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In a Gambling Utopia: The Caribbean

The online caisno gambling industry in the Caribbean is not actually about a market of internet gamblers, but rather a base for the gambling companies to operate. The Caribbean gambling industry has changed dramatically over the past three years because of the US’s passage of the UIGEA. The UIGEA banned foreign and offshore online casinos from the US market – and without an ability to target US gamblers many of the major gambling companies moved their headquarters out of Antigua and Barbuda. The US internet gambling industry was a huge boost to the Antiguan economy over the past 10 years and the small island nation acted as a licensing jurisdiction as well as a base for headquarters of companies interested in proximity to the lucrative US market.

The UIGEA passed nearly three years ago now and really caused some serious destruction of the Antiguan economy. Antigua and Barbuda have filed suits and cases with the World Trade Organization about the US’s controversial legislation that restricts foreign trade within the internet gambling industry. Not surprisingly, the small island nation won the case and the WTO notified the US that the UIGEA contravenes established trade agreements and needed to be altered. The US has refused to budge on the UIGEA though and more action through the WTO has given Antigua trade dispensations on US copyright laws.

This woke the US Trade Representatives up just a little although the online casino gambling controversy continues. The Finance Minister in Antigua has gone through lengthy and extensive negotiations with the USTR but there has been very little positive movement. Currently, the Antiguan licensing jurisdiction has revamped regulations and is toughening standards so as to still appeal to international gambling groups seeking a gambling license.