Curacao Revamps Online Gambling Laws in Landmark Reform
Earlier this week, Curacao introduced a major update to its online gambling regulations.
Curacao pinned on map. Curacao implements sweeping online gambling reforms.
LISTEN TO THIS ARTICLE:The reform aims to address longstanding issues and improve oversight following years of criticism and a number of recent scandals.
The push for change gained momentum after the Ministry of Finance announced plans to issue new gambling licenses, even before the reform bill’s approval. The urgency to act came from a series of controversies involving high-level corruption and questionable licensing practices. These scandals implicated regulatory bodies, government officials, and influential figures in both the gambling and cryptocurrency industries.
Approval of the National Ordinance for Games of Chance
The National Ordinance for Games of Chance (LOK), a cornerstone of the reform, was approved by a parliamentary vote of 13 to six. According to Aideen Shortt, an advisor to the Ministry of Finance, the bill represents the most substantial change to Curacao’s gambling laws in decades.
It has been reported that the legislation was introduced for parliamentary review just days before the vote. Its passage marks the culmination of reforms initiated in 2022 when the Dutch government required Curacao to address its gambling sector as a condition for receiving COVID-19 relief funds.
The parliamentary debate surrounding the LOK concluded with a planned two-hour recess for the finance minister to address final questions. However, the exact timing of the bill’s passage remains uncertain. Local newspaper Antilliaans Dagblad reported that the bill had not been finalized by 8 pm.
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Modernizing Curacao’s Gambling Oversight
The LOK’s primary aim is to strengthen gambling regulation and oversight of Curacao’s gaming sector and reduce the prevalence of unregulated operators. The current system, reliant on a two-tier structure, involves the Curacao Gaming Control Board (GCB) overseeing four historic master license holders who sublicense permits to other companies.
Under the new framework, a centralized regulatory authority will directly manage online gambling licenses, eliminating the reliance on master license holders. This change is expected to simplify operations and enhance accountability across the industry.
Despite the expected benefits, critics have raised concerns about gaps in the LOK’s regulatory framework and questioned its ability to properly address the challenges faced by the island’s gambling sector.
Since the 1990s, Curacao has established itself as one of the largest offshore gaming jurisdictions in the world, licensing tens of thousands of operators.
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