Barbados is located at the easternmost part of the Lesser Antilles in the eastern Caribbean with a Coral Limestone terrain. Although it is famed for its beautiful sceneries and colourful population, Barbados has an interesting betting culture. This article aims to delve deeper into the Barbados Bookmakers, with regard to the legal framework of gambling, the regulating bodies, the types of allowed and prohibited bets, the licensing, the taxes, and the sports betting milestones.
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Table of Contents
Summary of Key Events
Barbados Gambling Laws over the Years
It has been a long history of betting in Barbados, which has gone through a long process of changes. This is where the journey of Barbados sports betting and bookmakers can be comprehended in order to get to the current situation.
- 1905: Formation of Barbados Turf Club that manage the horse racing business in Barbados.
- 1972: The Betting and Gaming Duties Act is presented with the rules and regulation on the conduct of gaming activities.
- 2005: GTECH Corporation obtains the license for the provision of lottery services in Barbados.
- 2019: This paper also recommends the adoption of a 17. 5% tax on the net-drop of all gaming machines and a 20% withholding tax on winnings from lotteries and betting.
- 2023: A statement made by the Minister of Finance Ryan Straughn about enactment of the online gaming regulation bill in the near future.
Barbados Bookmakers Legal Regime
The ban of gambling activities in Barbados is governed by the Betting and Gaming Committee. This body has the responsibility of implementing the Betting and Gaming Duties Act and the compliance with the set standards.
- Betting and Gaming Committee: Responsible for the regulation of all aspects of gambling; however, there is no known contact information and no official website of the division.
- Betting and Gaming Duties Act 1972: Presents the legal framework for gambling business, namely the licensing and taxation procedures.
Allowed and Prohibited Bets
Barbados has certain guidelines that define which types of betting can be conducted in the country.
Allowed Forms of Betting:
- Slot Machines: Locating them in hotels, bars, and pool halls with branches at Lucky Horseshoe (Worthing, Warrens, Bagatelle), Silver Fox Arcade and Fast Lime Casino.
- Lottery: Some of the games are Pick 3, Pick 4, Caribbean Keno, Jackpot Bingo, Caribbean Lotto, Mega 6, Double Draw, and Instant Scratch Tickets and is operated by the Barbados Lottery Association.
- Horse Racing: Held at the Garrison Savannah Race Track, one of the oldest race course in the world; the Heineken Stakes, Sandy Lane Gold Cup, The 5000, United Barbados Derby, or the Banks Guineas are just but a few examples.
Prohibited Forms of Betting:
- Card Tables and Roulette Wheels: Prohibited in any way in the country at all.
- Online Horse Racing Betting: Forbidden, and betting is allowed to be done at the racetracks and with bookmakers only.
Licensing and Fees of Barbados Bookmakers
To be in a position to engage in the business of bookmaking in Barbados, one has to secure a license from the Betting and Gaming committee. The licensing process is very much governed by certain guidelines so as to promote equity and probity.
- License Types: These should also cover those for the owners of slot machines, lottery sellers, and horse racing betting shops.
- License Fees: Fee structures are provided in the Betting and Gaming Duties Act but more on this has to be made from the committee.
Gambling Taxes
This paper reviews the taxes that Barbados charges on gambling activities which has greatly helped in revenue collection.
- Gaming Machine Tax: 17. Deduction of 5% from the net-drop of all gaming machines.
- Withholding Tax: 20 percent on the winnings from lotteries and betting.
For players, these taxes are deducted at the source by the operators meaning that the amount that is paid out to the winners is a post-tax amount thus making it easier for people to abide by the laws.
Barbados Sports Betting
Sport betting in Barbados is becoming more popular and focuses mainly on cricket, football, basketball, volleyball, football and rugby. Some of the renowned athletes have been nurtured on the island and they have done their best in their sports category.
Sporting Event Glory Milestones
- 1968: Barbados competed in the frame of the Summer Olympic Games.
- 2000: Obadele Thompson was at the Sydney Olympic where he made a great achievement by winning the bronze medal in the 100m dash.
- 2007: Welcome the Cricket World Cup, demonstrated the enthusiasm of the island towards the game.
- 2009: Ryan Brathwaite thus won the gold in the 110m hurdles at the World Championships.
- 2011: Co-hosted the World Cup of Golf and thus confirming the City’s position as the nation’s sports focal point.
Conclusion
Barbados is a very suitable environment for the bookmakers and fans of sports betting. The legal systems of the country are friendly and non-compromised, making it favorable for betting among the citizens and other people visiting the country. Looking to the future, with the strengthening of regulations on the island especially with the new online gaming regulation bill on its way, the picture is not so bleak for Barbados Bookmakers and the sports betting business.
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