Guyana is one country in the northern part of South America and shares its boundaries with Venezuela to the west, Brazil to the south, Suriname to the east and the Atlantic Ocean to the north. Guyana has a long history and a rapidly developing economy. In this article, we will discover more about the specifics of the gambling legislation in Guyana with a special emphasis on the Guyana bookmakers and sports betting and at the same time review the general ideas about the regulation, licensing, and taxation.
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Table of Contents
Summary of Key Events
Genesis of Gambling Laws in Guyana
Legal gambling started in Guyana in 1902 under the Gambling Prevention Act and its revisions. As for the lottery, it falls under the Government Lotteries Act of 1963. The laws have evolved over the years to allow for new types of gambling as well as including online gambling.
Major Events in the Development of Gambling Laws’
- 1902: The Gambling Prevention Act sets out legislative measures on gambling.
- 1963: Government Lotteries Act lays down the rules and guidelines for lotteries.
- 2008: The Gaming Authority of Guyana introduced to regulate betting shops, casinos and lotteries.
- 2009: The Anti Money Laundering Countering the Financing of Terrorism Act put in place.
- 2012: The most recent change that has been made in the Gambling Prevention Act is.
- 2021: Relaxation of some forms of digital gambling such as online lottery and sports betting.
- 2022: Says Vice President Dr Bharrat Jagdeo and Attorney General Anil Nandlall have hinted on amendments to the laws to allow more casinos.
Regulatory Framework and Agencies
The Guyana Gaming Authority was set up on the 1 st of December, 2008 and regulates the betting shops, casinos, and lotteries under the Anti-Money Laundering Countering the Financing of Terrorism Act of 2009 and its amendment. The mission of the Gaming Authority is “To ensure the provision of proper leadership and regulation of Gaming in Guyana for the expansion of a viable sector that contributes to the country’s revenue. ”
Bookmakers and Allowed Bets
Guyana Bookmakers have their own set of rules and regulations due to which they are somewhat different from other bookmakers. The kinds of the bets that are permitted are on sports, racing with a parimutuel system, as well as the lotteries. However, online gambling is in a somewhat of a legal limbo as there are no specific laws that prohibit it.
Licensing and Fees of Guyana Bookmakers
To operate legally, bookmakers must obtain several licenses:
- Operator License: One off application fee of $5 million GYD and an annual fee of $4 million GYD.
- Premises License: Application fee of $5 million GYD one-off and annual fee of $4 million GYD.
- Gaming Machine License: The payment is a flat charge of sixty thousand Guyana dollars per machine per year.
- Gaming Table License: The set fee of two hundred thousand dollars Guyana money per table per year.
Gambling Taxes
The gambling tax structure in Guyana includes:
- Lottery Tickets: 8.33% tax on the total amount received.
- Other Gambling Activities: Ten percent on the total gross amount of money received by the said entity.
- Betting Tax: Tax of twenty percent on the money given as bets.
These taxes are set by the Tax Act Chapter 80:The investment code, in chapter 4 section 013, also outlines the taxation structure of the country.
The Development of Guyana Sports Betting
American Guyana sports betting has grown rapidly, especially after the 2021 approval of online sports betting. In this move, bookmakers and the bettors have been provided with new opportunities.
Sporting Event Glory Milestones
- 2007: Cricket World Cup is one of the platforms that Guyana participates in and holds international cricket matches.
- 1999: Dwight Yorke makes history as the first Guyanese to win the Premier League title with Manchester United as a member of the ‘double’ winning team of the 1998-99 season.
- 1984: Marian Burnett swimes to a bronze medal in the 200m swimming event at the Olympics.
- 2000: Pauline Davis-Thompson leads her to win a silver medal in the 200m freestyle at the Olympics.
- 2021: New found legalisation of on-line sports betting in Guyana.
Sports Culture in Guyana
Cricket is by far the most important and widely practiced sport in Guyana and therefore it is safe to say that sports are highly valued in the Guyanese society. Other common sports are football, field hockey, netball, basketball, and boxing. Guyana has also been producing famous internationally known athletes like Clive Lloyd, Rohan Kanhai, Ramnaresh Sarwan, and Shivnarine Chanderpaul in cricket, and Michael Anthony Parris and Andrew “Sixhead” Lewis in boxing.
Key Sports Venues
- Providence Stadium: A new 15000 capacity stadium constructed to accommodate the cricket world cup games.
- Horse Racing Courses: Horse racing in Guyana, there are five race courses.
Notable Athletes from Guyana
- Michael Parris: A one time professional boxer and an Olympian.
- Shivnarine Chanderpaul: Cricketer and one of the best batsmen of the cricket history.
- Winston George: Gold medalist at the 2011 Pan American Games and a sprinter.
Conclusion
Guyana has in the recent past been experiencing development in the gambling industry with regards to the traditional and the online forms of betting. The legal requirements, the license fees, and the taxation systems are set to develop a very profitable and properly regulated business. Looking at the current situation in the country as it works towards establishing its gambling laws, there is much hope for Guyana Bookmakers and the sports betting enthusiasts.
FAQ for Guyana Bookmakers
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