revenue derived from sales of lottery. In case of a daily numbers game or instant lottery the tax is 20 per cent of gross weekly revenue. Lottery winnings levy is 15 per cent on anything over $J15,000.
TAXES l
Gaming Sector gross Profit Tax is 10 per cent of which 6.5 per cent goes to the Inland Revenue, 2.5 per cent to the BGLC and one1 per cent to CHASE (charitable causes)
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Betting Sector tax is 16.5 per cent divided between Inland Revenue (1.5 per cent), BGLC 2.5 per cent and Jamaica Racing Commission (12.5 per cent).
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Sports betting tax is nine per cent with seven per cent to the Inland Revenue, one per cent to BGLC and one per cent to CHASE.
l
Lottery sector taxes is 25 per cent divided between 20 per cent of weekly gross revenue to the Inland Revenue and 1.8 per cent and 3.65 per cent of weekly ticket sales to BGLC and CHASE respectively. Taxes on winnings is 20 per cent on winnings over J$15,000.
Te licensing period runs from March each year. Te fees are:
Gaming taxes, levies and contributions for year 2015 saw a total of J$5.455bn of which the lottery sector contributed 87 per cent (J$4.482bn) followed by gaming with eight per cent (J$387m) and betting with five per cent (J$227.7m). Tis was a 16 per cent increase on the previous year.
BETTING Te Caymanas Race Track is Jamaica’s only race
track located in the parish of St Catherine. It wasn’t the first. In 1904 one of the first companies to promote horse racing was Knutsford Park Limited which had a monopoly for 20 years after which a competing company Jamaica Turf Club Ltd was formed.
Te track changed hands several times eventually leading to bankruptcy and in 1989 the government formed the Caymanas Track Ltd to lease the track and a restructuring process was undertaken including a totalisator system.
Today the site is 196 acres offering track and OTB services and simulcast racing and offers around 84 races per year and there are 63 OTBs open. Telephone and text betting was introduced here in 2014.
Te Caymanas Track sees around J$407m in NEWSWIRE / INTERACTIVE /
247.COM P55
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