After years of back-and-forth between the governments of Curaçao and the Netherlands, it appears that the Caribbean nation, a constituent country of the Kingdom of the Netherlands, is on the verge of making sweeping changes to its online gambling regulatory regime.
The Council of Ministers in Curaçao, which has been an independent state since 2010, has done so approved law To create a new gambling regulator Curaçao Gaming Authority (CGA), and to end the current system of master licensees offering sub-licenses as a commodity with very little oversight of operators and virtually no player support.
The current Master License holders, Antillephone, Cyberluck Curaçao (Curacao eGaming), Curaçao Interactive Licensing, and Gaming Curaçao have controlled the issuance of sublicenses to operators since 1996. it will change According to the new law
While operators have always been required to meet certain thresholds of presumed honesty, financial liquidity, adherence to anti-money laundering/countering the financing of terrorism (AML/CFT) policies and prevention of underage gambling, the new regime is expected to some strengthen them. of those areas and can Add more requirements for operators to follow.
Key changes in regulatory power
Under current law, CGA will have authority to Operator/casino licenses as well as supplier/gaming licenses and so on Revocation of licenseAs a last resort, any permissions that do not conform to the new policies.
At least three of a casino operator’s key employees must reside on the Caribbean island, and while there is apparently no section currently in place to address applicable jurisdictions, this crucial element is likely to be a contentious issue between the establishment and the government. It is the country. Kingdom.
Officials in The Hague have been trying to get observers in Willemstad to respond and change for several years, but it took the global health emergency to get enough momentum from Curaçao to forge an agreement. The Netherlands cannot impose any changes in the laws on the country, but it managed to get its cooperation Conditionalization of economic aid for Covid in Curaçao, which is cooperating with the reform of online gambling laws there.
The two bodies agreed on a framework for legislative reforms for liberalization The third part of financial aid to help with Covid And under that agreement, Curaçao is required to amend its gambling law to ensure thatRule of law“.
This agreement required at least the following legal changes:
- Establish an independent regulatory body for issuing online gambling licenses with the power to enforce control measures, revoke licenses as a last resort, and prosecute violators.
- Establish measures to ensure that licensees comply with legal requirements in other countries
- Establishing the necessary mechanisms to collect license fees and taxes.
The second item in the contract under the title “At leastIt will therefore be interesting to see whether this law is incorporated in its codified form and then whether the Dutch authorities accept it as being in line with the agreement.
This article under “Rule of Law” appears to indicate that if an operator accepts players from a jurisdiction that does not recognize Curacao authority or license, the operator may be in violation of Curacao laws as well as the laws of the country. The player’s residence
According to the current licensing system, No one knows for sure The number of casinos and sportsbooks that are operating as regulations are run like a business with no special reporting required. Best estimates are that there are at least 500 sub-licensees, each of which can have any number of “skins”. One of the reports of the Dutch research media, the following money is estimated in 2021 12,000 operators based in Curaçao Serving players in jurisdictions where it’s banned – but Sander Dekker, the former Dutch minister of legal protection, expressed disbelief at the numbers last year.
Operators available in
Whatever the actual number of operators are, they will be the ones that already exist Entered the new system When it goes live and you are granted a 12-month temporary transfer license.
Curaçao Finance Minister Xavier Silvania told iGaming Business that he is not concerned if operators leave the jurisdiction under the new rules.
““I have no problem at all with companies leaving Curaçao because right now Curaçao is not making much money from them.” “It’s the original license holders who make the most money. The government hardly makes anything. If companies want to move, that’s fine.“
Regarding the requirement for at least three key employees to be based in Curaçao, Sylvania said:What is important to the government is that companies locate in Curaçao, even if they don’t raise taxes much. The point is, when companies have materials in Curaçao, it benefits the economy.
“What I don’t want is for companies to be incorporated on paper in Curaçao, but to add zero point zero to our capital.” He said.
Source: Minister of Curaçao: The risk of exiting the market does not prevent standards from being raisediGaming Business, 11 July 2022