Online gambling could be good for Bermuda

During last week’s budget debate in the Bermuda parliament, shadow finance minister David Burt told MPs that Bermuda already has the necessary infrastructure to become a significant player in the $35 billion-a-year global online gambling industry.

He urged fellow MPs to consider augmenting the nation’s land casino businesses with additional channels of gaming such as the internet in order to generate more tax revenues, pointing out that last year the Gibraltar online gambling industry contributed $80 million to that government’s tax income, and supported 2,600 jobs for local residents.

“Online gaming is a $35 billion global industry, and Bermuda already has the [regulatory] infrastructure to be a player,” Burt said.

“Just as other countries are trying to gain a foothold in some of our industries it is time for Bermuda to do the same. For the sake of the jobs it can create and the tax income that can be generated, we urge Government to move forward with creating an online gaming industry in Bermuda.”

Burt presented facts from a 2010 report by the independent business analyst KPMG International Cooperative, showing that the online gaming market represents one of the fastest growing segments of the gambling industry.

He also referenced the Wall Street Journal, saying that global online gambling revenue, driven mainly by betting in Europe, last year reached an estimated $35.4 billion, or more than five times the gambling revenue of the Las Vegas Strip.

Bermuda lawmakers have in recent times moved toward less restrictive laws on gambling, allowing cruise ships to keep their casinos open at night while docked in Bermuda.

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