Curacao restarts license application as it expects reregulation

Curacao has been taking a serious look at the current legislative regime that makes it possible for the jurisdiction to issue licenses to gambling operators that operate worldwide. Now, though, under pressure from overseas, the jurisdiction is revisiting its regulatory mandates and is looking to issue further guidance to gambling applicants which will lead to toughening of the regime.

In light of the anticipated changes, Curacao has restarted the process of license application from gambling companies through the Gaming Control Board which will now once again process requests from gambling operators to receive the licensees necessary to operate globally. This comes after a short hiatus and anticipation of new regulatory rules.

Not everything is set in stone, however. The changes to the law that are planned by the regulator are all listed under the National Ordinance for Games of Chance or LOK for its acronym, and they will be expanding on the existing National Ordinance on Offshore Games of Hazard, the current legislation, which will not be completely scrapped but rather added onto.

The new application process will now have approved companies receive a provisional license from the regulator which should happen no earlier than November. Over the next six months, and while Curacao is preparing for the enforcement of LOK, operators will have to prepare for reregulation which would mean reapplication for a license which will be handled under a new authority in the jurisdiction.

Curacao has shown remarkable ambition in reregulating its gambling industry and has even stood tall in the face of threats that the change in laws may lead to an exodus of existing operators. The jurisdiction has also received appeals from overseas regulatory bodies to step up its efforts in curtailing operators that target players in jurisdictions that they are not authorized to.

Recently, the Australian Communications and Media Authority reached out to Curacao’s Finance Minister, Javier Silvania, asking of the administration to ensure that none of the gambling operators licensed in the constituent country targets citizens with unlicensed gambling products – a growing problem for Australia.

Silvania has responded confidently to fears that some operators may leave after Curacao toughens the rules and argued that this is not something that the regulator would worry about, even if it indeed leads to the withdrawal of some operators.

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