Even though Minister of Tourism Obie Wilchcombe previously estimated that the web shop industry generates approximately $700 million annually, he said the figures included in web shop operators' disclosure documents show that gaming houses actually generate "significantly" more.
Wilchcombe, who has ministerial responsibility for gaming, didn't disclose the figure, however, he suggested that it is astonishing.
"We didn't know. And each time we found out the numbers, we were just like 'wow'," he said referring to Gaming Board representatives.
As a part of the application process, web shop operators were required to disclose all of their financial information to the Gaming Board.
"We've seen the figures are slightly different
now," he said. "Their full and frank disclosure is showing us what they are truthfully making in these web houses and the numbers are improving.
"There are very significant changes. We'll be able to disclose when it's all put together, but we're seeing the changes and we have a better understanding of what has been taking place in these web shops in these many years. And don't forget, we've looked at these numbers from 2010. We've looked at numbers for 2012 that we got initially and now we have the full and frank disclosure."
Pressed for the figure, he said, "we're talking about a good number."
Wilchcombe said the figure will be made public as soon as the accountants wrap up the process.
The government collected $5 million in web shop tax arrears as of December 1, according to the minister.
However, he said web shops will be required to pay additional taxes going forward.
The Gaming Bill was passed in mid-September, paving the way for the industry to be regulated. As a requirement, web shop operators are also required to pay significant taxes before they can apply for licenses.
The government is expected to issue requests for proposal (RFP) in mid-January.
Web shops will be given around six weeks to comply with the requirements of the RFPs before they can receive their licenses.
Wilchcombe said 12 web shops are involved in the process.
Based on penalties, application fees, business license fees and housing and agent fees, web shop owners could pay the government around $30 million, officials said.
The web shop industry is expected to be fully regulated by the end of April or May.
Though there have been some layoffs in the web shop industry since the regulation process began, Wilchcombe said he believes the industry will expand once the process is complete.

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