WEBSHOP operators have been called upon to help “self-police” the industry once they are legalised, leading businessman Franklyn Wilson said yesterday.
With the current estimates suggesting the Government might earn between $20-$40 million annually from a legalised webshop gaming industry, the Arawak Homes chairman said that the economic benefits from legalising webshop gaming would spread beyond just the Government’s fiscal position.
In fact, Mr Wilson said a legitimate industry would be able to deposit its considerable earnings within the Bahamian commercial banking system, vastly expanding the capital pool available to fund productive investment projects.
“From what I understand, the level of economic activity in the country is heavily influenced by the challenges the numbers industry has in getting money into the banks.
“The extent to which that is a problem, one has to expect that just regularising the flow of money into the system will be a boost to the economy.”
“I don’t think we’re talking about nickels and dimes that these fellas are doing. If the Government can anticipate they’ll get revenues at the level that will cause them to take another look at VAT, you’ve got to be talking about fantastic sums of money,” said Mr Wilson.
With all forms of gambling currently illegal for Bahamians, webshops are currently considered as “money laundering risks”, with commercial banks refusing to accept their monies.
Mr Wilson added that in return for the Government (and Parliament) legalising the web shop industry, those “legitimised” operators would have to help regulators – likely to be the Gaming Board – police it.
“If you had a problem policing it before, there’s a risk a new set of guys come up and go underground,” he told The Tribune.
“To some extent, those legitimised through this process can help this thing by helping the state protect against breeding a new category of people going underground.”
Comments
Thinker 10 years, 1 month ago
Same goes for VAT. Implementation of VAT would inevitably cause much 'underground' activity, only, the "criminals" will possibly be any person from any profession that VAT affects.
proudloudandfnm 10 years, 1 month ago
Wait. These guys are blatantly breaking the law and have been for decades. Yet his suggestion is to let them police it after regulating? Am I missing something here?
TalRussell 10 years, 1 month ago
Comrade Frankie you is intelligent but talk at the level of pure economic stupidity. Every dollar of the many millions played every single day on numbers are in truth millions of dollars, not being spent at food, furniture, clothing, pharmacy stores and to pay for school fees, books and lunch for thousands of children. Everyone in the PLP needs come right out and explain to the people, why such a devotion to the numbers bosses? A devotion that rises from all misinformation being told to justify the PLP's devotion to do anything, even against the votes of the people, to make numbers right in Bahamaland. Comrade Frankie you of all people must know money being spent on numbers result in rents and mortgages not being paid. I heard of one family's daddy, who had lay in PMH Morgue for three months while his family could raise the funds bury him, all because the son had gambled away the money he had collected from family members, which was suppose to pay the funeral home to bury their daddy.
JohnDoes 10 years, 1 month ago
I know of a woman with two kids. She depends on her mother to take care of the children whilst she is out spinning and buying numbers all day everyday, like a job. She complains about no job, yet she's in the number house everyday. The woman wouldnt even say let me go buy my kids some clothes or shoes. She never has money to deal with her priorities but when you confront her about it, shes always on the offense like no body is suppose to say something to her about it. She wouldn't even say at least let me get a job in the number house, but she is too proud to do it and the operators wont let the employees gamble. She always has money to play numbers and spin, even some receipts have an excess of 20 to 50 dollars a day, all on the Island Luck account ready to spin. She wouldnt even say let me help out with bills let alone take care of my children. You see, these are the types of persons that these number houses are making a killing on. These persons live, eat, sleep, and dream numbers, hoping to win the next day. The habit itself is like a disease, and all infected is in denial that it is.
The_Oracle 10 years, 1 month ago
Yep, get the Fox to watch the chickens, that always works! Good grief, we really have elected idiots. repeatedly.
TalRussell 10 years, 1 month ago
Once upon a time the PLP were too damn ashamed to admit they were running a horse in their farce of a referendum but not anymore. The PM and his PLP colleagues are committed to say and do whatever they think they can get way with in and outside of the People's House of Assembly to make numbers right, but you will never be able to hide those big-ass numbers warts, you'll PLP's will carry right into the 2017 General Elections, if the people don't kick your backsides out, right after your July 1, 2014 date, to "regularize" the numbers.
B_I_D___ 10 years, 1 month ago
Just when I thought things could not possibly hear any more stupidity...well...I guess I will just go back in my corner and hang my head in shame...
realfreethinker 10 years, 1 month ago
Why do they quote this chalatan.
sheeprunner12 10 years, 1 month ago
"Snake" is the big mamba of the numbers racket................. how u tink he gat so rich?????? Pinewood???????????????? 1970s-80s all for me baby crew?????????????? He smell blood in da water
242in404 10 years, 1 month ago
I'm starting to question some of you commenters intellect. Yes, people have gambling problems. Obviously, the fact that it's illegal hasn't stopped that, so what does the legalization have to do with them? They will continue to be degenerate gamblers legal or not. Almost everything in this world has people that will abuse it. That doesn't mean it shouldn't be allowed. Should we make prescription drugs illegal? These days, there are more people hooked on those than illegal drugs. You cannot let the small number of irresponsible people determine what's best for a society as a whole. There will always be some that fall through the cracks. Let the Christian Council "pick up those pieces". Is that not what they said they are here for?
B_I_D___ 10 years, 1 month ago
Think you are missing the point of this particular article...government is going to legalize web shops...fine...even though the population voted against it...whatever...now they are saying they are going to let the webshops 'police themselves'...let the webshops be the ones who are going to be forthwith enough to provide accurate reporting on what they are going to be taxed on...Mr. Numbers man...'Oh boy, it was a bad month, ya see, I didn't make any money this month, so I ain't gonna pay the government anything...' You are going to let what is currently a criminal enterprise do their own 'policing' and monitoring and tracking and accountability...something seriously wrong with that.
JohnDoes 10 years, 1 month ago
The slackness here is on an unthinkable level. This guy cant be serious about letting them police themselves. Every time someone comes with a slightly good idea to move us securely in the right direction, its always some rich crony that slips in with a press release talking about how we should just let them get away scott free with whatever it is.
bismark 10 years, 1 month ago
Nation bought at a fire sale.
BahamasGamingAssociation 9 years, 9 months ago
https://www.facebook.com/pages/Bahama...">https://www.facebook.com/pages/Bahama...
WHICH ON OF THE BELOW REIGNS SUPREME IN THE BAHAMAS?
The Bahamas Lottery and Gaming Act Chapter 387 Section 50 Persons prohibited from Gaming
Or
The Constitution of the Commonwealth of the Bahamas Chapter III – Protection of Fundamental Rights and Freedom of the Individual. Section 26 Protection from Discrimination on grounds of Race, Place of Origin etc.
The Bahamas Gaming Association stands by the Ideology that all human beings who are 18 years or older should be treated equally in all sectors of the Bahamian Economy which is enshrined in the Constitution of the Commonwealth of the Bahamas.
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