Guyana is situated in the north of South America with Venezuela to the west, Brazil to the south, and Suriname to the east and has a coastline on the Atlantic Ocean. This country, which boasts of a wealth of culture and natural scenery, has also experienced changes in its gambling legislation and policies. For those who are seeking for Betting Sites in Guyana and Guyana sports betting, this article will give you the information about the legal status, history, regulatory authorities, types of licenses, fees, and taxes in Guyana.
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History and Regulation of Gambling Laws in Guyana
It is legal to gamble in Guyana under the Gambling Prevention Act which was passed in 1902. This act has, however, been under amendments for several years due to the ever-evolving gambling industry.
- 1902: Gambling Prevention Act passed
- 1963: Government Lotteries Act was passed to provide for the regulation of lotteries.
- 2006: Gambling Prevention (Amendment) Bill tabled
- 2008: Gaming Authority of Guyana was started from December 1
- 2009: Anti-Money Laundering: Countering the Financing of Terrorism Act
- 2012: The latest change in the Gambling Prevention Act
- 2021: Online lottery and online sports betting legalisation
- 2022: Government expresses desire to alter current laws
Regulatory Bodies
The Gaming Authority of Guyana was created on 1 December 2008 and currently regulates betting shops, casinos, and lotteries. It functions with the provisions of the Anti-Money Laundering Countering the Financing of Terrorism Act 2009 and the amendments. The mission of the Gaming Authority is therefore to offer strategic direction and supervision of the development of a lucrative industry that will foster the economic status of the nation. Its vision is to transform Guyana to be among the most recognized jurisdictions with a sustainable and efficiently regulated gaming sector.
Gambling Law and Regulation in Guyana – 5 Things to Know
Gambling Licenses of Betting Sites in Guyana
Types of Licenses
There are different types of gambling licenses in Guyana, each of which targets different aspects of the gambling business. These licenses make sure that operators act within the laws of the country that they operate in.
- Class A Casino Operator License
- Class B Casino Operator Licence
- License for Route Gaming Machines Slot Parlor
- Electronic Bingo Hall License
- Sports Betting License
- Junket Operator License
- Lottery Retailer License (granted by the Guyana Lottery Company).
Licensing Fees
The licensing fees set out below are expressed in Guyanese dollars. Both a premise and operator license are required:
- Fixed, one-off application fee for operator license: $5 million
- Annual operator license: four million dollars
- Fixed, one-off application fee for premises license: The budget should be $5 million.
- Annual premises license: four million dollars
- Fixed fee per gaming machine: $60,000 per year
- Fixed fee per gaming table: This means that the company will need to spend approximately $200,000 per year on wages and salaries alone.
Casino Licensing Specifics
Currently, the law allows for only three casinos to be established in each of the ten administrative regions of Guyana. This means that only a maximum of 30 casinos can be allowed to run in the whole country. Only employees of the resort and guests of the hotel are allowed in casinos while local people are restricted.
The first casino in Guyana opened its doors in 2010 and it is known as the Guyana Princess Hotel and Casino. The second, Sleepin Hotel and Carnival Casino, was founded in 2016 but could open only in December 2020 due to the company’s inability to secure a license for five years.
The government of Guyana also expressed its desire to change the existing laws to allow the establishment of more casinos; this was revealed by the Vice President Dr. Bharrat Jagdeo in June 2022, and the Attorney General Anil Nandlall. The new piece of legislation will be titled the Gaming Bill.
Gambling Taxes of Betting Sites in Guyana
It is also important to note that gambling operations in Guyana are taxed alongside the licensing fees that are payable. The tax rates and structures are as follows:
- The current taxation policy includes the imposition of a 33 percent tax on lottery tickets.
- 10% tax on other gambling activities
- 20% tax on money or money’s worth paid as bets
- The tax base is the total gross amount obtained from gambling activities, and taxes are paid annually. The gambling taxes are set by the Tax Act Chapter 80:13.
Prohibited and Permitted Bets
Although there are legal and recognized types of gambling, most of the facilities in Guyana are still considered to be illicit. This is a real threat to the potential bettors and their money. Currently, there are no specific laws governing online gambling and this makes it possible for players to participate in internet gambling without any hindrance.
Recent advancement and future possibilities
In January 2023, the Gaming Authority created and distributed a Gaming Policy to signal the government’s plan to expand gambling throughout the country. This policy, if made into law, will allow the granting of over a dozen forms of gambling licenses to operators in Guyana. The policy seeks to offer adult entertainment to visitors and thereby, enhance the economy of the country.
In 2021, the government signed 12 Memoranda of Understanding (MoUs) with hotel developers. Other than tax exemptions for the first ten years and on machinery and equipment, it was agreed that any hotel with more than 150 rooms and offering four star services can bid for a casino license.
Conclusion
Gaming in Guyana has a long history and current laws are on the process of liberalization. For anyone focusing on Betting Sites in Guyana and Guyana sports betting, it is essential to know the legal requirements, governing bodies, types of licenses, fees, and taxes. Considering the current process of the government’s improvements of the gambling legislation, it can be stated that the future of the more structured and safe gambling in Guyana looks quite bright.