Gambling license in Curacao in 2023
The government of Curaçao is revising its gambling laws to bring them in line with international norms and requirements. A new set of rules is expected to enter into force in the summer, which will completely change the scheme for obtaining a gambling license in Curaçao in 2023.
Curaçao's gambling license: what you need to know
Currently, gambling permits for operators are issued by organizations to which the government has given enormous powers by granting a general gambling license. There are only four such organizations on the island. The others are subcontractors who have been given the opportunity to engage in gambling activities by one of the owners of the general gambling permit.
The peculiarity of the subcontractor's license is that it is valid as long as the general permit is valid. But the owner of the latter is obliged to renew it every 5 years.
This form is beneficial to the supervisory authorities of Curacao, as it removes their responsibility for controlling the work of online casinos, bookmakers, etc. They have successfully transferred this task to the owners of general licenses. But this state of affairs does not suit the international community, which is actively fighting against money laundering. For this reason, in the near future, control over the gambling operators will go to the government. Many sources indicate that this will happen in the summer of 2023.
What will change the new law on gambling licenses
Authorities are going to form the Curacao Gaming Authority that will regulate not only the issuance of gambling licenses but also the work of the companies who got them. The Authority has the right to fine them, make demands for corrections, revoke gambling permits.
From owners of general licenses plan to take away their authority and transfer them into the category of ordinary gambling companies. Accordingly, in order to operate, they will have to re-obtain a gambling license. The gambling permits they issued to the companies are revoked, so the subcontractors must go directly to the Curacao Gaming Authority to take out a new license. Each gambling company will be required to hire three employees who will monitor compliance with fair gaming rules and prevent money laundering.
The oversight of gambling activities in Curaçao is likely to increase in 2023:
- There are plans to implement new fair play standards aimed at reducing the risk of fraud. Games will be certified and audited regularly.
- Player protection is being strengthened. The company must provide clearer rules regarding dispute resolution and complaint procedures.
- Gambling license holders will have to not just open a company, but also rent a physical office. There must be at least 1 local employee - a director or AML officer.
- There will be increased scrutiny of the company's shareholders and key individuals. Particular attention will be paid to the origin of income and wealth.
More details about the changes in Curaçao will be available after the parliament passes the bill on gambling regulation. At the moment it is not available for public viewing, so there is very little data on the changes that await the Curacao gambling business.
Where to find out information about the new rules
Contact our gambling specialists to learn more about obtaining a gaming license in Curacao 2023.