New Gambling Regulations Aim to Boost Revenue for T&T

by Frank McDougall
in News
on 7 July 2024

T&T’s gambling industry has the potential to generate more than $300 million in revenue if it is properly regulated and taxed, according to Stephen Tang Nian, Chairman of the Gambling (Gaming and Betting) Control Commission. Tang Nian emphasized the need for updated regulations and efficient tax collection to ensure the industry’s success.

In an effort to address deficiencies in tax collection, Tang Nian highlighted the discrepancy between the number of casino machines in the country and the taxes collected. The existing device-based tax system has proven ineffective and requires reform. Based on the information provided by customs authorities, over 13,000 new casino machines have been imported into the country between 2017 and 2022.

Tang Nian estimated that the tax revenue from these machines alone could amount to $300 million. Additionally, taxes on other gambling machines and tables could contribute billions to the economy annually. The Gambling (Gaming and Betting) Control Act specifies the annual tax rates for various types of tables and devices.

To ensure proper regulation and tax compliance, owners of casino machines and tables will be required to disclose information about their establishments, including the number of machines, income, and other relevant details. Tang Nian acknowledged that operators may resist these regulations, but emphasized the importance of protecting vulnerable individuals, preventing criminal activity, and promoting responsible gambling.

The Gambling (Gaming and Betting) Control Commission intends to create nearly 200 new jobs and enforce ethical practices in the industry. Tang Nian assured consumers that licensed technicians would service the machines to guarantee fairness and resolve any disputes between operators and players.

The Commission will have the authority to suspend or revoke licenses, fine dishonest operators, and impound machines for investigation. They will collaborate with non-profit organizations to establish a rehabilitation and development fund to address gambling addiction.

With expanded offices in Chaguanas, St James, St Vincent Street, and Tobago, the Commission plans to send teams to gambling establishments to ensure compliance with the new regulations. By implementing these measures, T&T aims to boost revenue, protect consumers, and contribute to the overall economy.

– One of the most important questions regarding the new gambling regulations is how they will be enforced and monitored. The article mentions that the Gambling (Gaming and Betting) Control Commission will send teams to gambling establishments to ensure compliance, but further details on the enforcement process would be beneficial.

– Another key challenge associated with the topic is the potential resistance from operators who may not want to disclose information about their establishments. The article acknowledges this possibility, but does not elaborate on how the Commission plans to address this resistance and ensure compliance.

– A controversy that could arise is the potential impact on smaller gambling establishments. The article mentions the focus on tax collection from casino machines, but it does not address how the regulations may affect smaller businesses that rely more heavily on other forms of gambling, such as table games.

Advantages of the new regulations:
– The potential to generate significant revenue for T&T, with an estimated $300 million from casino machines alone, and additional taxes from other gambling machines and tables.
– Increased job creation, with nearly 200 new jobs planned by the Gambling (Gaming and Betting) Control Commission.
– Improved regulation and tax compliance, which can help protect vulnerable individuals, prevent criminal activity, and promote responsible gambling.
– Enforcing ethical practices in the industry, such as having licensed technicians service the machines and resolving disputes between operators and players.

Disadvantages of the new regulations:
– Potential resistance from operators who may not want to disclose information about their establishments.
– Impact on smaller gambling establishments that rely more heavily on other forms of gambling, as the focus seems to be on casino machines.
– The need for efficient enforcement and monitoring to ensure compliance with the new regulations.

The source of the article is from the blog maltemoney.com.br