Gambling license applications pouring in uncontrollably for the regulatory body in Curaçao
The Curaçao Gaming Control Board (GCB) has been handling a surge in applications for the new gaming license, with over 740 applications received as of April 2024. This rise in interest can be attributed to the Curaçao license's popularity among operators due to lower license fees and favorable tax conditions.
The GCB's multi-stage review process, which typically takes between 2 months and half a year, ensures a thorough but time-consuming evaluation of submitted documents and compliance materials. The process includes company incorporation locally, submission of detailed documentation, compliance checks on software RNG certification, and adherence to AML and responsible gaming policies.
Operators must meet stringent standards to maintain their licenses, including annual renewals and compliance with fair play and security requirements. To improve processing efficiency amid rising applications, legal experts often assist applicants in preparing and finalizing documentation to reduce delays.
The GCB also employs digital tools for license transparency and verification. They maintain a license register and an online license validator, which streamlines verification and transparency for licensed operators. In addition, the GCB is aiming to improve its reputation as a gambling regulatory authority and is planning to intensify communication with other regulatory authorities to react more quickly to complaints about gambling providers licensed in Curaçao.
The GCB also plans to set up an enforcement function to sanction gambling companies that do not comply with the guidelines. This measure is intended to further strengthen the regulatory authority's stance against non-compliant operators.
The boom in online gambling in Curaçao came in the 1990s, making it one of the first countries to have a state-regulated license for online gambling providers. Roulette, Blackjack, and Poker were major tourist attractions in land-based casinos in Curaçao. The first casinos in Curaçao opened in the 1960s, leading to an increase in tourism numbers.
The GCB is facing challenges in meeting the eight-week licensing deadline set by the new regulatory framework. GCB CEO, Cedric Pietersz, has stated that the increased demand may lead to delays in processing due to the need to expand existing capacities. However, the GCB processes approximately 10 applications per week and hopes to increase this to 20 or 30 applications per week.
Despite these challenges, the GCB is committed to managing the increased application volumes effectively. They are implementing a detailed staged review, promoting professional assistance in application preparation, and using digital tools for license transparency and verification. These measures collectively support improving processing efficiency despite increasing demand.
In recent years, Curaçao has been seen as a haven for gray market operators. However, the GCB's efforts to strengthen its regulatory framework and improve its reputation as a gambling regulatory authority are expected to change this perception. The GCB expects another 300 applications in the second licensing window, starting in July 2024, further underscoring the continued interest in entering the gaming market in Curaçao.
