Dominican Republic Might Get Tamed

The Dominican Republic has recently introduced a bill that would provide a bit more oversight to a gambling industry, which, while thriving, currently operates with little to no supervision.

As of late, the Dominican Republic Standing Committee on Finance has placed a strong deal of focus and effort on regulating gambling and legalizing internet gaming. A new bill has been discussed by Committee members who hope to create a national regulatory authority to handle all things gambling related in the country.

The bill also would have measures to prevent fraud, and create safeguards to protect its citizens against bogus operators. The Dominican Republic has, to the surprise of some, welcomed the gaming industry with open arms. There are currently 34 land-based casinos, which are the most of any Caribbean country. There is also currently little to no oversight on commercial gaming.

The bill was not introduced to restrict gambling, but in fact to help expand it. With online casinos, the Dominican Republic could bring in strong Internet gaming revenue. Poker series The Punta Cana Classic will celebrate six years this November, with a $500,000 guaranteed prize pool. The tournament is hosted at the Hard Rock Hotel and Casino Punta Cana. Players can win satellites on the online poker site Bovada.

With the law as it currently stands, betting revenue is considering personal income, a taxable asset in the Dominican Republic. The main hope is that the country would collect large tax revenues from corporations who set up online casinos there, and with the current state of gaming there, it seems like a win-win.