The Curaçao Gaming Control Board (GCB), Curaçao's gaming regulatory body, has taken an important step in regulating the country's online gambling by officially opening the application process for those operators looking for new online gambling licenses.
Latest online portal
From Friday, September 1, interested operators may access the GCB's newly launched online portal, which provides guidance to new applicants on the licensing procedure. Once inside, they may fill out a license application form and see instructions and downloads, which are there to make sure everything goes smoothly. Additionally, submission of finalized applications will begin in November of this year.
The portal isn't only open to the newest operators, but also to those who already own existing sub-licenses. However, those operators can operate unhindered and “under their current arrangements.” What's more, the latest opening of the portal represents a preparation for the National Ordinance for Games of Chance (LOK).
However, the latest licensing process does not “reform the National Ordinance on Offshore Games of Hazard, Curaçao's existing legislation, but adds to it.”
As soon as the submission of finalized applications is completed by the end of November, those who have been officially accepted for a license will receive a temporary license from the aforementioned regulator. Additionally, this will be subject to the adoption of revised policies as well as procedures during a period of 6 months of its issuance.
However, the most important benefit is that those operators who have officially received the mentioned license will not have to apply again under the aforementioned LOK, because their position will be “transferred to the new authority.”
LOK to change the excising regulatory framework for online gambling
The goal of LOK is to update and simplify the regulatory framework for online gambling, ranking it with the best global standards and practices. In addition, it will present the newest licensing requirements, improved oversight to make sure the continued fairness and integrity of Curaçao's online gambling segment, and compliance measures. In addition, this new law will certainly be “monumental for the market”, although it was once defined as “passive when it comes to regulation.” Relatedly, after it was pointed out that the newest, updated licensing standards could lead to the removal of excising operators from the region, the Minister of Finance of Curacao, Javier Silvania, commented that “he saw no issue with the matter.”
Because the country's excising law requires operators to submit application for 1 out of 4 “existing master licensees” to obtain a sub-license, once the LOK comes into effect, the holders of the above sub-licenses will have a period of 3 months to file new application to the regulator to receive a “direct operator license.”
Speaking about the details of the newest licensing process, Curaçao's Finance Ministry legal advisor, Sixiènne Jansen, said at the iGB L!VE held in July: “The application process consists of three forms. Each of the forms will require relevant supporting documentation. The first is an online gaming application, in which the applicant will provide projections for business operations and strategic targets. The second is a personal declaration, detailing information about key figures involved in the business. A source of funds check will be carried out on any involved person with more than 10% control of the business. The final form consists of corporate and business disclosures.”
Source: “Curaçao opens license application portal”. IGB. September 1, 2023
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