After 12 years of marking time in legal limbo, the United States Virgin Islands Attorney General Vincent Frazer approved the Virgin Islands Internet Gaming and Internet Gambling Act.
Even with the news of potential new business and more jobs for the Territory, some senators are now seeking to amend the 2001 law which created the plan for interstate gambling in the U.S. Virgin Islands. The senators who are planning to amend the law say it is full of conflicts of interest and the Department of Justice gives preferential treatment to two companies named in the legislation as master service providers.
This multi-billion dollar a year industry has been foreclosed from the Territory, when corporate taxes or taxes on winnings would add millions to the government’s coffers. Over 1,700 offshore websites facilitate more than $4 billion in bets annually around the world, and estimates are that $30 million could potentially go to the General Fund in the Territory.