What’s hot & new

What is the role of RNG in crash games?

2 days ago

Provably fair gambling: The key to stress-free crypto casino entertainment

2 days ago

Weird habits of celebrities and historical icons

3 days ago

Modern casino games: Where gambling and video games meet

4 days ago

"Roobet casino has a new modern design and user interface."

5 days ago

"Gamegram casino has two brand new Welcome Offers on first deposit."

6 days ago

New game added! See the review of Lucky Dragon MultiDice X here

6 days ago

New game added! See the review of DJ Cat here

6 days ago

Stake Casino’s exclusive Pragmatic Play dice selection

6 days ago

"Duelbits Casino now has 4000+ online casino games."

7 days ago

Discover loads of curious Gambling Guides!

What’s hot & new

What is the role of RNG in crash games?

2 days ago

Provably fair gambling: The key to stress-free crypto casino entertainment

2 days ago

Weird habits of celebrities and historical icons

3 days ago

Modern casino games: Where gambling and video games meet

4 days ago

"Roobet casino has a new modern design and user interface."

5 days ago

"Gamegram casino has two brand new Welcome Offers on first deposit."

6 days ago

New game added! See the review of Lucky Dragon MultiDice X here

6 days ago

New game added! See the review of DJ Cat here

6 days ago

Stake Casino’s exclusive Pragmatic Play dice selection

6 days ago

"Duelbits Casino now has 4000+ online casino games."

7 days ago

loader search icon
Popular pages
Our top casino picks for United States of America 🏆
Let’s Lucky Casino logo
Hiperwin Casino logo
Wazamba Casino logo
Lucky 31 Casino logo
LV BET Casino logo
Lucky Dreams Casino logo

    Curacao initiates new online gambling licence process via updated portal

    news thumbnail image

    Curacao launches a new portal and initiates an updated online gambling licence process to increase transparency and address issues within the industry.

    Known as an online gaming haven, there are several hundred Curacao licensed gaming operators, thanks to the island’s simple licensing process.

    Curacao’s economy relies heavily on the online gaming industry. This gambling regulator was legalised by the National Ordinance on Offshore Hazards in 1996, and since then, the island has had almost 30 years to develop an efficient gaming licence process for companies.

    At present, it has provided 450 gaming licences for online gambling businesses due to an issuing process that is relatively simple compared to other countries, and it doesn’t require huge investment. This has made Curacao a hub for companies seeking to obtain gaming licences.

    The Curacao Gaming Control Board (GCB) is charged with licensing and supervision of the online gambling sector on behalf of the Minister of Finance.

    Curacao’s new steps enhancing control and legitimacy of the casino industry

    The GCB has now initiated the application process for new online gambling licences. This is a measure aimed specifically at benefitting foreign regulators seeking better control over Curacao-based offshore casino operators that have been offering illegal gambling services worldwide.

    From the first of September, operators can access licence application forms from the GCB’s new online portal, which offers a comprehensive guide to applicants and provides detailed information regarding the licensing procedure.

    The opening of the portal coincides with Curacao’s preparation for the National Ordinance for Games of Chance (LOK), a law that will change how they licence foreign online gambling operators in the jurisdiction.

    The submission of licence applications is to begin in November 2023, affording operators sufficient time to prepare their documentation for submission. Existing licence holders will automatically transition to the new system, and companies holding existing sub-licences will also need to apply alongside new operators but will be permitted to maintain their operations.

    The GCB will issue provisional licences after November to businesses that have submitted their applications. Strengthening the licence application process is expected to attract a wider range of operators interested in operating within the jurisdiction, boosting the Curacao online casino market and providing a more transparent gambling sector.

    What is the LOK?

    The LOK is set to be monumental when it comes to the Curacao online gambling sector, a market once thought to be passive when it came to regulation and the enforcement thereof.

    Curacao’s current law mandates online casino operators to apply to one of four existing master licence holders to receive a sub-licence. Once the LOK comes into force, sub-licensees will have three months to submit a new application with the GCB for a direct licence.

    The application process comprises three forms, each requiring the relevant supporting documentation:

    • The first is an online gaming application, which requires the applicant to provide projections for business operations and strategic targets.
    • The second is a personal declaration detailing information regarding key figures involved in the business. They will carry a source of funds check out on any person with over 10% interest in the business.
    • The final form consists of corporate and business disclosures.

    Effects of the new legislation

    The new legislation will strengthen the Curacao licence by imposing higher barriers to market entry for the operators and align the Curacao licence closer to its counterpart licences in EU jurisdictions.

    Centralising the process under the CGB will give the government full oversight of the licensees and address more effectively crucial concerns about illegal gambling and money laundering

    Published: September 20, 2023

    Anything incorrect or missing?

    Let us know

    Article by Polly

    CasinoWow Contributor

    Hey guys, my name is Polina but my friends and colleagues call me Polly. I am truly passionate about online casino gaming and exploring the different online gambling experiences. I'm really into diving deep into topics and researching all the details. My aim is to gather the best information and write interesting articles for all the readers at CasinoWow.

    Mentioned in this article

    Highroller Casino logo
    Highroller Casino
    BitStarz Casino logo
    BitStarz Casino
    King Billy Casino logo
    King Billy Casino
    Casino Friday logo
    Casino Friday
    BitKingz Casino logo
    BitKingz Casino
    GoSlot Casino logo
    GoSlot Casino
    Gamdom Casino logo
    Gamdom Casino
    CrocoSlots Casino logo
    CrocoSlots Casino

    Related content

    NEXT UP IN REGULATIONS

    THE LATEST

    Most popular

    news item
    What is the role of RNG in crash games?
    news item
    Modern casino games: Where gambling and video games meet
    news item
    Stake Casino’s exclusive Pragmatic Play dice selection
    news item
    Innovation in crypto wallets and other popular payment methods
    news item
    CGB extends the deadline for applications by sublicensees

    Popular

    Special Guides

    Features

    CasinoWow

    Related content

    NEXT UP IN INDUSTRY

    THE LATEST

    compass icon

    Guides

    Online gambling guides
    press icon

    News

    Latest gambling stories
    questionmark icon

    Help

    Online gambling FAQs

    CasinoWow © 2024

    CasinoWow.com Cookies

    We use 🍪 cookies to improve your user experience. By continuing to use this site, you are agreeing to our use of cookies as described in our Cookie Policy.

    Accept

    SUBSCRIBE for EXCLUSIVE offers!

    Be the first to get exclusive bonuses and WOW casino promotions! Get access to our new online casinos, top stories and special iGaming events for FREE.

    Share this page across social platforms!

    Facebook
    Twitter
    Instagram
    Linkedin