As reported by online news outlet bvinews, Premier of the British Virgin Islands Andrew Fahie has announced that once the Gambling (Gaming & Betting) Control Act becomes law, a state lottery will be implemented in the region.
The announcement came earlier in the week during a debate in the House of Assembly, with Fahie also unveiling that profits generated from the lottery will be utilised to provide social support to local communities. Furthermore the Premier also revealed that profits would also be used to provide aid in infrastructure development and other programmes in the area.
He stated: “Your government, through this legislation, intends to introduce a BVI lottery to take the place of the illegal foreign lottery that is sold on certain streets in the territory.
“We have been working with a team of consultants who have helped other jurisdictions, including others in the Caribbean, to implement their own online gaming systems and facilitate these kinds of lottery games like Powerball.”
Speaking to the House of Assembly, Fahie discussed how the gambling legislation is currently projected to generate millions of dollars as well as both employment opportunities and a nightlife in the region. The funds would, he said, benefit the territory greatly following the recent decline of the financial services sector and the challenges faced by the tourism industry.
Fahie continued: “A managed regulated gaming and betting industry is also an opportunity for the BVI to create jobs and to attract and earn revenue and that is the context in which this legislation is being brought here today.
“There’s a place for everyone, some persons would make a living through the horse racing as a result of this legislation, some persons would make a living through the lottery section of this, some persons would be hired as accountants, some persons would be hired as managers, the government will be able to get millions of dollars in new revenue in a new area that was left untouched for over 20 years or more.”
Fahie, who doubles as the Minister of Finance, also discussed his belief that the gambling legislation will create a new climate in the territory that will allow the BVI to maximize projected revenue from cruise ships due to vessels remaining docked at the territory for longer periods of time.
He concluded: “Cruise passengers will stay later and some would patronize the casinos, spending their money in the territory’s coffers. This would create business opportunities for our people, employment opportunities and tax revenue for the government. Additionally, we would have a livelier nightlife for our restaurants, bars, food vendors and so forth.”