Speaking at the recent 2014 Gaming Industry Summit in Jamaica, Jamaican Ministry of Finance and Planning Horace Dalley said the island’s gaming industry has generated significant revenue in the past three years. The government earned .9 billion in 2011-12, .8 billion in 2012-13 and .5 billion in 2013-14. “This is not the kind of revenue intake in the economy that any administration can ignore,” Dalley said.
He noted despite the increasing revenues, there still is room for growth and expansion which would create jobs and enhance the economy. In that regard, phone and text betting will be introduced to expand sports betting before next month’s World Cup. “Stakeholders can expect to benefit from the increased sports betting outlets facilitating World Cup fever and all future eligible sporting events,” Dalley said.
Recent amendments to the Betting, Gaming and Lotteries Act are making the expansion of sports betting in possible, Dalley noted. The amendments also will provide the government with more effective tools to combat illegal gaming. And, Dalley said, “The government cannot sit idly by and allow the multibillion-dollar leakage through the illegal sales of lottery tickets, sports bets and Internet gaming to continue. Thus, these critical amendments will serve to legitimize and protect investors.” He said the illegal lottery industry is estimated to be worth $10 billion and unregulated online gaming generates more than $250 million annually in wagers. Legal online gaming is projected to generate $100 billion in bets by 2017.
“Internet gaming is happening right now in Jamaica. Therefore, it is time that we make that progression to this methodology of gaming, as Jamaicans are already well equipped with the devices to facilitate this,” Dalley said.
Meanwhile, Jamaica’s House of Representatives has approved changes to the country’s Betting, Gaming and Lotteries Act in hopes of bringing in more revenue.
Gary Peart, chairman of the Betting, Gaming and Lotteries Commission said to do that, the country must expand its gambling offerings.
Between 20 and 40 new licensed sports betting shops will open, bringing the total number of shops in Jamaica to over 400. Licensed operators will also get the right to offer sports wagers and lottery sales via telephone and text.
Peart said the country’s gambling industry could grow between 10 to 20 percent from the moves.
The amendments also allow the country to fine unlicensed sports betting operators. Officials estimate that 30 percent to 40 percent of bets made in Jamaica are made at unlicensed sites.
