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POLL How should companies with gaming licenses in Curacao proceed?

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In your opinion, what is the best course of action in this situation?

  • Wait for official details from Curacao and renew the current license.

  • Obtain an alternative license as a contingency plan.

  • Always have an alternative license in place.


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Mary Palamarenko

Senior fintech lawyer
Jan 30, 2023
38
18
8
London
www.fintecharbor.com
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In the summer of 2023, Curacao is undergoing a comprehensive reform of its gaming industry licensing system. The current Curacao Gaming Control Board will be replaced by a new independent regulatory body, the Curacao Gaming Authority. Starting from September 1, 2023, sub-licenses (which include almost all existing gaming licenses in Curacao) will no longer be renewed, meaning that if your company holds one, it will become invalid. Operating without a valid gambling license can have serious consequences, including a negative reputation among players.

It has been announced that previously licensed companies will have the opportunity to express their interest in obtaining new permits. However, as of July 2023, the financial authorities of Curacao have not yet disclosed the details of the new licensing system. This has led to uncertainty for many companies in Curacao regarding their regulatory status.
 
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Operating without a valid gambling license can have serious consequences, including a negative reputation among players.
this made my day... I'm in this business for a long time but never met a player who cares about license and it's impact on reputation of the house
on the contrary, most problems like accounts closed and funds lost are caused by the regulators putting unreasonable pressure on the operators
 
this made my day... I'm in this business for a long time but never met a player who cares about license and it's impact on reputation of the house
on the contrary, most problems like accounts closed and funds lost are caused by the regulators putting unreasonable pressure on the operators
100% agree!
 
This has led to uncertainty for many companies in Curacao regarding their regulatory status.
If you had someone back in time to help you with the entire setup they may know what to do right now. I'm not a believer that a multi million dollar industry is just leaning back and wait for something to happen.
 
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