Government will be looking to better regulate gaming and betting, as it is concerned over “looseness” in the sector. As a consequence, new legislation is being looked at at the level of the Ministry of Legal Affairs, which will better regulate the sector.
This is according to Minister of State Joseph Harmon, who was at the time being questioned about increases in allocations to the Gaming Authority, under Details of Subsidies and Contributions to Local Organizations, during the first day of scrutinizing the budget 2019 estimates.
The budget estimates show that the authority’s budget went from $21M in 2018 to $40M in 2019.
Acknowledging that funding has indeed been boosted for the authority, Harmon cited examples like persons operating without licences.
Harmon’s call for better regulation of the sector came on the heels of foreign companies expressing interest in Guyana’s gaming and betting market.
Just recently, Jamaican gaming and entertainment company, Supreme Ventures Limited (SVL) said that it has begun a phased operations roll out in Guyana.
This is the first time that the company has ventured outside of its home country.
In a statement on the venture, SVL said that the business will be operated through Supreme Ventures Guyana Holdings Inc (SVGH) and Supreme Ventures Enterprise Inc.(SVE)
It was outlined that SVGH has obtained a Betting Shop Licence from the Guyana Revenue Authority (GRA).
Supreme Ventures Group CEO Ann Dawn Young Sang is confident that the market is a viable one that the company can bring much value to Guyana.
SVL said it has also acquired a building in the heart of Georgetown from which it will operate a super-store with a lounge and its horseracing business.