Curaçao Opens Application Process for New iGaming Licensing

iGaming Licensing

Curaçao is making major changes to its online gambling industry regarding oversight and legitimate services. Just a few days ago, the Curaçao Gaming Control Board decided to start the application process for new online gambling licensing. The change is said to provide better control for foreign regulators when it comes to offshore operators based in Curaçao. For many years, operators in Curaçao have offered online casino services illegally across the globe. The new licensing process is in the works to legitimize the industry and ensure the integrity of sites authorized to offer gambling services from the island.

License Application Forms are Now Available

Starting September 1, operators will have access to application forms for licensing in Curaçao. The Gaming Control Board launched a new online portal to make it easy for operators to apply. A guide offered on the platform includes detailed information on completing the licensing process. Operators can utilize downloads and guidance notes to move forward.

The new portal was released as Curaçaoprepares for the National Ordinance for Games of Chance (LOK). This new law changes how foreign online casino operators are licensed via the island nation.

Completed licensing applications must be sent in by November 2023. This gives operators ample time to prepare and submit their documentation to the board. Those operators witha license in Curaçao will automatically be transferred to the new system. Companies with sublicensing will also need to apply, but will be given a fair chance to maintain services.

Once the applications are reviewed, provisional licensing will be provided to those approved. The licensing changes were made to complement legislation and allow for adaptability to any challenges within the industry.

The strengthening of the application process is expected to attract more operators to base their services in Curaçao. It will also create a more transparent gambling industry as a whole.

Building a Stronger Market

Curaçao is set to become a much stronger market now that legal changes have been made and the licensing process is becoming more comprehensive. July 2022 signified the start of licensing changes with better standards in place. It was expected that some operators would remove themselves from the market, but it would open the market to more reliable providers.

The current law of Curaçao mandates that operators apply for one of four master licenses to be eligible for a sublicense. When the new law is in force, sublicenses will have three months to apply to the Board. The provider will need a directoperator license to function in the region.

During the most recent iGB LIVE, the Curaçao Ministry of Finance legal advisor,Sixiènne Jansen, commented on the new process for licensing. She said there would be three forms, each requiring documentation from the operator.

One application is for online gaming with the company to provide insight into projected revenues and strategies. The next is a personal declaration that will provide information on the top individuals connected to the business. The final form involves disclosures for businesses and corporations. Any operator that applies must also provide information on their fund sources to ensure that players will be protected when it comes to winning payments.

The change is drastic but should help Curaçao become a more viable market for iGaming providers. The application process is much more involved, so the island can offer better services to players worldwide, rather than allowing less-than-stellar companies to receive licensing.

Posted in: iGaming Regulatory & Industry