Online gambling licensing in Curacao.
According to the previous system, the Gaming Control Board (CGCB) was implemented. The CGCB issued licenses to online gambling operators, which gave them the right to legally offer services to players in various countries. Curacao previously had a master (master) license for online gambling, which allowed operators to conduct online games in Curacao and accept bets from players around the world. The main license requires operators to adhere to certain rules and standards, including verifying the identity of players, complying with anti-money laundering regulations and ensuring the protection of user data.
In addition, it provided the opportunity to obtain sublicenses. A sublicense gives operators the right to rent and use the infrastructure of the main licensee, which greatly simplifies the process of launching an online casino or bookmaker.
Many gambling companies in Curacao offer services under a white-label model, which allows entrepreneurs to launch their own online casino or gambling site based on an existing platform. Instead of creating and licensing your own software, an entrepreneur can use a ready-made solution provided by a partner company and simply customize it to fit their brand. This can be a faster and more cost-effective alternative for those who want to start a business in the gambling industry. However, such a model may create risks of compromising the security and integrity of gambling operators.
New Curacao gambling laws and licensing requirements.
Curacao is planning a major overhaul of its gambling laws, which could have a significant impact on the entire online gambling sector. The new law is a requirement of the Kingdom of the Netherlands as part of an agreement to provide assistance to the island nation during the COVID-19 outbreak in 2020.
The current licensing regimes with four master license holders will be replaced by a new, more stringent system. Firstly, the prerogative of issuing licenses in the new system, approved by the Council of Ministers, will pass to the Curaçao Gaming Authority. The new independent body received government permission to issue, and if necessary revoke, gambling licenses.
Both B2B and B2C licenses will be issued. In relation to existing sub-licences, these will be carried over into the new legislation in the form of transitional licenses, which will remain valid for the 12-month period in which operators need to apply for a new permit.
The changes to gambling licensing in Curacao in 2023 can be summarized as follows:
From September 2023, gambling companies will be prohibited from sublicensing their rights under a gaming license to third parties.
The Curacao Gaming Authority will replace the Curacao Gaming Control Board and become the sole regulator responsible for regulating and issuing licenses for B2C and B2B operators.
Applicants for a gambling license in Curacao will be required to meet high standards such as financial strength, integrity and qualifications to ensure the safety of the gaming industry.
The changes made will lead to the fact that the practice of sublicenses between gambling operators will be stopped. The main emphasis when checking gambling organizations in accordance with the updated licensing rules is on security and transparency.
