IN 2003 the Government of Vanuatu announced its changes to e-gaming legislation...
Vanuatu may not be the top of the charts when it comes to popular destinations in the globe but they are the first to bank on online gaming becoming famous in the process. The Government of Vanuatu has taken a big step in 1999 besides extensive research along with a analysis project probing and examining the e-game market with its pros and cons.
This is a project that took about 9 months to finish however the Government has determined that if it managed and regulated correctly, online gaming can be a very lucrative venture with a host of ample opportunities to operators in Vanuatu and abroad.
The above proposal was nothing new for Vanuatu. Since the early 1970 this nation has encouraged a specific type of offshore activity for boosting the economy and drawing recognition to the region. There is a combined effort of the private sector and the governing body. This is how the offshore venture really hit off well in the 1990’s.
After the OECD has labeled Vanuatu as an uncooperative country when it comes to global fights against money, laundering and legitimate business that took a big hit. The proposal for gaming came in the year 1999 and this region would have got the much needed boost to its goodwill.
Vanuatu does not only work together to bring its offshore gamblers to their jurisdiction for the creation of profits and making the business opportunity. They are on a mission that is a self proclaimed mission for the legitimization of gambling online and other electronic gadgets.
There are a host of nations across the globe that profit on gambling and they attract wealthy and operators of big name and repute to their authority. Vanuatu also appears to be much more legitimate when it broaches the subject of legalization across the world.
In the year 2003 about four years since the new provisions were passed, the Government of Vanuatu Government as announced its changes to e-gaming legislation. Their primary goal is to provide a licensing system that is in a position to handle sports books and other mediums of betting. On the 17th of March 2003, Asia Pacific Totalisators Ltd, had become the first licensed sports book here getting a license for 15 years.
The above new regulations did not only allow for a lengthy license duration but they also open the door for a new fee structure for dealing with those firms that restrict operations to wagering, odds and more.
Vanuatu is also eager to make gambling legal across the world but they are very selective about which corporations they should provide licenses to. For them to be approved the applicant needs to undergo a rigorous process that covers a number of gaming system, background checks, financial information, security and more. A detailed glance at the business plan will ensure that the proposal rendered is a legitimate one. After approval the application has its own course of approval and they have to incur a gaming tax of about 2.5% on the monthly gross amounts that they earn.