Curaçao’s Gambling Sector Set for Revolutionary Overhaul

Revolutionizing Curaçao’s Gambling Landscape: A New Era of Regulation

Curaçao’s gambling sector stands at the brink of a historic transformation!

The introduction of the National Ordinance for Games of Chance (LOK) in Parliament heralds a new dawn of regulated, credible gaming on the island.

Picture a gambling landscape that is not only streamlined and regulated but also exudes heightened credibility through innovative measures like Digital Seals.

Stay abreast of these groundbreaking changes and gear up for a future where Curaçao’s gambling industry emerges as a model of regulation and trust.

Curaçao’s Paradigm Shift in Gambling Regulation

Curaçao is poised at a crucial crossroads as its parliament reviews the National Ordinance for Games of Chance (LOK), a legislative bill destined to reshape the island’s gambling sector fundamentally. This much-awaited ordinance promises a complete revamp of the Dutch Caribbean island’s gambling industry, introducing a more regulated and transparent environment. The Curaçao Gaming Control Board (GCB) has already taken proactive steps in preparation for this shift, with its portal open for license renewals and new applications.

Key Deadlines and Strategic Milestones

In anticipation of these changes, the Ministry of Finance has outlined essential milestones for the transition to this new regime. A pivotal deadline is set for March 31st, signaling the closure of the registration window for existing sub-licensees and the opportunity for applying for a direct license. Sub-licensees who miss this deadline face the prospect of discontinuing operations post-March 31st.

The post-March 31st period will see the implementation of a provisional license system, reserved for direct license holders. Nevertheless, applications already in progress will be allowed to continue. Operators who have not applied for a direct license by the deadline may continue under their sub-license until the master license expires or the LOK comes into full effect. Subsequently, they will need to secure a license under the new legislation.

Introducing Digital Seals for Enhanced Credibility

Starting January 1st, a new feature will be available to licensees – the option to display a Digital Seal on their websites. This emblem of compliance and credibility, issued by the GCB, will also extend to entities awaiting license approval, reinforcing consumer trust and industry transparency.

New Fee Structure for Online Gambling Licenses

The Curaçao government has also announced a revamped fee structure for online gambling licenses, a move spearheaded by Finance Minister Javier Silvania. Both B2B and B2C licenses will incur similar fees, with B2C licenses involving a $5,000 application fee and due diligence fees based on individual roles. Additionally, an annual fee of ANG48,000 and a monthly fee of ANG4,000, along with an extra charge per domain, will be instituted.

Current holders under the master license system will benefit from a waiver of the annual fee in the first year and a reduced monthly fee thereafter. B2B licenses will follow a similar structure in terms of application and due diligence fees and the annual fee, but will be exempt from monthly fees. This fee restructuring is a significant move towards modernizing and streamlining Curaçao’s gambling industry.

Conclusion: A New Chapter in Curaçao’s Gambling Industry

As Curaçao stands on the verge of this revolutionary transformation, its gambling sector is set to become a beacon of regulated and credible gaming in the region. These changes represent a major stride in adapting to the evolving global standards of the gambling industry, positioning Curaçao as a competitive and trustworthy player in the international gaming market. As these developments unfold, stakeholders and players alike should prepare for a new era in Curaçao’s gambling landscape, characterized by enhanced regulation, transparency, and industry innovation.