The Regulatory Authority of Curaçao's Gaming Industry Grants First Gambling Permits Under Revised Regulatory Framework
The Curacao Gaming Authority (CGA) has granted the first licenses under the revamped regulatory system of the island nation. The issuance of these new gambling permits occurred twelve weeks following the initiation of the licensing procedure.
Five gaming companies now carry the new Curacao license
The initial batch of gaming operators has successfully secured the new license for internet casinos and sports betting in Curacao, as per an article from the gaming news portal iGB. The operators include Rhino Entertainment Group, Games and More, Geeka Corporation, and Small House. Gaming operators had the opportunity to apply for the new Curacao license at the CGA since September 1, 2023. However, the formal licensing process began in November 2023.
The CGA evaluated the new applications according to the existing gaming ordinance (National Ordinance for Games of Chance, LOK). Cedric Pietersz, CGA CEO, commented on the licensing process:
Given that we've only been accepting applications for less than 12 weeks, the volume of submissions has surpassed our expectations. ... The issuance of White Star's license holds a special significance for us. It signifies a significant milestone in Curacao's evolution into a leading gambling hub, with many more licenses to follow.– Cedric Pietersz, CGA CEO, iGB
The new license terms: What's changing in Curacao?
Curacao is transitioning from the original National Ordinance on Offshore Games of Chance (NOOGH) to the new National Ordinance for Games of Chance (LOK). The latest online casino and sports betting license for Curacao brings some alterations compared to earlier regulations.
The transition necessitates greater transparency from gaming operators seeking a license in Curacao. The nature of the business (B2B or B2C) should be stated during the application process, which was not required before.
A B2C license is necessary for foreign operators who engage directly with players, handle their deposits, and store player data. However, they must have a minimum of three employees based in Curacao. A B2B license is for local companies. Also, the Curacao government has introduced new fees for licenses [Link in English]. Gaming operators must pay a 24,600 euro fee for a B2C license, alongside a 4,600 euro fee for a risk assessment, and another fee between 150 and 250 euros per shareholder. Each company-registered domain also incurs a 250 euro charge.
Gaming operators holding a license under the old NOOGH rules do not need to pay the full fee for the LOK license. The 24,600 euro fee will only become due upon the anniversary of the license issuance. The monthly costs for the Curacao license will also decrease from 3,600 euros to 2,050 euros.
Gaming operators hoping to obtain a new license for internet casinos and sports betting in Curacao are required to demonstrate financial stability, honesty, and a comprehensive overall strategy. The aim is to grant these new licenses exclusively to reputable and capable operators.
Stricter Gaming Regulations with New Curacao License
The more stringent regulations are also evident in the master licenses and sub-licenses. In the past, a gaming provider with a master license in Curacao could lease a sub-license to a third-party provider. However, this practice is now prohibited in Curacao under the new regulations.
Each provider must now apply for their individual license. Gaming providers now face higher expenses and longer waiting periods due to the new regulations. The new legislation in Curacao marks a shift towards a more rigorously controlled gaming environment on the Caribbean island.
The successful gaming companies have made headlines in the news, proudly displaying their new Curacao licenses. The wide spread of applications for the new licenses has exceeded the expectations of the Curacao Gaming Authority.
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