Bermuda Online Gambling, Good News for US Gamblers?
October 31, 2008
A recent hot topic of casino news headlines has been the possibility of Bermuda becoming the next online casino haven. Barely discussed in these articles, is how this is not only great potential news for gambling companies, but could also be great news for gamblers located in the United States.
There are a number of obvious reasons it makes sense for gambling operators looking for a home to choose Bermuda. For starters it’s a tax haven. Also Bermuda generates a significant portion of its income from international banking, and area online casino operators could certainly benefit from. The more interesting part of this story from the player’s perspective is that honest casino sites could also be keen on choosing Bermuda as a way to gain additional trust from players.
Bermuda is a British colony with access to a world-class legal system. If you’re not familiar with the Island’s history or government we suggest reading the Bermuda - Wikipedia Entry. Here are some of the Bermuda’s highlights.
- Bermuda is the oldest and most populous remaining British overseas territory, settled by England a century before the Acts of Union created the United Kingdom of Great Britain
- Bermuda has a highly affluent economy, with a large financial sector and tourism industry giving it the world’s highest GDP per capita in 2005. It has a subtropical climate, beaches with pink sand, and cerulean blue ocean.
- The Parliament of Bermuda is the fifth oldest in the world and its government and foreign affairs are overseen by the United Kingdom.
In summary, Bermuda is a beautiful location with international banking, is a tax haven, a prosperous nation and has a world-class legal system. It makes total sense if Bermuda does enter the online gambling market that companies would migrate there.
The potential benefit for US players is that they’ll gain access to gambling with companies who are licensed by a real gambling commission with a strong legal system. This is a major upgrade from gambling with Costa Rican or Indian Tribe licensed companies. One can only assume based on Bermuda’s past that if they do enter the gambling market they will do so the right way, and with their long time affiliation with international banking, getting checks out to players shouldn’t be too much trouble either.
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