Belize

Jurisdiction Belize attracts gambling operators with low gambling license costs. The country has an organization responsible for licensing companies and performing a supervisory function. In general, the reliability of Belize gambling licenses is highly questioned, as the government does not take sufficiently strict measures to control operators' activities. However, in general, the situation has started to change for the better.

Belize review

Belize is a small country located in Central America. It occupies an area of just over 22,000 square kilometers and has a population of barely over 350,000 people. With modest resources in the form of natural minerals, the main sources of income of the state were:

• Tourism
• Exports of bananas, clothing, herbal sugar, and seafood
• Industry
• Foreign investment. Belize is an international offshore zone.

In 1995, the country's government passed the Gambling Act, allowing gambling licenses and services worldwide. It is worth noting that this decision at the initial stage allowed the state to significantly increase the budget, as quite a lot of people were willing to get a license. The popularity of the gambling license in this jurisdiction is due to several factors.

When gambling was legalized, Belize was one of the first. This state's license allowed it to accept players from anywhere in the world, including the UK. The companies passing licensing in the country placed emphasis on them.

The gambling industry in Belize is currently experiencing several problems. For example, the local Gambling Commission has regulated the UK market. The UK Gambling Commission must license any operator offering gambling services to UK residents. Consequently, the license from Belize no longer has the appeal it previously had. Of course, gambling establishments regulated by the UKGC, including some of the world's largest international sports betting and casino brands, have dual licenses, one for the UK and one for the rest of the world. However, such operators choose more reputable licensees. And that's another problem with the Belize jurisdiction.

The growth of regulated jurisdictions has led to competition. The players themselves naturally make the choice. Choosing a casino where the licensee imposes strict requirements on the companies receiving a license. At the same time, it is worth noting that relatively high positions were taken by small jurisdictions. For example, Malta is a leading competitor, and the Malta Gaming Authority is one of the most important gambling jurisdictions. The jurisdiction of Curacoa has a very low tax rate, which makes it extremely attractive to operators. while Gibraltar, like Malta, attracts world-renowned operators, as licenses issued in these jurisdictions are associated with highly reliable and secure players.

All these factors have led to operators refusing to choose Belize as a jurisdiction to obtain a gambling license. They prefer more recognizable licensors.

This does not mean that the electronic gaming industry is in danger of disappearing in Belize. Certainly, its position has been shaken, but thanks to the changes implemented by the government, perhaps this situation will improve in the near future.

The first step was a more detailed attitude to the license itself or the requirements for obtaining it. However, the most promising for Belize may be the cryptocurrency sector. XWIN Crypto Bet, a sports betting company, recently received a gambling license in Belize. Using blockchain technology, the operator can accept sports betting (including cybersports). Players will maintain their accounts in cryptocurrencies such as Bitcoin and Ethereum. Another operator LetBet, licensed in Belize, has created its own cryptocurrency for players to make bets. The company uses its own platform and blockchain technology.

The development of this innovative area for online gambling may well propel Belize to the forefront of the gaming industry. Licensing in this jurisdiction will especially attract start-up gambling companies to set up bases in Belize City.

Gambling history in this country

Licensing authority

According to the GAMING CONTROL ACT, Belize is subject to licensing casino operators and bookmakers to provide their services online and in land-based gambling. The Gaming Control Board (Gaming Control Board) regulates the sphere and issuing gambling licenses. It consists of staff appointed by the country's Minister:

• a representative of the Ministry of Economic Development;
• a representative of the Ministry of Natural Resources and Environment;
• a representative of the Ministry of Tourism;
• the Financial Secretary or his representative;
• a member of the Lotteries Committee

License applicants must pay a $25,000 application fee. The fee is refundable if the application is denied, subject to an administrative fee. Gaming licenses are issued for one year and may be renewed annually. The cost of an annual license averages USD 20,000, not taking into account tax deductions.

Factually, there are no specific gambling licenses in the jurisdiction. Therefore, the following categories can be conventionally distinguished:

1. Computer license - online casinos
2. Betting license - betting offices
3. Gambling license - land-based gambling. Including slot machine halls, casinos, and bookmakers.

Besides gambling licensing, a separate category in Belize is the organization and conduct of lotteries. For this regulation of this area is responsible for the Lotteries Committee, acting based on the "Lotteries Act". It consists of four members:

• two representatives appointed by the Minister at his discretion;
• a representative of the Ministry of National Security;
• a representative of the Ministry of Industry and Commerce.

If a licensee contravenes any provision of the Act or any regulations made thereunder or any of the conditions attached to the license, the Board may revoke the license without compensation and prejudice to any other penalty imposed by or under the Act. This decision may be appealed. To do so, an application must be made to the Minister, whose decision is final.

The basic functionality of the licensing authority includes:

• licensing premises for gaming;
• selecting specific places where gaming is allowed
• establishing the form and content of an application for a gaming license;
• establishing the criteria for eligibility for a gaming license and setting a limit on the number of licenses
• developing the conditions and requirements to be imposed on a gaming license;
• establish the fees to be charged for the issuance of a gaming license;
• control or regulate all matters relating to gaming;
• establish how disputes between the licensee and any other person may be resolved;
• perform any other functions imposed by the Minister;

All in all, it is quite a voluminous list of duties. But unfortunately, it is unfortunate that it does not include all aspects inherent in more serious jurisdictions. For example, there is no clear interpretation of protecting players' interests.

It is worth noting the rather confusing structure of the whole licensing process. In fact, the Ministry of Economy is the main regulatory body. At the same time, there is an "Investment Policy Division" which has an oversight function over the "Gaming Control Board" and the "Lotteries Committee".

Requirements for licensees

The list of requirements for companies wishing to obtain a gambling license in Belize is quite loyal, with the exception of some aspects, such as fingerprinting of financially interested persons in the organization or mandatory citizenship of Belize.

• The firm must necessarily be registered in the state.
• Financial statements for the last three years.
• Full set of fingerprints of each person who has a financial interest in the organization of online gambling.
• Copies of documents confirming the identity of the owners and other members of the company with access to the finances of the company
• Document proving the citizenship of the company's owner or a copy of the application for its provision.
• Pay the required fees for the consideration of the application
• Pay a reserve deposit to the Central Bank of Belize
  

If the package of documents is complete, the application takes only 24 hours. After that, the company receives a gaming license and can provide services. In its work, the operator is obliged to comply with:

• An account at the Central Bank of Belize must be placed at a sufficient amount to meet the obligations arising from the company's activities.
• If necessary, notify the Gaming Oversight Committee to withdraw reserve deposits and funds from the company's accounts.
• To follow and comply with the requirements and conditions of the licensee
• To be responsible to the players, that is, to promptly pay any winnings due to them.

Conclusion

Belize's jurisdiction is quite controversial. On the one hand, it has a separate organization that regulates gambling. On the other hand, its functionality is not sufficient. For example, there is absolutely no work with player appeals and no activities to prevent gambling addiction. These two circumstances reduce the prestige of this jurisdiction.

The emphasis on cryptocurrency gambling is the right choice. Although the pace of development of the jurisdiction in this direction is certainly quite weak compared, for example, with Curaçao, the Casinoz team still hopes that thanks to the "right" steps of the Belizean government, they will be able to restore their reputation and become competitive in this sector.