July 21, 2023
The online gambling industry constantly evolves to keep up with the current realities. Recently, European regulations have changed their laws to make their markets safer for all involved. A good example is the United Kingdom, which launched the Gambling White Paper in April 2023.
Curaçao is the latest European country to relaunch its gaming sector. Starting on September 1, 2023, the island country will introduce harsher rules on its gaming industry to improve integrity and conform to international norms. Javier Silvania, the finance minister, announced this during the iGaming NEXT Valletta 23 conference.
The Advisory Council is now reviewing the new legislation called the National Gambling Ordinance (LOK). The regulation would likely introduce stricter regulations on the gambling sector, emphasizing anti-money laundering procedures, player protection, and fraud prevention. The upcoming Curacao gambling changes were first announced in December 2022.
During the iGaming NEXT Valletta 23 event, Silvania stressed the significance of openness and compliance, urging businesses to abide by rules that comply with international anti-money laundering laws and norms. By working with respected jurisdictions, Curaçao hopes to create a fair environment where online casino operators and suppliers of casino games can compete equally.
An essential part of LOK is creating a new regulatory body, the Curaçao Gaming Authority. The main goal of this authority is to stop any criminal activities in one of Europe’s most liberal gambling jurisdictions. The minister emphasized that the country wants to shed its past status as a center for porous gambling licensing.
In the meantime, all master licenses will enjoy a one-year extension as part of the transition process. In addition, all sub-licensees will have a 90-day window from when the LOK enters into force to apply for a new license.
Starting September 1, the Curaçao Gaming Control Board (GCB) will grant licenses directly to gambling operators. These permits will allow operators to run gambling activities but not to give sub-permits like before. Notably, the new permits will include duties related to responsible gaming, further strengthening the regulatory system.
It’s to be noted that most online casino sites with Curacao licenses already uphold integrity and ethical standards. However, Javier Silvania emphasized the importance of remembering past instances of reputational harm. The stricter regulations will alleviate these worries by encouraging greater professionalism and integrity in the gambling sector.
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