Curaçao’s Gambling Law Overhaul Picks up Speed

The reform of the gambling sector in Curaçao started several years ago, in 2022. At the time, Dutch lawmakers made it mandatory for the jurisdiction to receive COVID-19 relief packages based on a range of different reforms, including one that affected the gambling industry.

The improved version of Curaçao’s National Ordinance for Games of Chance (LOK) first appeared in the country’s parliament last December. Now, the LOK is reportedly entering one of its last stages, considering that it is expected to undergo discussion next week.

Parliament to Review the LOK

As announced by NEXT.io, the parliament in Curaçao is expected to review the National Ordinance for Games of Chance as the law is into its final stage. Members of Parliament (MPs) are expected to review the LOK and discuss potential changes to the gambling law next week Monday, December 16, 2024.

The changes to the gambling framework seek to enhance the supervision of the sector. Ultimately, the effort is expected to help combat financial crimes, while also weeding out bad actors from the gambling sector. The overhaul of the LOK proposes changes to the licensing system, replacing the previously enforced rules with new ones that propose stricter supervision, accountability and transparency.

Major part of the proposed changes represents the establishment of a new gambling regulator. At the same time, Curaçao plans to enforce tougher requirements for gambling companies that want to enter the jurisdiction. The overhaul of the sector also seeks to enhance the regulations, applicable to gambling licensees in what is seen as the largest offshore gaming jurisdiction.

Above all, Curaçao’s plan is to make the regulations suitable to the current digital environment, a process initiated in many countries across the globe.

Changes to the Gambling Sector Raise Concerns

The announcement comes amid bankruptcy controversy surrounding the gambling operator, BC.Game. The company, which is Leicester City Football Club’s main sponsor, confirmed that its parent organization, Small House BV went bankrupt.

In addition, a recent damning report accused Curaçao politicians of a range of different crimes. Filed by Dr. Luigi Faneyte, the 400-page report accused politicians, involved in the overhaul of the new gambling regulatory system, of fraud, embezzlement, corruption, money laundering and professional misconduct, among other issues.