The government of Jamaica is trying to fasten the process of regulating the online gambling industry in the country.
Jamaica.- Officials of the government of Jamaica have revealed during the Caribbean Gaming Show and Summit that the country is currently trying to legalise and regulate the online gambling market.
Honourable Audley Shaw, Minister of Finance and Public Service of Jamaica, said during the conference that they want to focus on the exponential growth if the online gambling industry, and that in order to capitalise on the benefits, they need to create a safe and regulated environment, as Jamaica Information Service said. “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),” said the official.
Moreover, he confirmed that they have seen a growth in the mobile betting market, with a few local punters and Caymanas Track Limited offering text betting. The Betting, Gaming and Lotteries Commission (BGLC) is currently drafting new regulations in order to supervise operators of interactive gaming in Jamaica.
“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 has spurred smaller firms to improve their own supervisory protocols,” he added.