Bermuda considers opening online casinos to bolster economy
Online casinos could be working out of the Bermuda Triangle next year as the Bermudan government considers plans to permit online casino companies to work out of the island territories.
It would not be the first country in the area to allow online casinos to operate on native soil. Antigua, Barbuda and Costa Rica have all permitted online casinos and internet gaming companies to operate out of their countries.
In a move designed to end the Bermudan economy’s reliance on foreign tourism, it is thought that online casinos would bring in around $30 million in taxes for the country.
The country’s premier, Ewart Brown, is said to be considering the idea and has requested a number of studies to determine the suitability of the island to host online casinos.
"Bermuda has a history of having had two significant economic bases. One is tourism and the other one is international business," he said.
"We don't export anything; we import 90 per cent of what we consume and so we haven't been able to come up with another pillar for our economy, although we are exploring new revenue streams, like gaming."
Neighbouring Antigua, where online casinos were made legal in 2000, has seen online casinos generate $37.5 million in tax revenue and 3,000 jobs. Meanwhile, more than 200 online casino companies have based themselves in Costa Rica, a move which has earned the country the title of ‘The Internet’s Las Vegas’.
The increased growth of online casinos comes despite moves from countries such as the United States to curb play on online casinos and the implementation of measures to prevent residents playing on foreign gaming sites, including online casinos.
Despite this, online casinos, promoting online slots, online poker and the downloading of mobile games, are said to be worth $12 billion worldwide. Bermuda’s consideration of online casinos looks set to increase this total.