Does the Curacao Gaming Licence Have Different Standards to Others?
The Curacao Gaming Authority has a reputation for a lower bar for entry and a massive opportunity available to new or upcoming casino owners, but why is that? We’re looking at the Curacao gaming license and how it differs from other countries’ gaming licenses.
The application process
The application process to gaining a Curacao gaming license isn’t too far off from applying for other gaming licenses really. Countries around the world have different processes, but you are likely to see the same documents needed to gain a license. These documents include two forms of ID, including your passport, a CV, and proof of no criminal record. Other gaming licenses will need more to grant you a gaming license, like a business plan and proof of residency in the country in question.
Money is a big consideration when it comes to applying for a license fee, because it often comes with upfront and ongoing costs, on top of high taxes. There are a lot of factors that also go into the overall cost of a Curacao gaming license, but they tend to come to between €20,000 and €25,000. This number includes registering your firm, submitting all your documentation, and your license fee, but it is said to be significantly lower than a lot of other gaming authorities, some of which apply ongoing annual fees and/or high taxes.
In the past, the Curacao gaming license has been notorious for allowing a lower bar for entry. Operators don’t need to adhere to as many regulations, however they do need to adhere strictly to what is there.
This has been part of the appeal of the Curacao gaming license for decades, however, there are talks of that changing soon. In July of this year, iGB reported that the Curacao Gaming Authority is looking into “drastically” reforming its online gambling regime, with higher bars for entry and regulations to tackle illegal gambling. This will likely bring the Curacao gaming license in line with other, stricter, gaming licenses around the world. If you already have or are looking to obtain your Curacao gaming license soon, you should be aware that you might have to adjust to changing regulations in the near future.
The most attractive part of gaining a Curacao gaming license instead of, or perhaps alongside, your own country’s gaming license, is the reach that the Curacao gaming license affords. As an overseas provider, you can allow customers from all over the world to play at your online casino without worrying about local authorities’ wrath. Of course, if you’re not complying with the Curacao gaming authority, you will face fines or even suspension of your gaming license.
Most gaming licenses purely cover their own territory, like the British gaming license only allowing UK players, the French gaming license only allowing French players, etc. but the Curacao gaming license can be applied worldwide and allows you to tap into a lot of markets that you couldn’t otherwise reach without applying for individual licenses.
There is the additional benefit that one Curacao gaming license also covers a range of gambling activities. There is no need to get one license for video slots and another for sports betting. You can get the one Curacao gaming license and offer your players a range of gaming options.
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