The financial statements of web shops have revealed that the gaming industry generates nearly $1 billion annually, Minister of Tourism Obie Wilchcombe said yesterday.

"We had a view that [they generated] around $700 million but it's almost near $1 billion based on the numbers that we're looking at now," Wilchcombe told The Nassau Guardian yesterday.

"So we are continuously looking at it... In fact, it has the potential to be a billion dollar industry if it's not yet. In one case, for instance, the casino operator came and they paid their fees for December and a web shop operator came and paid his fees and it was much more. so it just tells you about the business. It's a thriving business."

The figures that Wilchcombe referred to were included in web shop operators' disclosure documents that are required for the application process. As a part of the application process, web shop operators were required to disclose all of their financial information to the Gaming Board. Web shop operators are also required to pay significant taxes before they can apply for licenses.

Wilchcombe said the government has now collected around $20 million from web shops - quadrupling the taxes it collected in just over a month and a half. Overall, based on penalties, application fees, business license fees and housing and agent fees, web shop owners were expected to dish out around $30 million, officials said. However, Wilchcombe said yesterday that the government believes it will collect more than that.

"So far we have collected around $20 million from them and I think there's some outstanding fees that we are now collecting," he said. "So we're moving in a direction that I think is going to be beyond the fees that we had expected. It will exceed that.

"I think everything has gone very well. In fact, I feel quite good. The request for proposals (RFP) went out. Ten people up to yesterday got their RFPs, paid their $10,000 and so they are moving along with all the specifications that are being directed by the Gaming Board."

The Gaming Bill was passed in mid-September, paving the way for the industry to be regulated. In total 12 companies are involved in the process. The sector is expected to be fully regularized in April or May.

On Tuesday, Police Commissioner Ellison Greenslade said the police force has prepared its plan to go after web shops that are non-compliant once the transition period ends.

"We will go into those properties at the appropriate times, to arrest those people that are found on the property gambling, people with ownership of gambling devices and to confiscate items, to take them into our control and to take those people before a court," he said.

"We have the transition period now. We're not going to jump the gun to cause any difficulty for anyone... I'm satisfied that the procedures are being followed. Things seem to be going in the direction that the law requires."

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