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Falling from Grace

The past couple of years have really been quite tough on the Antiguan economy – and although it is really easy to point the finger and blame the United States’ decision to ban offshore online casinos, that is only part of the problem now facing the Antiguan government. Accusations have surface that cast a shadow of unease over all of the internet gambling operations on the island. The US government has alleged that one of the major banking institutions on the island, Standford Bank, has been a part of a pyramid scheme in addition to selling consumers fake deposit certificates. This news is largely unsubstantiated but it has been enough to make the European and UK online casino gambling regulators suspicious.

A chief concern for the UK Gambling Commission is the fact that Antigua recently obtained a position on the UK white list. This list contains all of the jurisdictions that have passed the UK’s rigorous standards and regulation requirements – and not everyone makes it onto this list. Online casinos licensed in one of the white listed gambling jurisdictions have free reign to advertise within the bounds of the UK’s liberalized market. The issue hovering over the island now though has caused an outcry from some online casino gamblers and there has been a call in Europe that Antigua’s licensing jurisdiction should go under review before its status on the white list is continued.

Stanford Bank plays a big financial role in many of the online casinos licensed out of Antigua and the check will be to merely ensure that the integrity of the Antiguan licensing system have not been compromised by the new information.