Grenada, which is in the South of the Windward Islands and at the same time it is located in the Eastern Caribbean Sea, has undergone many changes regarding gambling. This article goes in details about the subtleties of Grenada’s gambling legislation, its history, regulation agencies and the specifics of gambling licenses and fees. We also go over gambling taxes and Betting Sites in Grenada and state what bets are allowed and which ones are not.
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History of gambling legislation in Grenada
- 1966: Gambling, Lotteries and Betting Act – The first law that was enacted to control the gambling activities in Grenada.
- 2014: Casino Gaming Act – Legalized gambling, and the 1966 Act was replaced by it as a main legislation of gambling.
- 2016: Gaming Act – More amendments to this act which will now cover the regulations for electronic gaming (e-gaming).
Regulatory Agencies
The main governing authority of gambling in Grenada is the Gaming Commission. This Commission is supposed to inspect and license all gambling establishments including the ones that are offering ‘games of chance. The Commission works independently from the Casino Commission, which is in charge of casino operations explicitly.
Gambling Law and Regulation in Grenada – 5 Things to Know
Licenses and Fees of Betting Sites in Grenada
You are only allowed to run a gambling house or an online betting site in Grenada if you have got your license from the Gaming Commission. The process involves several fees:
- Application Fee: EC$ 50 (around USD$ 18. 50).
Commercial Gambling Establishments:
- Nonrefundable application fee of EC$ 100,000 (which is approximately USD$ 37,000).
- The extra fees are different for each kind of place and activities it offers.
The employees of the licensed gambling establishments also must get individual licenses.
Types of Licenses
- Casino Licenses: Land-based casinos need the provision of a license.
- E-Gaming Licenses: Encompasses electronic gaming activities.
- Betting Licenses: For the facilities that are involved in gambling.
Gambling Taxes
Gambling operators in Grenada are subject to various taxes, as outlined by the Economic and Planning Affairs Minister Oliver Joseph:
- Gaming Machines (excluding e-gaming): The amount of 30% of gross receipts or $250 per machine, whichever is higher.
- Betting Facilities (excluding pool betting): 30% of the total income.
- Pool Betting Facilities: 30% of the gross receipts.
- Lottery Promotion (by commercial entities): One fourth of the gross receipts.
- Lottery Promotion (by non-commercial entities): The gross receipts tax is 15%.
- Members’ Clubs (providing gaming facilities): 15% of the total revenue.
Presently, there are no taxes on online gambling. Besides, the gambling winnings are not taxed for players in Grenada.
Permitted and Prohibited Bets
Permitted Bets
- Casino Games: Not only are the table games of poker, blackjack, and roulette included among them.
- Electronic Gaming: The activities under e-gaming licenses embraced.
- Sports Betting: The Gaming Commission will be the body that would legalize and regulate it.
- Lotteries: The commercial and the non-commercial lotteries are both allowed.
Prohibited Bets
- Unlicensed Activities: Any gambling or betting activity that is not licensed by the law is strictly forbidden.
- Underage Gambling: Persons who are not of the legal age are forbidden to take part in any gambling activities.
Recent Amendments and Updates
Grenada is constantly revising its gambling law to create a strong regulatory system. Notable recent amendments include:
- 2022 Casino Gaming (Amendment) Bill: The law puts a fine of up to EC$100,000 for running a casino without a license. Moreover, it contains articles on the revocation of licenses if shareholders or responsible individuals are found guilty of fraud, dishonesty or violence.
- Definition of Beneficial Owner: The amendment states that the beneficial owner is a natural person who finally owns or controls the company, hotel, or resort involved in gambling.
The Key Dates and Legislative Milestones
- 1966: The Gambling, Lotteries and Betting Act is now in force.
- 2014: The Casino Gaming Act was passed which legalized gambling.
- 2016: Through the approval of the Gaming Act, electronic gaming was regulated.
- 2017: The 2016 Gaming Act was reinforced.
- 2022: The casino gaming (amendment) Bill was recently introduced.
Conclusion
Grenada’s way of controlling the gambling industry through a well-designed law and strict licensing requirements is such that the industry helps to boost the economy while at the same time reducing its negative effects. Grenada provides a well-regulated environment for the introduction of gambling and sports betting to high-net-worth individuals.