Reports JAMAICA MARKET REPORT
Te Logical Conclusion
Having largely avoided the chaos reeked on the Caribbean by Hurricane Irma, the island of Jamaica is continuing with its plans to introduce Integrated Resort Casinos to the country’s thriving gaming industry sectors
Discovered by Christopher Columbus in 1494, Jamaica was initially inhabited by the Arawak and Taino tribes. Te Spanish imported African slaves as labourers and in 1655 the island was conquered by the English who established the island as a plantation for sugar, cocoa and coffee. In 1834, with the abolition of slavery, Jamaica gradually increased its independence from Britain and in 1958 it joined other British Caribbean colonies to form the West Indies.
It gained full independence in 1962 and despite struggling economically during the 1970s it has become a large tourist resort and today its economy is heavily dependent on services accounting for 70 per cent of GDP. GDP was $25.39bn in 2016 with a 1.5 per cent real growth rate with a GDP per capita of $9,000. Around 16 per cent of the population is below the poverty line.
It is the fourth largest island in terms of land P52 NEWSWIRE / INTERACTIVE /
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area in the Caribbean and lies 145 kilometres south of Cuba and is made up of 14 parishes.
Tourism accounts for around 30 per cent of GDP. Te island recorded a total of 2.8 billion visitors during the first nine months of 2016 – a five per cent rise on the previous year. Te majority are Americans with an increase in Canadian visitors. Te arrivals resulted in a 5.9 per cent increase in gross foreign exchange earnings which reached US$1.9bn during that period.
THE GAMING INDUSTRY Jamaica’s gaming industry consists of betting
(local, simulcast, virtual games and sports betting), gaming (slots), lottery games and prize competitions.
Total sales for the industry in 2015 (latest figures available) was J$119.6bn with its gaming lounge sector as the biggest earner with J$75.1bn, followed by lottery with total sales in 2015 of
J$38.1bn, then bookmaking with total sales of J$4bn and racing promoter with total sales of J$4.3bn.
Te industry employs over 4,000 people directly and indirectly with 50 per cent of these in the gaming sector and 25 per cent in the betting industry.
Te sector is governed by the Betting, Gaming and Lotteries Commission (BLGC) which is part of the Ministry of Finance and was set up in 1975 under the Betting, Gaming and Lotteries Act to regulate the gambling sectors.
At one time most types of gambling in Jamaica were illegal and fell under the Gambling Law of 1899. Tere were the odd exceptions including horse racing and a few off track betting outlets which were permitted to take bets on the races.
During the 1950s and 60s two major developments occurred. Firstly the bookmakers expanded their business and secondly the amount bet on football pools overseas began to increase. Advances in technology such as radio and telephone also brought such gambling activities closed to Jamaica from the UK and USA.
And so the rules were amended. Te Betting Gaming Lotteries Act of 1965 is the legislation governing the sector at the moment and several amendments were added in 2010 and also again in 2014 with the Betting, Gaming and Lotteries
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