On 15 August 2023, the Gaming Control Board (GCB) provided an update on the status of the Gaming Ordinance (LOK). Additionally, the Ministry of Finance has provided an update regarding the announced SiGMA event in September 2023 on Curacao.
Gaming Ordinance (LOK)
The GCB has confirmed that an online registration portal will be launched on September 1st 2023. This portal will be open for both new applicants and existing sub-licensees. It will feature three forms in total: an online application form, a business information form, and a personal history form. New applicants must complete these forms and submit online. There will be a separate section on the portal for existing sub-licensees to register. While minor adjustments may occur to the portal’s specifics, the fundamental discussed elements will remain unchanged.
Recognizing the need for careful review, the GCB anticipates that the first applications will be submitted a few weeks after September 1st 2023. The initial licenses are expected to be issued in either December of this year or January of the following year.
Eligibility for registration includes legal entities established under Curaçao law, registered with the Chamber of Commerce, such as existing sub-licensees, and legal entities seeking licenses under either the existing or new legislation. Operators with existing licenses must specify their domains, local representatives, corporate information, and under which master license holder they are currently operating upon registration. The GCB will subsequently verify this information.
As per the current proposal of the LOK, scheduled for discussion in the Council of Advice on August 21st 2023 and followed by submission to the parliament, operators currently holding licenses and offering online gaming will automatically receive a provisional license for a duration of 6 months, with the potential for an additional extension of up to 6 months. The LOK is projected to come into effect during the first half of 2024, but new license applications are set to begin on September 1st 2023. The implementation will occur in phases, focusing initially on the pre-license phase, involving background checks and financial reviews by the GCB. The subsequent post-licensing phase will encompass other reviews, such as policy evaluations and regular supervision.
As mentioned, existing licenses granted after September 1st 2023 will automatically receive provisional licenses under the LOK, accompanied by stipulated requirements and conditions. These license holders will have a 6-month period to these adhere to the conditions and fulfill the requirements.
The required policies encompass audited player account suspension and closure procedures, audited AML policies, audited player account and fund management function policies, audited information security policies, agreements with platform providers, and an audited responsible gaming policy. The GCB will verify and approve the auditors, and a list of approved auditors will be made available by the GCB shortly. Several other conditions are also detailed in the new legislation.
All license holders will be subject to an annual fee of NAF 96,000, payable in monthly installments of NAF 8,000. With additional costs that are applicable to new applicants or in case of multiple domains.
SiGMA Curacao 2023
On 25 to 27 September 2023, Javier Silvania, Curacao’s Minister of Finance, will host in collaboration with SiGMA a gaming event on Curacao. This event includes a conference and expo and the purpose is to address the evolution of the gambling industry within Curacao. Over the course of two days, participants will gain insights into operating a gambling enterprise in Curacao under the updated licensing framework.
This event also provides ample networking opportunities. Attendees will have the chance to interact with the Minister responsible for driving these legislative changes. Additionally, local service providers and industry stakeholders will be present to discuss and contribute to the revitalization of this sector.