Bermuda Gambling Laws have been updated to allow resort type casinos to operate on the islands. Bermuda would make a great gambling hotspot for US gamblers. Being located close to the east coast of the US it could attract a lot of gambling tourists.
Bermuda was discovered by the Spanish but was not colonised until 1609. That happened after a British ship was wrecked on a reef of Bermuda. Bermuda takes its name from Juan de Bermúdez who first discovered it. By 1612 Bermuda was colonised by the British and now it has a mixed population of 65,000 people. Bermuda has British, African and Caribbean roots due to it location and the slave trade.
The economy of Bermuda evolved with agriculture, shipbuilding and salt trading. That was until the 1900’s when it became famous for tourism. Today tourism is the largest industry and many cruise ships are lured there by the endless beauty and rich culture of Bermuda.
Bermuda is located approximately 1600 km east of South Carolina, one of the southern north American states. Contrary to popular belief it is not a Caribbean island. There are in fact 181 islands in Bermuda but the largest have been joined by bridges.
Although a British Overseas Territory Bermuda became independent during 1968 and it now self-governed and allowed to pass its own laws.
Since the new constitution of Bermuda many international businesses have moved to Bermuda of have subsidiary companies there. Bermuda does not have income tax, capital gains tax, value added tax or wealth tax. People who live there do refer to it as a tax haven. The update to Bermuda gambling laws could attract a lot of foreign investment.
Bermuda Gambling Laws
The Bermudan Constitution did permit gambling in the form of sports betting and private bingo clubs. A hangover from British rule.
The new Bermudan government was keen to legalise casinos and during 2014 a new Casino Act was passed which allowed three casinos to operate as part of hotels. The focus was on pleasing tourists and generating some revenue from gambling. Some said the new act did not go far enough and that some independent casinos should be permitted.
Online gambling is not banned except that any websites on Bermuda would require to be licensed. Bermudans can use foreign gambling websites under current gambling law.
This week a new casino bill was passed through Senate. The new Casino Gaming Amendment Act was passed through government on 28th November 2016. The plan is to increase gambling revenue by inviting new gambling and hotel resorts to the island.
This new update of gambling laws could really trigger gambling on the island in a big way. Bermuda is very close to the US where gambling is banned in the majority of states. Geographically, Bermuda is an ideal gambling location. The major casino operators have been eyeing up alternative locations to build super gambling resorts. Perhaps Bermuda would be an ideal location now that gambling laws might permit.
The tax advantages of operating in Bermuda might be a decisive factor in deciding where the next big money is invested.
Read more about gambling laws in other countries.
Read more about gambling laws in the Americas including the Caribbean: