Vanuatu’s gambling history dates back to the 20th Century. Most of the recognized gambling and casino activities were experienced during the 1980s and 1990s. This was after Vanuatu became an independent republic in 1980 after gaining power from the British-French government. This was among the pioneer nations to legalize the casino trade.
Gambling in Vanuatu was declared legal and began being regulated in 1999. It is believed that the main aim of legalizing was to target income from international casino sites that would get into the country.
Being a small nation with a relatively low population, one might wonder why international casinos set up their businesses there. The country is a major tourist destination, making it a good location for new online casinos. After legalizing the activity, the government created regulations to govern business, among them being the Interactive Gaming Act of 2000.
Gambling in Vanuatu Nowadays
Despite gambling being regulated in the country, locals have the freedom to transact with different new casino sites. This means they can also use international online casinos that have not been licensed in the country but have licenses from foreign nations. Regardless of this, unlicensed online casinos remain illegal in the country.
Casino licenses that are issued in the country have a validity of 10 years and require an annual renewal. Currently, the renewal charges are $50, 000. According to the prevailing regulations, the tax rates on earnings stand at 2.5%, a figure favorable for conducting business.
The gambling and casino arena is open for anyone to join. The regulations are strictly observed. To get authorization to start a gambling business in Vanuatu, you must:
- Observe high gaming standards;
- Comply with the set regulations;
- Undergo prior audits to ensure your organizations conform to the set standards.