Cabinet has given approval for an amendment to the Betting, Gaming and Lotteries Act regulations, allowing for the introduction of sports betting.

However, the Government wants a big chunk of any profits earned by bookmakers.

Under the proposed legislation, persons granted licences to offer bets on sporting events will be required to pay nine per cent of their gross profit to the Government.

Sharp contrast

In making the announcement during yesterday's post-Cabinet media briefing, Information Minister Daryl Vaz noted that betting on sporting events was now taking place illegally with the Government not getting any of the bookmakers' takes.

This is in sharp contrast to bookmakers in the horse-racing industry or other gaming activities who are required to turn over a sizeable portion of their profits to the Government.

In fact, Cabinet has also approved a proposal to allow bookmakers to pay a total gross-profit tax of 16.5 per cent instead of the proposed 23 per cent.