For years, Curacao-based offshore operators have been infamous for their minimal player protection rules and for offering gaming services illegally. Amid growing concerns about problem gambling and efforts to strengthen the regulation, the nation’s online gambling sector is currently going through a transition period that seeks to streamline the regulation and create a fairer and safer iGaming industry.
Back in September, Curacao’s Gaming Control Board (GCB), the regulator in charge of gambling activities since March 2020, confirmed the launch of a new online portal that would enable operators to submit applications for Curacao iGaming licenses. While the new portal launched two months ago, it provided information for operators who are interested in applying for a license.
Now, two months after the launch of the online portal, applicants interested in a license as well as sub-license holders can register. This marks another important step in the overhaul of the market as the nation is looking forward to transitioning to the National Ordinance for Games of Chance (LOK), a new regulation that seeks to ensure online gambling operations in the country are in line with the best standards and practices for the sector on an international level.
Overhaul of the Market Continues
Under LOK, iGaming operators will be subject to strict licensing requirements as well as compliance rules. Ultimately, the new regulation plans to propel the integrity of the sector, ensuring online gambling operators offer safe and fair services.
Operators who pursue a license for Curacao can register via the new portal. Additionally, sub-licensees must also register via the recently launched portal. This is a requirement such licensees must meet in order to operate once the LOK comes into effect.
While registration with the portal is available already, the GCB explained that it will initiate processing and accepting online gambling license applications from operators starting from November 15, 2023. According to the GCB, the licenses “shall only be issued to Curaçao based companies that offer online gaming.”
Recently, the GCB strengthened its team with the addition of Hilary Stewart-Jones, a seasoned solicitor with significant experience. Joining the Board, she was appointed to the role of advisor. Undoubtedly, Stewart-Jones’ experience, spanning more than three decades, would positively impact the upcoming regulatory challenges that may come amid the overhaul of the gambling sector.