Curacao gaming license

Curacao has been deemed the easiest and most accessible jurisdiction for licensing an online casino. The process of acquiring a Curacao gaming license is quick and doesn’t require long, tedious operations. Curacao also offers a universal license that covers all types of games. You don’t need to obtain licenses for different iGaming services such as live betting, sports betting, e-sports, and casino games.

This, along with the low cost of operation, creates an environment that is supportive and legal for operators looking to enter the iGaming market. A Curacao iGaming license is the best choice for you if you’re looking to make your first steps into the booming iGaming market. It can help turn your dreams into reality in a short time. You can read the following article about the very specifics of how to get a Curacao license in 2023 or get general information about online casino licenses.

Types of gaming licenses in Curacao

There are only two types of licenses: the master license and the sublicense. Master licenses can only be issued by the Minister of Justice. Master licenses and sublicenses both allow the holder of the license to engage in all types of gambling activities. However, the main difference is that sublicenses can only be issued by master license holders.

Master licenses last for five years. As long as the master license is valid, sublicenses that are tied to them will be valid indefinitely. Master license holders generally release sublicenses for 1 year, but if there are no violations from the operator’s side, the sublicense will be renewed automatically. Currently, there are only four master license holders, the first two being the most authoritative ones. The complete list of master license holders includes:

• Curacao eGaming
• Gaming Curacao (GC)
• Antillephone NV
• Curacao Interactive Licensing NV

The operators who are interested in getting a Curacao iGaming license must apply for a sublicense to one of them. Right now, it is not possible to apply for a Master License as the ministry does not issue it anymore. Each master license holder has its own policy regarding disputes between operators and players. Therefore, you have to choose the one that satisfies you the most.

Possible updates

There was some news that from early 2023 Curacao was planning to put into action the new bill that would change the licensing system. The change involved the formation of a new regulative establishment that will directly issue the B2C and B2B licenses to gaming operators who wish to apply for a Curacao gaming license. Those who were already licensed would have an opportunity to make use of the 18-month transition period.

On 22 June, The Minister of Finance of Curacao, Javier Silvania, announced that stricter, internationally recognized standards would be imposed on online gambling operators in the region starting from September 1, 2023.

We demand transparency regarding the source of funds entering our country. We insist that operators comply with legislation that aligns with reputable jurisdictions and meets the minimum requirements of international laws and guidelines concerning money laundering.” 

Javier Silvania, The Minister of Finance of Curacao

The minister highlighted the introduction of a new legislation, the National Gambling Ordinance (LOK), which is currently under review by the Advisory Council and is expected to proceed to parliament. The LOK aims to enforce stricter regulations, especially in anti-money laundering measures, fraud prevention, and player protection. To facilitate the enforcement of these standards, the Gaming Control Board (GCB), which is an existing regulator, will issue new licenses to operators under the current legislation, with the plan to transition these licenses into the new regulatory framework once enacted.

To support the transition process, a dedicated portal will be launched by the GCB for operators to register their license applications. The LOK will also establish the Curaçao Gaming Authority, a new regulatory body aimed at preventing and mitigating illegal activities.

All in all, Curacao will impose stricter regulations to safeguard players’ interests and improve its reputation. When talking about the stringency and detailed checks, it will probably go up to the level of MGA. Thus, operators would undergo stricter procedures and safety checks to ensure the transparency and reliability of their business. For future updates, subscribe our newsletter, and check the link for the latest articles – Curacao iGaming license.

Compliance and regulation

The Curacao gaming license is popular for online gaming operators due to its low costs and straightforward application process. However, it’s important to understand that this license comes with regulations and compliance requirements that must be met in order to maintain the license.

