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Antigua to Assist UK in Developing International Remote Gambling Regulations and Legislation
http://www.caribbeanpressreleases.com/articles/1276/1/Antigua-to-Assist-UK-in-Developing-International-Remote-Gambling-Regulations-and-Legislation/Page1.html
S Coward

 
By S Coward
Published on 09-Feb-07
 
St. John's, Antigua -- 9 Feb., 2007 -- Antigua and Barbuda's Financial Services Regulatory Commission, Division of Gaming today announced that the country expects to play a key role in developing international regulations and legislation for remote gambling following publication of the UK Government's communiqué regarding the 2006 International Summit on Remote Gambling.
Antigua's gambling regulations more stringent than those in US
St. John's, Antigua -- 9 Feb., 2007 - Antigua and Barbuda's Financial Services Regulatory Commission, Division of Gaming announced that the country expects to play a key role in developing international regulations and legislation for remote gambling following publication of the UK Government's communiqué regarding the 2006 International Summit on Remote Gambling.

The communiqué, released by the UK's Department of Culture, Media and Sport (DCMS) on Monday 29th January, highlighted the approval by the Summit's delegates for the proposal to set up an expert working group to advise on the scope for developing international minimum standards for regulating remote gambling.

The Honourable L. Errol Cort, Minister of Finance and the Economy commented, “Antigua offers its unique experience and insight wholeheartedly in developing regulatory standards for the international remote gambling industry as part of the expert working group proposed by the DCMS.”

Kaye McDonald, Antigua's Director of Gaming, also highlighted Antigua's credentials for regulation of their online gambling industry, adding, “The regulations that Antigua has in place for online gambling are respected globally and have been a contributing factor in winning the WTO ruling against the US in 2005.”

It is widely known that regulations put in place by Antigua and Barbuda are more stringent than those that the US imposes on its own legal gambling industries. The US recently admitted suffering a new setback in the long running trade dispute with Antigua over the provision of offshore gambling within the United States, having, according to the press agent for the United States Trade Representative, been on the losing side of a recent WTO report assessing the status of US compliance with the original adverse ruling from the WTO issued in 2005. While the new report is not officially released until mid February, the US has already publicly stated that the WTO panel did not agree with the United States that they had taken the necessary steps to comply. (Ends)

Notes to editors:

Interviews are available with Mark Mendel, Delegate for Antigua at the International Summit on Remote Gambling and lead legal counsel in the WTO trade dispute with the US. For further information contact Tel: (268) 481 - 3300, Fax:(268) 481 - 3305 or email: director@antiguagaming.gov.ag

Antiguan Online Gambling Industry facts (2005-2006 figures):

  • There are 32 licensees operating online casinos in Antigua.

  • The industry employs around 1000 employees on the island.

  • The revenue for Antigua based licensees is currently around US$130M, although this is considerably less than the 2000 figure of US$1billion.

  • All online casino operators in Antigua must follow strict guidelines and regulations laid out by the Financial Services Regulatory Commission. These offer greater regulation than those enforced within the United States.

  • Since 2000 increased regulation from the Commission has led to online sportsbooks and casinos moving their operations to other countries, resulting in a better consumer offering from the jurisdiction
Source: ab.gov.ag