British Virgin Islands (BVI) Licensed Casinos

About the Region

British Virgin Islands lie in the Caribbean islands and are volcanic in origin. It is an overseas territory under the British realm. There are four islands in principle here. Besides that, there are several smaller islands. Also, there are reef-lined beaches here. All this makes the British Virgin Islands a destination for yachting enthusiasts.

Tortola is the largest among the islands here. It is also home to the capital city Road Town. Besides that, it includes the national park called Sage Mountain. Also, Virgin Gorda is an island here that includes Baths, another tourist attraction. It includes a maze of boulder-filled beaches.

The year 2020 saw a lot of activity on legislation for gambling in the British Virgin Islands. Around July the house of Assembly in this country passed such legislation. It was proven to be great news for the government as well as investors, tourists, and residents.

The Gambling Control Act was passed around this time by the House. It was the first step to regulating and legalizing gambling in this territory. After that, the Act was published in legal journals. This Act was mainly on betting and gaming activities for the territory. An Act on horse racing was announced earlier, in the year 2019.

Gambling to Alleviate the Economy

In the aftermath of the economic recession that hit with the global pandemic, BVI has chosen to legalize gambling. It was projected that this would help increase revenue. It would also increase tax dollars and create jobs. Besides employment opportunities, it would establish nightlife in the region.

This would help overcome the economic decline that has come about in recent years. The region’s tourism and financial sectors were facing many challenges. Hence, the government had been on the lookout for ways to increase revenue.

How it Would Help?

Regulating the betting and gaming industry was thought to be the answer. It would also provide a source for creating jobs. These would be all the advantages that a regulated gambling and gaming regime would provide. The legislation is framed accordingly. There is scope for including all kinds of gaming and betting activities.

Some people can make living through horse races while others can run lotteries. There would be jobs at retail sites as well as at online gaming sites. Gaming companies would have varied jobs including traditional ones such as accountant jobs. Some people would have managerial roles and so forth. Also, the government will get millions in revenue from an untouched sector.

Why Nightlife Entertainment Avenues?

Along with the decision for regulating the gaming sector in British Virgin Islands, it would open up nightlife entertainment avenues as well. A survey done by Michael Paige showed that cruise ships are avid nightlife centers. This was something that British Virgin Islands were missing out on. If gambling legislation is put in place, the right atmosphere would be generated. BVIwould is able to maximize revenue from these cruise ships.

Vessels will remain longer at ports since onboard gambling would be possible. Cruise passengers will stay on and patronize the casinos onboard. This would keep the ships at the ports for a longer time. This would increase money going into the region’s coffers. It would also create more job opportunities. Finally, it would be good for tourism as well. That is because the nightlife would be livelier for the food vendors, bars, and restaurants.

The gambling laws are coming into effect due to the support of her Majesty’s ruling party's support. However, the opposition does not support the bill. That is because they feel that social implications would be negative. However, all such aspects were put aside and the bill was successfully passed in June 2020.

Impact of the Act

The impact of the gambling act on British Virgin Islands is several. It opens up the scope for entertainment and investment. In both aspects, the act will regulate as well as create opportunities. As illegal activities are not legalized it will open up new opportunities for revenue and jobs.

This will especially help the sailing industry. The cruise industry is set to resume sailing activities in full form soon. Before the act was made cruise ships could not dock overnight. That was because it was illegal for them to operate casinos on board.

However, with the gambling act of the British Virgin Islands, it will be advantageous for cruise ships. The act helps expand opportunities in sports betting as well. For instance, local horse racing activities will expand as a result of this legislation.

Economic Advantages

The territory has immediate benefits from a revenue standpoint. It will benefit from the licensing fees that the British Virgin Islands will impose. The economic outlook is also positive from the aspect of job creation. There would be infrastructure investment as well. Data from other countries show that gaming industry jobs are usually high paying.

They offer wages that are higher than traditional sectors. Till now payroll tax is the only income tax that people pay in the British Virgin Islands. Hence, with the gambling laws coming into effect, it will help widen the tax base considerably. It will also increase tax dollars in a significant way.

Protection and Regulation

The gambling act of the British Virgin Islands establishes a gambling control commission. As the commission has come into force, it will ensure the protection of consumer rights in a large way. It will also expand career paths in this region. Section 51 in the act provides for internal controls. This deals with several issues that include practices for human resources, and accounting systems.

It also provides procedures for determining and recording the wins. Overall the act is well received by the people. Many expect entertainment options to expand in gaming and related sections. It will also attract many entrepreneurs, restaurateurs as well as investors.

Details of the Act

The Gaming Act of the British Virgin Islands is called the Gaming and Betting Control Act 2020. It commenced on 9th July 2021. It was amended further in the month of October 2021. Overall, it legalizes as well as regulates gambling and gaming activities in this territory. Before this act gaming and gambling activities were not legal in the British Virgin Islands. The act provides for a control commission that will regulate as well as oversee gaming and gambling activities under this act.

Activities That Require a License

As per the gaming act, the following list of activities needs a license from the British Virgin Islands gaming and betting control commission:

• If one owns a gaming machine or operates one within the region.
• Performs any function related to gaming or betting activity within any licensed premises.
• Manufactures assembles, programs, fabricates or modifies any such equipment.
• Sells distributes imports or supplies gaming machines.
• Leases gaming machines and gets remuneration from a gaming establishment.
• Manufactures, supplies, sells, adapts, and installs gaming software.
• Provides betting facilities.
• Utilizes or provides betting or gaming premises.

In most cases, there is no limit set on the territory. As a result licensing requirements apply to any incorporated company in the British Virgin Islands. The activities can be under licensing requirements, even if activities take place outside the territory.

License Categories

There can be several such as:

• Gaming operators
• Gaming owners
• Bookmakers
• Promoters
• Gaming machine operators and distributors
• Technical operators
• License for premises
• Personal and betting operator licenses

These are broad categories under which one can seek licenses as appropriate. The gaming and gambling commission of the British Virgin Islands can add or amend this list. Companies in this region dealing with gaming activities need to assess themselves accordingly. They can then understand whether they require any such license or not.