Island Luck CEO Sebas Bastian said while his company is "strategically positioning" itself for regularization, it has paid millions of dollars in taxes on a gamble that may not pay off.
Minister of Tourism Obie Wilchcombe confirmed that the government received $5 million in back taxes from 12 web shop operators up to December 1.
Asked what percentage of that Island Luck paid, Bastian said, "Well just know that we paid the largest amount. It's in the millions."
Web shops were required to pay back taxes in order to apply for a web shop license.
They will also be required to pay other fees and taxes before being licensed.
Bastian acknowledged that web shop operators have to "pay to play".
"If the government is really going to do something positive with these taxes I have zero problem paying my fair share," he noted.
He said Island Luck hopes to be among the licensed web shops when the process ends in April or May.
"We're optimistic," he said. "There are no guarantees. All of these taxes that we're paying, it's a pure gamble.
"We are positioning ourselves in a very strategic way to make sure we have a good chance of obtaining one.
"But at the end of the day, the Gaming Board, the government of The Bahamas, the vetting process has to take its course and hopefully Island Luck will become successful in obtaining its license."
The government is expected to issue requests for proposal (RFP) in mid-January.
Bastian said Island Luck will also have to pay a hefty fee in order to comply with the RFP requirements.
Web shops will be given around six weeks to submit the RFPs to the Gaming Board.
Wilchcombe said 12 web shops are involved in the process.
Web shop operators who apply for licenses will be required to pay a non-refundable $100,000 deposit for a gaming house operator license, plus $30,000 for each gaming house premises license they apply for, according to the RFP.
The RFP says this money would go to "cover initial investigation costs".
A premises license will be required for every individual web shop an operator has as a part of its overall business.
The investigation cost is separate from the application fee, which is $5,000, plus $2,000 for each gaming house premises license applied for.
Overall, 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 Gaming Bill was passed in mid-September, paving the way for the industry to be regulated.
The web shop industry generates more than $700 million annually, Wilchcombe said.

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