The Bahamas is an island country that lies on the coast of the Atlantic Ocean to the west. The whole water area of the Bahamas is 259,000 square kilometers. The internal autonomy was introduced in 1964. It made the decision to become independent on July 10, 1973 and joined the Commonwealth. Gambling in the Bahamas is totally under law. This article is a guide to the gambling laws and regulations in The Bahamas, thus it also covers Betting Sites in Bahamas and the regulatory status of sports betting.
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The Gambling Law in The Bahamas
The gaming industry in The Bahamas is controlled by several laws and regulations which make sure that the game is transparent and fair for all the participants. Major legislation includes:
- Lotteries and Gaming Act: This act gives the permission for sports betting on any game or sport, except for horse racing. Nevertheless, sports betting cannot be done through the telephone or any other telecommunication device and not on behalf of another person.
- Gaming Act (2014): This act deals with the increasing trend of online gambling. It is the casino that can get a gaming license and then, in-house internet gaming will be allowed. Nevertheless, online gaming from websites controlled within The Bahamas is not allowed.
The major events of the gambling legislation establishment.
The following is a table overview of the Bahamas gaming legislation:
1964: The internal autonomy was introduced in 1964.
July 10, 1973: It made the decision to become independent on July 10, 1973 and joined the Commonwealth.
2014: Gambling Act 2014 to promote the growing popularity of online gambling (domestic gambling).
Gambling Regulatory Agencies
The Gaming Board for The Bahamas is the main regulatory authority that supervises the gambling industry. Its goal is to safeguard the gaming industry from organized crime and other bad influences, it means that all operators and employees are honest people of good character, and last but not least is that gaming must be carried out in a fair way. The regulations include:
- 1. Gaming Act (2014)
- 2. Gaming Regulations (2014)
- 3. Gaming House Owner Regulations (2014)
- 4. Gaming Rules (2015)
Gambling Law and Regulation in Bahamas – 5 Things to Know
Licenses and Fees of Betting Sites in Bahamas
The Bahamas offers several types of gambling licenses, each with specific fees and requirements:
- Gaming License: Casino and casino resort is the place where gambling takes place, therefore it would be necessary to run such places.
- Proxy Gaming License: Provides opportunity for online gambling services to be offered through a proxy at the physical place.
- Mobile Gaming License: Allows online gambling on mobile devices within the casino building.
- Restricted Interactive Gaming License: Permits online gambling at the casino premises but not outside.
- Gaming House License: To online lottery and numbers game operations.
- Junket Operator License: For operators who are making the rich people to come and gamble.
- Supplier License: To the suppliers of gambling machines and software.
License Fees
The annual fees for gambling licenses vary based on the type and size of the operation:
- Small Casino (<5000 sq ft): £50,000
- Medium Casino (5001-10,000 sq ft): $100,000.
- Large Casino (>10,000 sq ft): $200,000
Gambling Taxes
The Bahamas employs a progressive tax system for gambling establishments:
Small Casino (<5000 sq ft):
- Revenue over $10 million: 10%
- Revenue under $10 million: $1 million + 15% on sales over $10 million
Other Gambling Establishments:
- 1. Revenue under $10 million: 25%
- 2. Revenue between $10-16 million: Two dollars. 5 million plus 20% on the revenue that is above $10 million
- 3. Revenue between $16-20 million: $3. 7 million plus 10% on the revenue that is above $16 million.
- 4. Revenue over $20 million: $4 is the price of a ticket for half an hour. 1 million plus 5% on the revenue above $20 million.
Tax on Players
Since 2019, gambling winnings are not taxed for both visitors and locals, thus the previous unfair situation where locals were taxed is solved. The tax on the residents was 5% and there were no taxes at all for the visitors.
Prohibited and Permitted Bets
Under the current legislation, sports betting is allowed under specific conditions:
- Permitted Bets: The taking of bets on any athletic game or sport (not including horse racing) within or outside The Bahamas.
- Prohibited Bets: Sports betting through the telephone or any other telecommunication device, or on behalf of somebody else.
The most famous casinos in The Bahamas
The Bahamas boasts several luxurious casinos, each contributing significantly to the local economy:
- Atlantis Paradise Island Casino: The casino is managed by Brookfield Asset Management, and it has 85 gaming tables and 700 slot machines.
- Baha Mar Casino: Operated by the Sky Warrior Bahamas Limited, Baha Mar is the biggest casino in the Caribbean which has 119 gaming tables and 1,000 slot machines.
- Resort World Bimini Bay Casino: Situated on the island of Bimini and run by Genting Bimini Limited, this casino has a total of 166 slot machines along with different table games.
Conclusion
The Bahamas has a very organized gambling industry that provides many opportunities for both the operators and players. It has a well-structured legal system and therefore, the country is able to provide a just and open gaming environment. Whether you want to place bets in The Bahamas or bet on sports in the Bahamas, the industry is ready for a big leap forward thanks to its strong legislative and regulatory framework.
For those who want to get into the gambling industry in The Bahamas, it is very important to know about the legal system and regulatory. This guarantees the adherence to rules and at the same time, it makes possible for a full-fledged gaming in one of the most dynamic markets of Caribbean.