For years, Curacao has been the center of the iGaming sector, with hundreds of operators basing their businesses there. The jurisdiction has now announced a March 31 deadline to apply for licenses under the Gaming Control Board (GCB) platform. In this column, iGaming industry consultant Ron Mendelson, Fast Offshore, explores the implications of this move.
As of 31 March 2024, any existing master or sub-license holders in Curacao must register with the Gaming Control Board (GCB) online platform or else face disruption in their operations according to a new announcement and guidelines issued by the authorities. According to the announcement, all those licensed under the previous regime who want to be licensed by the GCB must register under the new framework by midnight or risk their operations’ termination.
For years, Curacao has been the centre of the iGaming sector, with hundreds of operators basing their businesses there. The previous licensing regime saw the issuance of master licenses to entities, which were then able to issue licenses to sub-licensees who met certain criteria. This system, which did not allow the authorities to directly scrutinize operators, resulted in issues and concerns of irregularities. As a result, the authorities took action to clean up the sector by introducing a new framework. While it is awaiting the final parliamentary signoff, changes and steps towards the new future are underway.
The former National Ordinance on Offshore Games of Hazard (NOOGH), governed by the Gaming Control Board, is set to be replaced by the new gambling ordinance LOK, overseen by the Curacao Gaming Authority (CGA). Under this updated framework, the CGA will directly issue licenses to operators following their application via an online platform. This revamped system introduces clearer license categorisation, stricter compliance prerequisites, and more rigorous due diligence procedures.
Since November 23, 2023, the Gaming Control Board has been processing iGaming license applications. However, with the implementation of the new laws, the responsibility for applications and license issuance will shift entirely to the CGA. Furthermore, all licenses previously issued by the GCB will be seamlessly transferred to the CGA under the LOK regime. Moving forward, all new license applications must be submitted to the CGA through the designated online portal.
Here is all you need to know
- Deadline Announcement: The Curacao authorities have set a deadline for all existing master and sub-license holders wishing to transition to the Curacao Gaming Control Board (GCB) Licensing. Failure to register under the new framework by the specified date may result in the termination of operations.
- Understanding the Previous Regime: Under the previous licensing system, master licenses were issued to entities, which then granted licenses to sub-licensees based on specific criteria. However, this system lacked direct scrutiny by authorities, leading to issues and concerns about irregularities within the sector.
- Transition to New Framework: The former National Ordinance on Offshore Games of Hazard (NOOGH), overseen by the Gaming Control Board, will replace the new gambling ordinance LOK under the Curacao Gaming Authority (CGA).
- New Licensing Regime: The CGA will directly issue licenses to operators upon application through an online platform. The new regime emphasizes clearer license categorisation, stricter compliance requirements, and more challenging due diligence processes.
- Application Process: As of 23 November 2023, the GCB has been accepting and processing iGaming license applications. However, once the new laws are in force, all applications and license grants will be handled by the CGA through the online portal.
- Deadline Implications: The 31 March deadline affects both master license holders and sub-license holders seeking to continue operating under the Curacao iGaming regime.
- Master License Holders: Master license holders will only be permitted to operate as iGaming site operators in a B2C capacity. They must register all sub-licenses and related domains on the GCB portal before the deadline.
- Sub-License Holders: Sub-license holders wishing to transition to direct operations must ensure registration of themselves and their domains on the GCB portal before the deadline, complying with all requirements.
- Application Submission: Applications should include specific forms such as the online gaming application form, personal history disclosure form, and corporate and business information form. Additional documents may be requested by authorities and should be provided promptly.
Fast Offshore has been working in iGaming for almost three decades and we have extensive experience in Curacao as well as multiple other jurisdictions. We can help you meet the 31 March deadline, apply for a new license, or look at other jurisdictions that may be more suited to your needs. Our team of professionals offer expert advice, tailored just to your circumstances, delivered with professionalism and integrity. To find out more, just contact a member of our team today.
Original article: https://www.yogonet.com/international/noticias/2024/03/19/71345-curacao-announces-march-31-deadline-to-apply-for-licenses-under-gcb-here-39s-all-you-need-to-know
