Tere are now strict guidelines to those applying for a gaming house licence and are based on financial security including the source and nature of the funding plus management expertise.
Once operators submit their RFP applications an investigation is then launched and reputation, financial stability, criminal records and experience are checked.
WEB SHOPS Web shop gaming was illegal in the Bahamas for
many decades until the government asked the Bahamians in a referendum if they wanted a regulated industry. Despite the negative response Christie went ahead and legalised the industry in 2014.
When the Gaming Act 2014 was introduced it required a full and frank disclosure from web shop owners of their past business operations in order to reclassify their businesses including the payment of any tax arrears. Tose who failed to submit a sworn affidavit and lodge their papers were ordered to cease operations. Any failure to pay such arrears meant disqualification in applying for a licence bid.
Te closing date for applications for the new gaming house licences was February 2015.
Each new licence has an application fee of $5,000 in addition there is an annual licence fee and monitoring fee of $100,000 for small operations (less than 5,000.sq.ft, $250,000 for medium (5-10,000 sq.ft and $500,000 for large operations (larger than 10,000 sq.ft).
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Te casino taxes include an annual basic tax and in respect of a small casino this is $50,000, for a medium $100,000 and $200,000 for any other casino. Small casinos then pay 10 per cent on taxable revenue up to $10m or 15 per cent for anything over $10m revenues. Medium and large casinos pay 25 per cent under $10m revenue and $2.5m plus 20 per cent on taxable revenue for revenues between $10m and $16m; $3.7m and 10 per cent for anything between $16m and $20m and $4.1m plus five per cent on incomes over $20m.
Te Gaming House taxes is either (whichever is greater) a monthly tax rate of 11 per cent of the taxable revenue or 25 per cent of earning before interest, taxes, depreciation and amortization.
It was estimated that the gaming houses saw a total of $138m in gross revenues last year whilst the casinos saw revenues of $1bn. Te gaming houses could owe around $34.5m in taxes last year.
Of the nine licences applications submitted to the gaming board only one (Bet Vegas) was denied. So initially there were eight provisional licences to operate supplied to the old web shops although Te Four Point Group trading as Asue Draw+Spin did not renew its operator licence last year leaving seven operators currently with shops including A Sure Win (GLK Ltd); Chances Games (Jarol Investments Ltd); Paradise Games Bahamas; Island Luck (Playtech Systems Ltd); Percy’s at Te Island Games (TIG Investments); Bahamas Dreams Web Café Ltd and FML Group of Companies (FML Webshop).
It is now being decided whether a moratorium will be held for the eighth licence spot due to the amount of fees and penalties the existing licensees had to pay to require their licences.
Te Bahamas Gaming House Operators Association wants a moratorium of up to 10 years on any new licences to be issued. Te operators say the market is saturated and there’s no room for additional web shops.
Each company operates at least 50 shops, some much more. A Sure Win for example operates lottery, casino and sportsbook whilst the FML Group, is one of the largest gaming companies in the Caribbean, with operations also on other islands. It was founded in 1999 and in 2015 announced a partnership with BetConstruct who provides FML with sportsbook, virtual sports, skill games and poker.
Meanwhile in October last year an Island Luck affiliate applied to acquire a 65 per cent share in Bahamas Dreams. If it goes ahead this first consolidation in the newly legalised web shop sector will give Island Luck, headed by Sebas Bastian, a huge market share.
It seems Bahamas Dreams was forced to seek a purchaser after a deal with supermarket chain Super Value to place web shop kiosks in the stores was blocked by the Ministry of Tourism.
Te legal web shop owners however are still complaining that illegal operates are siphoning off nearly a third of the legal operators market by using hand held devices which the legal operators are not permitted to use.
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