for early access to the latest igaming videos!
and get the latest igaming news first!
Saint Vincent and the Grenadines is located in the Caribbean, and is considered an island country. The economy depends mostly on agriculture. The country is known as one of the few left producers of arrowroot. Before the 20th century, cotton and sugarcane were the leading produce, but now bananas have taken over. Some other vegetables grown are sweet potatoes, yams, coconuts, and dasheens. Fishing is developing and the produce is exported to Miami, and New York. When it comes to manufacturing, there’s milling of rice and flour, and beer brewing. Economy is thriving on tourism as well.
Land-based casinos have been legal in Saint Vincent and the Grenadines since 1968, the first brick-and-mortar venue being opened in 1977. The weird thing is, there’s no casinos on the islands. How so? Well there were some luxurious venues before like Emerald Valley Resort and Casino, and Trump Club Privee Casino, but in 2010 the latter was the last closed casino later transformed into a hurricane shelter. Why did they shut them down so suddenly? Was it because of a change in the legislation making gambling illegal? NO. The answer is much simpler than that – the islands’ infrastructure couldn’t match the scale and the hype of gambling. Let’s explore further in the text below.
Gambling Laws in Saint Vincent and the Grenadines
The main legislation regulating gambling on the islands is Gambling, Lotteries and Betting Act, which outlines the operation of casinos, lotteries, and betting shops. This act regulates all forms of land-based gambling, but online gambling doesn’t fall under the category. Because of that, no online platforms are legal, and no licenses have been issued for such operators. The people of the islands can however visit international online platforms without any restrictions. The locals and tourists today majorly gamble online. They can still legally gamble online by participating in activities on platforms which are licensed in other jurisdictions.
This Act also deals with the licensing process, and works on the responsibilities of the Gaming Authority. The Gaming Authority is the main regulatory body issuing and renewing licenses, monitoring activities, and ensuring adherence to laws.
The National Lotteries Act of 1982 is an addition to the Gambling Act, and is in charge of overseeing all lottery activities like Super 6, Lotto, and Daily Pick 3. Lotteries are quite popular, and the revenue is reinvested in the government.
Land-based Gambling vs Online Gambling
Today, land-based gambling is insignificant. The market is small, and the growth of the industry has slowed down because of the closure of casinos. There’s a really small number of licensed, regulated establishments. One activity that’s been thriving is the lottery.
As mentioned above, online gambling isn’t explicitly regulated by any legislation. As of 2018, no online casinos or sportsbooks have been licensed in the country. Even though no online platform is regulated, the locals and tourists can access international gambling sites without any repercussions. Some popular sites are 1xBet, Bet365, and 22Bet, and these offer a variety of games like online casino games, sports betting, and poker.
The fact that there’s no regulation for online gambling means that many problems concerning players can happen. Things like problem gambling, money laundering, financial crimes, and data can easily endanger the players.
What Does the Country Gain From Such a Complex Gambling Scene?
Well, the economy gets the most of it. Even though the gambling industry isn’t as developed as in some other neighboring markets, the economy still gains some revenue from the current situation. The industry provides jobs, tourist attractions, and it reinvests the revenue towards the community and all kinds of social programs.
The exact date of reopening the casinos isn’t set yet. There were some talks and discussions about trying to attract foreign investment, but the progress is slow.
The government tries to emphasize the importance of responsible gambling, but the resources for official addressment of the problem are scarce.
If you want to know more, read the full iGaming market research report.
Finishing Words for Gambling in Saint Vincent and the Grenadines
As you can see, the present situation isn’t at a good place. The closure and shutting down of major casinos was a great loss for the country, its economy and the overall gambling industry. Entertainment turned to online gambling which is still not regulated and lacks protection. The government could do something to promote growth and expansion, but there’s a lot of work. Tourism could be turned more to gambling, the establishments could be incorporated in luxurious hotels so the visitors could relax with a few games here and there. But, there’s consequences for that too. The natural beauties of the islands could be replaced for casinos; a deadly mistake. This kind of plan works only for places that call themselves gambling destinations. Expanding the gambling industry is a tough job only a few can succeed in. Let’s wait and see what the future has in store for these islands.
