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Vanuatu
About 1,750 km north-east of Australia, lies the island nation of Vanuatu, a Pacific paradise.
In 1993, Vanuatu’s government passed the Betting (Control) Act No. 1 of 1993, which legalized sportsbooks.
Interestingly, the legislation stated that a betting license only permitted “Totalizator Betting”, a common approach in many jurisdictions. However, it is believed that this restriction may have been loosely enforced, with many bookmakers potentially offering traditional fixed-odds betting services, especially targeting Australian customers.
Totalizator betting, perhaps better known as pari-mutual betting, is an established tradition in several parts of the world. Unlike traditional fixed-odds betting, where bookmakers set the odds, totalizator betting pools all the bets placed on an event.
The total amount wagered is collected into a central pool, and after the event, the pool is divided among the winners, with a percentage deducted by the operator as a commission.
In theory, this pooling arrangement prevents a totalizator-based sportsbook from losing money, as payouts are always covered by the total pool. However, this system is less attractive to bettors because the winning odds are dynamic and unpredictable, which discourages strategic betting based on fixed odds.
Totalizator betting is typically offered by government-owned or risk-averse companies for this reason.
The Vanuatu Interactive Gaming Act of 2000 opened the door to online casinos, and a subsequent amendment in 2003 legalized online sportsbooks.
Now, in 2024, Vanuatu has revamped its legislation, reducing fees and simplifying the licensing process, making it easier for operators to set up.
Vanuatu, one of the oldest gambling outposts, is back in the game and positioning itself as a competitive player in the international gambling market once again!
