..

Bermuda Mulls Online Gambling Option

Written by:
Jagajeet Chiba
Published on:
Oct/30/2008
Bermuda

The Bermuda government has suggested it is interested in entering the multi billion dollar online gambling industry, but at what price?

The current climate for Internet gambling is tumultuous to say the least.  Countries from the United States to those throughout Europe have imposed laws against the activity.

"The Island is currently assessing its suitability as a centre of Internet gaming, following a path taken by rival jurisdictions including Antigua and Barbuda and Costa Rica," writes Tim Smith of the Royal Gazette.

Several years ago, Antigua turned to Internet gambling - a $12 billion global business - as a way to end its reliance on tourism, a problem Premier Ewart Brown is equally keen to solve in Bermuda, Smith adds.

Bermuda could prove a great location not just to US entrepreneurs but also to European operators should the United States government lift current restrictions on the activity once a new administration enters into office.

Flying time between Bermuda and New York is just over two hours. 

The Premier, through his press secretary Glenn Jones, has refused to give any information about what we could expect to see in Bermuda, or to confirm exactly what he had in mind when he announced Innovation would determine Bermuda's suitability as a centre of Internet gaming.

Dr. Brown's predecessor as Tourism Minister, Renee Webb, backed the study, telling The Royal Gazette: "I was publicly in support of legalising gambling. Firstly, because it already exists through bingo, horse-racing, football pools and Crown and Anchor.

"So you are not legalising gambling but extending what already exists Islandwide. I supported a national lottery where the benefits go to education, the arts and other national causes similar to the British lottery.

"With respect to casinos, I supported them in principle as sophisticated entertainment centres - containing restaurants, shows, and gambling tables.

"These forms of gambling endeavour exist worldwide in places that once outlawed gambling, such as Sri Lanka, Egypt, and Caribbean islands. In these cases it is not widespread but restricted to certain areas like hotels."

Ms Webb said she had two feasibility studies done in her time as a Minister and met with at least two groups who were interested in opening operations in Bermuda. The Premier also mentioned the feasibility study in an interview with the BBC World Service while on his current trip to the UK.

 

Jagajeet Chiba, Gambling911.com

Gambling News

Odds of Where the Chinese Rocket Will Crash

Odds of Where the Chinese Rocket Will Crash: Land 3-1, Water 1-2

With the Earth made up of 71% water, the odds of the Chinese Long March 5B rocket debris hitting land are long.

Lakers Injuries; NBA Playoffs Props 2021

Lakers Injuries; NBA Playoffs Props 2021

BetOnline has bumped the Lakers' championship odds from +300 on Monday to +400 as of Friday, following the ankle injuries to LeBron James and Anthony Davis.

First Things You Need to Know About Starting Your Own Online Sportsbook

First Things You Need to Know About Starting Your Own Online Sportsbook

The sports betting industry is, for sure, one of the biggest and most profitable you will ever find in the modern world. Betting on sports, casino games, horse racing, and other gambling products, have become one of the most popular hobbies and fun daily activities for millions and millions of people from all over the world, and if you can get in on it and run your own operation, then you will most probably start getting a good piece of the pie. 

Gambling Company Stocks Tanking, Calls for Ban on Team Sponsorship Deals

Gambling Company Stocks Tanking, Calls for Ban on Team Sponsorship Deals

Investors appear concerned over Penn National's “free” customer acquisition through the Barstool brand, and DraftKings spend to acquire its customers.

Sports Betting Set For Explosive Growth in 2021:  CEOs Share Outlook

Sports Betting Set For Explosive Growth in 2021: CEOs Share Outlook

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: MGM Resorts International (NYSE: MGM), FansUnite (OTC: FUNFF) (CSE: FANS), fuboTV (NYSE: FUBO), and DraftKings (NASDAQ: DKNG).

Syndicate