Licensing is an essential consideration among online casino players. This document proves that the casino is licensed and regulated by a reliable licensing body. It proves that the games are fair, and the regulatory body will intervene if the casino starts misbehaving with players’ funds and information.
With that in mind, the Curacao gambling license is one of the most sought-after by operators. It’s more affordable than other licenses like the MGA and UKGC and allows the casino to offer several services, including bingo and sports betting. So, this short guide discusses how to get a curacao license and why this accreditation is in high demand.
Believe it or not, Curacao was the first nation to legalize modern-day online gambling in 1996. Since then, the country’s legal online gambling space has expanded, thanks to the calm and sober political environment. Curacao’s gambling industry is regulated by the country’s Ministry of Finance, which requires a company to be licensed on the island to get the license.
Interestingly, there are two types of licenses issued by the government; master license and sublicense. The Ministry of Justice gives the master license through its executive powers, and the permit has a 5-year validity with an option to extend. On the other hand, the master license holder can issue unlimited sub-licenses valid for as long as the master license is active.
Currently, there are only four master license holders, including Curacao e-Gaming, Gaming Curacao, Curacao Interactive Licensing NV, and Antillephone NV. New online casino and sportsbook operators can apply for a gambling license from one of these master license holders.
Before granting an operator the sublicense, the master license holder will form a compliance committee to vet and approve the operator. The committee will issue its verdict on the operator’s domain, service, fairness, and other technical aspects. However, the criteria for applying and reviewing the license might differ depending on the master license holder.
At least 450 gambling operators worldwide have a gambling license from Curacao. This proves that most operators and players trust this gambling license. So, what makes it unique from other online gambling licenses?
Most operators agree that applying for and getting a license can be long and tiring in most countries. Most regulators will ask operators to complete long and expensive procedures to be eligible for the license. Even worse, most states license only a few operators in the US, with priority given to native sportsbooks and casinos.
But things are different in Curacao. Although there are some requirements to meet it, there is less bureaucracy, meaning less waiting time and frustration. Remember that operators don’t have to deal with the Curacao government directly. Today, the Curacao gambling license remains one of the quickest to get, as long as the operator fulfills the licensing requirements.
Consider this; gambling companies with a gross turnover of at least £30 million per year must pay an application fee of £14,647 to get the UKGC license. As if that’s not enough, the license is renewable yearly for £49,219. These fees are obviously high, although the biggest online casinos and sportsbooks can afford the price.
Crossing over to Curacao, the fee for the master license is $34,000, which is significantly less than the yearly UKGC fee. This means that operators will get a sub-license for a much lower cost, depending on their agreement. Also, the Curacao license is renewable every five years, although the master license holder must pay 2% of the net profits to the taxman. Online betting sites are not liable to pay revenue taxes in Curacao.
Some jurisdictions, like most US states, have different licenses, depending on the type of betting service you want. For example, you may need a separate license to offer online casino games, sports betting, bingo, and lotto games. This can be time-consuming and expensive.
In Curacao, the gambling license covers all betting activities on an operator’s website. A single license can cover sports betting, horse racing, online casino games, bingo, lotto, online poker rooms, scratch cards, and more. For this reason, the Curacao license is perfect for startups looking to build their brands before expanding to other markets.
The Curacao gambling license doesn’t have many disadvantages per se. The master license holders ensure the operators stick to the fair play agreement. But even as such, most modern players are enlightened enough to know that this license doesn’t mean much. The thing is that the Curacao government doesn’t intervene in disputes between operators and players.
Therefore, the Curacao license is more suitable for startups. Bigger online gambling brands will want to get permits in countries like Malta, Sweden, the UK, the Netherlands, Canada, and some states in the US. But technically speaking, Curacao is a safe and legal jurisdiction to start an online gambling business.