Minimizing an association with organized crime.
- Preventing fraudulent, dishonest, and unscrupulous people from being involved in the operations of licensed entities and their employees.
- The responsibility of policing to make sure that the gaming is done in the right manner and as per the set laws.
Licensing and Fees of Bahamas Bookmakers
To conduct their business legally in the Bahamas, gambling operators have to obtain several licenses which have different conditions and costs.
Types of Licenses:
- Gaming License: Sought for casinos and casino hotels.
- Proxy Gaming License: Authorises online gambling services through a proxy in physical locations.
- Mobile Gaming License: It is almost the same as the Proxy Gaming License but it is only applicable to mobile devices within the specified premises.
- Restricted Interactive Gaming License: Online gaming is allowed within the premises of the licensed properties but not outside the premises.
- Gaming House License: The reactions are related to online lottery and numbers games for webshops.
- Junket Operator License: For those operators who transport the big players to the gambling establishments.
- Supplier License: As for suppliers of gambling machines and software.
Licensing Fees
- Small Casino: $50,000 annually
- Medium Casino: $100,000 annually
- Large Casino: $200,000 annually
Progressive Tax System of Bahamas Bookmakers
The Bahamas employs a progressive tax system for gambling establishments:
Small Casinos:
- Revenue ≤ $10 million: According to the survey 10% of the people engaged in the study.
- Revenue > $10 million: One million plus fifteen percent on any amount that exceeds one million.
Other Establishments:
- Revenue ≤ $10 million: Twenty five percent.
- Revenue between $10 million and $16 million: For the second question the formulation will be as follows:< Five million plus twenty percent on any amount over five million.
- Revenue between $16 million and $20 million: Thus: 7 million + ten percent for all that is above this.
- Revenue > $20 million: However, in the original text the numeral is represented as follows: One million plus five percent on the amount in excess of one million.
Gaming houses for instance are subjected to a standard rate of taxation of 12 percent.
Bahamas Sports Betting: Getting to the Bottom of It
Sports betting, one of the most popular forms of gambling in the Bahamas, is subject to stringent regulations:
- Prohibited Bets: Horse racing and betting or telephonic or telecommunications betting.
- Allowed Bets: All other athletic games and sports both within the country and outside the country.
Sporting Event Glory Milestones
The Bahamas has a rich history of sporting excellence, further fueling the popularity of sports betting:
- 1964: In 1948, Durward Knowles and Cecil Cooke from Bahamas wins the first Olympic gold medal in sailing.
- 1992: Frank Rutherford gives the first track and field Olympic medal to the country.
- 2004: Tonique Williams-Darling of Bahamas takes the Olympic gold winning the 400m race.
- 2016: Shaunae Miller-Uibo wins the gold in the 400m race during the Rio Olympic Games.
- 2023: New draft legislation has been introduced to update gambling laws, with the sport betting being one of them.
Conclusion
The Bahamas is still expanding as a popular destination for gambling and sports betting with a long history and changing legal system. Due to the clear and specific rules and licensing procedures, the relations between the operators and the players are rather clear and transparent. When the country continues to modernize its laws, it is all set to give more chances to the enthusiasts and the stakeholders.
For anyone interested in Bahamas bookmakers and sports betting, it is vital to know the current trends and abide by the law. The road map to the future looks bright and interesting as Bahamas is ready to welcome the concept of gambling.
FAQ – Bahamas Bookmakers
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