Compliance requirements:

1. KYC (Know Your Customer) Policy: License holders must have a robust KYC policy in place to ensure they are only offering their services to legal players.
2. Anti-money laundering (AML) Policy: License holders must have a comprehensive AML policy to prevent illegal activities such as money laundering or fraud.
3. Responsible Gaming Policy: License holders must have a responsible gaming policy and comply with it to ensure that players are protected from problem gambling.
4. Data protection policy: data protection policy ensures the safety of personal and sensitive information about the customers.
5. Technical standards: License holders must meet technical standards set by the Curacao eGaming Authority, including security measures and backup procedures.

Regulations:

1. Advertising and Marketing: Curacao Gaming License holders must comply with advertising and marketing regulations set by the Curacao eGaming Authority, including restrictions on promotions targeting minors.
2. Financial reporting: Curacao Gaming License holders must submit regular financial reports to the Curacao eGaming Authority to demonstrate their financial stability.
3. Game fairness: Curacao Gaming License holders must ensure their games are fair and transparent, with results determined by a random number generator (RNG).
4. Game Providers: Curacao Gaming License holders must only use game providers that are approved by the Curacao eGaming Authority.
5. Licensing Fees: Curacao Gaming License holders must pay annual licensing fees to the Curacao eGaming Authority.

The Curacao gaming license is a cost-effective solution for online gaming operators, but it’s important to understand the regulations and compliance requirements that come with it. Failure to comply with these requirements can result in license suspension or revocation. Thus, It is crucial for every license holder to stay informed and up-to-date on the latest regulations to maintain a compliant operation.

The benefits and limitations of the Curacao gaming license

The Curacao iGaming license brings many benefits to the holder. These include the advantages related to the operation of the gaming company, corporate and fiscal benefits, and many more.

Ø  Easy and unproblematic

The acquisition process of a gambling license can be a pretty challenging task, requiring undergoing dozens of exhausting and demanding practices. In the case of Curacao, you are free from such chains and shackles. There is no necessity to compile masses of documents and application forms. The amount of bureaucratic load is relatively narrow and oppressed. Curacao offers the quickest and simplest way of receiving a gaming license. There are only smooth procedures of ongoing maintenance and fit and proper test, which do not take too much of your effort and time.

Ø  Cost-effective and fast

The time it takes to acquire the Curacao iGaming license is the shortest compared to other jurisdictions providing gaming licenses. Needless to say, there are factors that depend on you, such as gathering all necessary documents, which must be notarized and up to date, but it doesn’t require too much of your time. After gathering all documents, the whole process may last for only two days. In terms of expenses, you only need to pay setup and ongoing maintenance costs.

Ø  A license that covers all types of games and services

A large variety of jurisdictions offer different kinds of licenses for different sorts of games you plan to offer to your clientele. Some of them even go further by issuing extra permits for different types of games, implying that you must go through the licensing process in a separate, one-by-one manner for casino games, slots, live casino, sports betting, and so on.

On the other hand, a Curacao gaming license encompasses all iGaming-related content in a single license. Every online casino operator wants to have a manifold, diversified content portfolio. Curacao gaming license provides an excellent chance to build one by removing unnecessary legal obstacles along the way.

Ø  Low taxes

After getting a Curacao gaming license, you are not required to pay high taxes from your revenue. In fact, what you might be paying is very low. Curacao involves 0% corporate income tax and only 2% tax on net gains. Nonetheless, bear in mind that income must be sourced from foreign countries.

Ø  Ideal solution for the startups

Curacao does not impose costly applications, fees, or taxes. Due to its cost-effectiveness, eventually, it comes out as a perfect solution for testing the initial concept of your company. In short, it allows you to launch the “beta” version of your business and pick up the slack along the way. It gives you the flexibility to explore the market, experiment, and develop, without taking too much of your costs. As your online casino grows, there always will be the possibility to apply for different licenses that may get you additional benefits but for starters, the Curacao gaming license is the perfect choice.

Limitations

Curacao licensees may have a limited number of target markets. Depending on the master license holder they choose to cooperate with, they may not be able to accept players from Curacao, France, the Netherlands, and the USA. Licensees who will allow players from these four territories to gamble on their website will be at risk of losing their licenses.

