Speaking at the recent Caribbean Gaming Show and Summit at the Montego Bay Convention Centre, Jamaica Minister of Finance and the Public Service Audley Shaw said the government is developing regulations for interactive and online gambling, both potential sources of revenue growth. “Due to the expanded use of technology and the need to facilitate the growth of the industry, we, as a government, have decided to fast-track legislation for interactive/online gambling ahead of the merger of the commissions that monitor the gaming industry. Already we have seen a growth in the mobile betting market, with a few local punters and Caymanas Track Limited offering text betting,” Shaw said.
Shaw was referring to the upcoming merger of the Betting, Gaming and Lotteries Commission, Jamaica Racing Commission and Casino Gaming Commission into a single entity, the Jamaica Gaming Commission. “It will allow us to better position Jamaica to take advantage of the emerging product offerings that now characterize the global landscape, such as internet and mobile gaming and their offshoots, which include virtual and fantasy betting. It will also provide the authorities with the flexibility to guide and promote the continued growth of the sector,” Shaw noted.
He added, as part of drafting new regulations, the BGLC will take steps to prevent money laundering and financing criminal activities. “Even as we keep pace with developments, we are also mindful of the vulnerability of the industry to be used by criminals for money laundering. This concern is what gave rise to the de-risking initiatives of large banks that have spurred smaller firms to improve their own supervisory protocols,” Shaw said.
