Gambling activities in Belize is regulated by the Belize Control Board under the Gaming Control Act Laws of 2000. The online Gaming Industry is a relatively new industry in Belize and legislation has been introduced to attract genuine investors to participate in the expansion of the financial services sector. Regulations of the Gaming Control Act, Revised Edition 2000, have been adapted from similar regulations in successful gaming countries and adjusted to suit the Belizean situation. New regulations have been approved for the Gaming Control Act of 2000 and can be found in the Gaming Control (Online Gaming) Regulations which came into force in October 2004.
The online gaming regulation of October 2004 is specifically designed to cater to online gaming operators. A licensed online gaming operator is allowed to maintain servers elsewhere, but customer service operations should be conducted from within Belize. A licensing fee has to be paid to the Government of Belize at the time the license is granted. One license is held per company at any given time and is valid for a period of twelve consecutive months commencing on such date on which the license is granted. The licensee has 60 days prior to the date of the expiration of the license, to apply for a renewal. If approved, an annual renewal fee becomes due and payable to the Government of Belize. The “Gaming Control Board” consisting of nine persons appointed by the Minister is established to regulate gaming activities in Belize and shall comprise:
• Belize International Business Company
The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction
The licensee will need at least 2 shareholdersted.
The applicant shall provide details to the Gambling Board committee of an approved auditor of any jurisdiction.
The Compliance Officer must be approved by the Gambling Board committee from any jurisdiction
The applicant must have licensed gaming premises for visit by the Board
The Licensee shall at all times keep deposited with a bank or other licensed financial institution in Belize the minimum paid up and unimpaired capital of as advised by the Boards