The Tribune

By Fay Simmons

jsimmons@tribunemedia.net

Tribune Business Reporters

A senior Gaming Board official yesterday hailed web shops for "carrying the industry" during the COVID-19 pandemic as no jobs were lost from the domestic sector.

Ian Tynes, the regulator's secretary, speaking during a round table discussion at the Caribbean Regulator’s Forum and Caribbean Gaming Show, said: "We have 2,800 persons in the domestic gaming sector. There were no jobs lost, they sustained with the tax payments, and they actually carried the industry.

"The domestic gaming [sector]... they were able to, I wouldn't want to use the word thrive, but they were able to sustain themselves because of technology. Commercial casinos use in-person gaming, so with the protocols for COVID-19 the casinos were closed. For the commercial casinos, they sustained their persons as employed, but the local domestic gaming [sector], they put in new technologies that would allow them to actually increase their market play.”

Mr Tynes said the technology adopted by local gaming houses was implemented by the Gaming Board in conjunction with the Central Bank, and allowed patrons to deposit and withdraw funds online via their accounts using debit cards.

“That technology was simple. It was using a payment system, allowing patrons to deposit and withdraw electronically," he added. "The Gaming Board assisted, in conjunction with the Central Bank, by use of money transmission businesses which allow Visa and MasterCard play right now. The Government of The Bahamas agreed to it; debit cards only, no credit cards. So that is still in force right now.

"So my hat's off to them with the technologies, and working in conjunction with the Gaming Board allowed us to still receive taxes, which benefited the country at the time. It still does, but it really was a blessing that we collaborated with our licensees in order for them to get over the hurdle of no job losses and increased revenues for the Bahamas government.”

Mr Tynes indicated that hotel-based casinos missed an opportunity to participate in online gaming during the pandemic by failing to exploit the restrictive interactive license that was available through the Gaming Board.

He said: “For the commercial casinos, I think with COVID we learned a lot. I think commercial casinos missed an opportunity to take advantage of the restrictive interactive license. During the closure the markets, through Las Vegas and New Jersey, they had record revenue, so that's a missed opportunity.”

Mr Tynes said the web shops are making strides with incorporating new technology into their gaming model, and have started using artificial intelligence (AI) to assist with the due diligence checks required when taking on new clients.

"With the domestic gaming we have technologies with remote, live gaming. That's a hot topic right now," he added. "We’re partnering with jurisdictions like New Jersey, where we have relationships - New Jersey, Nevada, Mississippi, to name a few.

"Right now, with artificial intelligence, some of our operators are in the process of onboarding using artificial intelligence. Right now the market is growing. It's growing and we attend conferences to get all of the latest technology, so we can have an idea of how to regulate.”

Mr Tynes said the Gaming Board is currently reviewing legislative reforms in hopes of making it easier to participate in the gaming industry without compromising anti-money laundering and compliance standards.

He added: “What the Board is doing right now, we're reviewing legislation to make it a little bit easier to do business in this jurisdiction. However, don't want to water down our regulations, but still be on top of the compliance component of it. However, we would like to strike a medium where we can regulate efficiently and allow our licensees to make money as well.”