Curaçao has finally adopted the National Ordinance on Gambling, which passed by a vote of 13 to 6 on December 17.
The States of Curaçao (the country’s parliament) have voted to adopt the National Ordinance on Games of Chance (LOK). The law is expected to be published within a week, and come into effect the day after publication.
The LOK will establish a new regulatory body, the Curaçao Gaming Authority, which will oversee B2B and B2C operations and enforce regulations in areas like player protection, anti-money laundering (AML), and responsible gambling.
Current licensees will be grandfathered into the new system and given 12 months to get up to speed with regards to compliance. New applicants will be required to have a physical presence on the island and undergo thorough background checks.
The long-awaited law was passed by a vote of 13 to 6. State representatives who voted against the bill felt that too much power was consolidated in the hands of the finance minister, Javier Silvania, who would introduce regulations for the industry through ministerial regulations. However, ultimately, the “no” voters didn’t gather enough support to block the bill’s passing.
The law was initially expected to pass in 2023, but earlier drafts met opposition from the States and the Curaçao Bar Association, sending Silvania back to the drawing board several times to rework the bill.
The new ordinance is expected to improve Curaçao’s reputation as a gambling licensor, as well as enabling the government to collect more funds to combat addiction, problem gambling, and poverty, as well as supporting education and sports.
Under Curaçao’s old system, there were four Master License holders, who issued as many sub-licenses as they wished, under their own discretion and following their own regulations. The lack of transparency and centralized authority led to a poor reputation for the country’s gambling industry, and as a condition for receiving bailout money from the Dutch government during the coronavirus pandemic, authorities in Curaçao agreed to revamp their gambling regulations.