Nevertheless, the curacao gaming license is still a highly sought-after and a very prominent, attractive option for iGaming operators.

From which countries can players gamble on an online casino with a curacao gaming license?

Players are tired of casinos that are not licensed or operate in countries that don’t adhere to the security standards established by the regulatory bodies. Curacao is a great casino location because of its prestige and reputation worldwide. In short, it provides a gateway to the international iGaming market.

Nonetheless, the Curacao Gaming Board established the rules for curacao gaming license holders concerning countries where they cannot operate. Namely, license holders can not accept wagers from players located in the following jurisdictions:

• The USA
• France
• Australia
• The Netherlands
• Curacao
• Dutch West Indies

Curacao gaming license holders are explicitly forbidden to accept players from these countries. Nevertheless, it’s not an oversight. It requires that Curacao-licensed online casinos use the same KYC, AML, and CFT standards as all other online casinos. The Curacao license holder is not responsible for detecting players illegally accessing the website and registering from blocked countries. Gaming may be restricted in many countries and jurisdictions. These restrictions do not apply only to Curacao. They also apply to all casinos around the world. You can read the article about white, grey, and black iGaming markets to get additional information about this theme.

Curacao gaming license cost

The Curacao gaming license cost is very low. This is one of its main benefits. The fees for a curacao gaming license vary depending on who holds the master license, as well as other factors. However, they are usually lower than in other jurisdictions. Other than the initial application fee for the license, there are additional costs, such as the incorporation of Curacao’s local company, local representative fees, legal fees, administration fees, and local ISP services for compliance support.

Curacao’s low taxes are another reason it is so attractive to many online casino operators. While other jurisdictions may have a long list of taxes and fees that operators must pay, Curacao’s 2% net gain tax and application and renewal fees cover all of the financial obligations of an operator.

There are many factors that can affect the final cost of a license. Operators can use various services to guide them through the licensing process. Expert help is often recommended for operators to determine the best pricing structure.

However, if you still want an approximate model outlining the Curacao gaming license cost, you can look at the table below:

Topic	Topic	Fees
Banking	Search for the accepting banks in the EU	$ 2 700
Corporate	The fee to register a company in Curacao	$ 8 580
Corporate	Purchase or start an EU-registered corporation for banking contracts	$ 3 970
Corporate	Compliance, UBO & KYC audits	Included in corporate services
Electronic Money Institutions	Allow the receipt of PSP funds	Included in banking services
Gaming license cost	Cost of the Curacao gaming license	$ 16 900
Merchant payment	Opening of PSP accounts to process money transfers to & from customers	Included in banking services

The Curacao gaming license doesn’t need to be renewed. It is automatically renewed after a year once you sign the contract. Nevertheless, keep in mind that master license holders are able to take the appropriate measures if your company violates the rules, and they might cancel your license. 

Conclusion

Curacao Gaming License will be the right option for you if you’re new to iGaming or wish to launch your online casino quickly without long delays. Curacao is a well-respected jurisdiction in the iGaming business with a long history and good reputation. In addition to the many benefits we’ve already discussed, you get the support of an experienced, trusted authority.

The future of Curacao’s license is uncertain. As we mentioned, the government could streamline the application process by issuing B2B or B2C licenses directly. Nonetheless, progress is still slowed by some lag or halt. For authorization, Curacao’s government agencies must comply with the Netherlands’ new regulations.

This may be possible, but it will not be the end of the process. The Dutch authorities must review the recommendations and provide feedback on the request for further changes. It is possible that this process may take longer than expected. Government entities in Curacao will need to wait until the final results are announced.

Despite this, Curacao remains the best option for iGaming startups. The licensing process is simple and requires no complicated paperwork or extra requirements. Curacao is a cost-effective, fast, and simple way to cover all gambling activities with one license.

Frequently Asked Questions